DUBLIN--(BUSINESS WIRE)--The "Specialties of Lube Oil Refinery Market by Type (Fully Refined Wax, Semi Refined wax, Rubber Process Oil, White Oil, Petrolatum , and Others), and Region (APAC, Europe, North America, South America, Middle East & Africa) Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The global specialties of lube oil refinery market is estimated to be USD 10.4 billion in 2018 and is projected to reach USD 11.3 billion by 2023, at a CAGR of 1.8%.
The growth in the packaging, pharmaceutical, and cosmetics industries is driving the demand for specialties of lube oil refinery. The rising demand from applications such as candle manufacturing and rubber processing as well as growing population, changing lifestyle, and increasing per capita income are also driving the specialties of lube oil refinery market. However, the shrinking supply of paraffin wax is majorly restraining the growth of the specialties of lube oil refinery market.
Fully refined wax, the fastest-growing segment of the specialties of lube oil refinery market
The fully refined wax market is projected to register the highest CAGR during the forecast period. The growing demand for fully refined wax is due to its high purity levels and good moisturizing property. This promotes its use in various applications such as cosmetics, skin care, and food packaging. This wax is used in products such as lipsticks, cold creams, ointments, laxatives, oily papers, chocolates, and chewing gums. Candle manufacturing is another major application of fully refined wax.
APAC to be the largest specialties of lube oil refinery market
The APAC specialties of lube oil refinery market is projected to register the highest CAGR between 2018 and 2023. This growth is mainly attributed to the growing population, increasing urbanization, and rising number of working women. There is also an increasing concern about physical appearance and better healthcare needs, which, in turn, is driving the demand for specialties of lube oil refinery in the cosmetics and pharmaceutical applications.
The leading specialties of lube oil refinery manufacturers, globally, profiled in this report are Exxon Mobil Corporation (US), Sinopec Corporation (China), Royal Dutch Shell Plc (Netherlands), PetroChina Company Limited (China), Repsol SA (Spain), Eni S.p.A. (Italy), LUKOIL (Russia), and Sasol Ltd. (South Africa).
6 Specialties of Lube Oil Refinery Market, By Type
7 Specialties of Lube Oil Refinery Market, By Region
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