Kenneth Research, in its repository of market research reports, has recently added a report on the Lube Oil Refinery Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Lube Oil Refinery Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for Lube Oil Refinery Market products.
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It is also anticipated to grow on account of the growing demand for alternative renewable energy sources, backed by the growing concern for pollution worldwide emitted from burning conventional fuel sources. Total electricity capacity from renewable energy sources around the world increased from around 750,000MW in 2000 to about 2,500,000MW in 2019. Additionally, electricity from hydropower energy, wind, solar, and bioenergy, grew from around 780000MW, 16000MW, 1200MW, and 29000MW in 2000 to 1300000MW, 620000MW, 580000MW, and 120000MW in 2019 respectively.
Global Specialties of lube oil refinery market is valued at approximately USD 10.89 Billion in 2019 and is anticipated to grow with a healthy growth rate of more than 1.90% over the forecast period 2020-2027. Specialties of lube oil refinery are the derivatives of lube oil refining comprises of a mixture of hydrocarbon molecules. Paraffin wax, slack wax, anti-ozone wax, microcrystalline wax and process oils are the products obtained in the process of lube oil distillation. Lube oil has commendable application in reducing the friction between mechanical components that are constantly in contact with each other. It is prominently used in motorized vehicles to lubricate the engine. Hence, rapid growth in automotive industry across the globe is driving the growth of market over the forecast years. For instance: According to the International Organization of Motor Vehicle Manufacturer (OICA), the production of passenger cars accounted for around 73.45 million units in the year 2017 as compared to 72.10 million units in the year 2016 on the global scenario. Also, the production of commercial vehicles accounted for around 23.84 million units in the year 2017 as compared to 22.87 million units in the year 2016, globally. In addition, growing population supported by changing lifestyle and increasing per capita income are the factor driving the demand for specialties of lube oil refinery market. However, shrinking supply of paraffin wax is the factor hampering the growth of market over the forecast years.
The regional analysis of global Specialties of lube oil refinery Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rising demand from end use industries such as pharmaceutical, automotive and packaging. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rapid growth in automotive and packaging industries would create lucrative growth prospects for the Specialties of the lube oil refinery market across the Asia-Pacific region.
Major market player included in this report are:
Petroliam Nasional Berhad
Nippon Seiro Co., Ltd.
The International Group, Inc.
Indian Oil Corporation Limited
Honeywell International, Inc.
Dongnam Petroleum Co., Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Type offerings of key players. The detailed segments and sub-segment of the market are explained below:
Fully refined wax
Rubber process oil
Semi refined wax
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2022 to 2031
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Target Audience of the Global Specialties of lube oil refinery Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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