Global Lubricating Oil Refinery Specialties Market Report 2022 by The Business Research Company – Global Market Size, Trends and Forecasts 2022 – 2026
LONDON, GREATER LONDON, UK, April 22, 2022 /EINPresswire.com/ — Launching new products is a key trend that is gaining popularity. The market study of refining specialties of lubricating oils shows that manufacturers are increasingly launching new innovative products to improve their market share. For example, in July 2021, Valvoline Inc. launched a new diesel engine oil named “Valvoline All-Terrain” for heavy-duty diesel and off-road engines. The product was developed for harsh operating conditions such as construction, mining and agriculture, and can provide improved viscosity, wear protection and oxidation stability under severe conditions.
Growing demand from the automotive and cosmetics industries has led to an expansion in the specialties of the lubricating oil refining market. Lubricating oil is in high demand in the automotive industry as lubricants are widely used in automobiles to improve a vehicle’s performance and fuel efficiency. Lubricating oils are widely used in cosmetics. The global beauty industry was valued at $511 billion in 2021, supporting the demand for lubricating oils in cosmetics. Thus, the growth of the automotive and cosmetics market stimulates the growth of the specialties of the lubricating oil refining industry.
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The global specialty lubricating oils market size is expected to grow from $9.45 billion in 2021 to $9.67 billion in 2022 at a compound annual growth rate (CAGR) of 2.29%. The growth of the market is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing, remote working and closure of business activities which resulted in operational challenges. The global specialty lubricating oil market size is expected to reach USD 10.69 billion in 2026 with a CAGR of 2.53%.
In April 2021, IMM Private Equity agreed to acquire a 40% stake in SK Lubricants, owned by SK Innovation, for approximately one trillion won ($900 million). SK Lubricants is a South Korea-based company and is the world’s largest supplier of lubricating base oil. With this agreement, SK innovation plans to use the funds to strengthen its financial stability and finance new businesses. IMM Private Equity is a South Korean private equity firm.
Key Players Covered in Global Lube Oil Refining Industry Specialties are Exxon Mobil Corporation., China Petrochemical Corporation., Shell International BV, Royal Dutch Shell Plc, Total, Eni Deutschland GmbH, Repsol, LUKOIL, Petroliam Nasional Berhad (PETRONAS), HollyFrontier Corporation, Nynas AB, Indian Oil Corporation Ltd, Honeywell International Inc., Cepsa SA, MORESCO Corporation, Gandhar Oil and H&R GROUP.
TBRC’s Global Lubricating Oil Refined Specialties Market analysis report is segmented by Type into Fully Refined Wax, White Oil, Rubber Processing Oil, Slack Oil, Semi-Refined Wax, Vaseline, Microcrystalline Wax, By Oil in Group I base oil, Group II base oil, Group III base oil, by end user in automotive, pharmaceutical, textile, cosmetics, food and beverage, packaging.
Specialties of Global Lubricating Oil Refinery Market Report 2022 – By Type (Fully Refined Wax, White Oil, Rubber Processing Oil, Slack Oil, Semi-Refined Wax, Vaseline, Microcrystalline Wax), By Oil (Oil Group I Base Oil, Group II Base Oil, Group III Base Oil), By End User (Automotive, Pharmaceutical, Textile, Cosmetic, Food & Beverage, Packaging) – Global Market Size, Trends & Forecast 2022- 2026 is part of a series of new reports from The Business Research Company that provides Lube Oil Refinery Specialties Market Overview, Lube Oil Refinery Specialties Market Forecast, Lube Oil Refinery Specialties Market Forecast, Lubricating Oil Refinery market size and specialties of the Lubricating Oil Refinery market growth for the overall market, specialties of the Lubricating Oil Refinery market segments e Lubricating Oil, Geographies, Specialties of Lubricating Oil Refinery Market Trends, Specialties of Lubricating Oil Refinery Market Engines, Specialties of Lubricating Oil Refinery Market Constraints Lubricating Oil Refinery Market specialties, revenue, profiles and markets of key competitors hare.
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