Global Specialties of Lube Oil Refinery Market: Overview
Lube oil is used to alleviate the friction between mechanical components that are constantly in contact with each other. It is prominently used in motorized vehicles to lubricate the engine. There is a rising demand for lube oil in recent times which can be mainly attributed to high demand from industries such as the pharmaceuticals, cosmetics, and automobile. Moreover, applications of lube oil in the packaging industry has expanded the global reach of the specialties of lube oil refinery market.
Global Specialties of Lube Oil Refinery Market: Notable Developments
A rise in demand has widely expanded the scope for developments in the global specialties of lube oil refinery market, some of which are listed below:
- Development of bio-based lubricants has opened numerous growth opportunities for the global specialties of lube oil refinery market. Pure vegetable oil possesses characteristics such as lubricity, thermal stability, and viscosity which make it apt for the production of lubricants. Moreover, rising environmental concerns because of the use of petroleum-based lube oils have spiked the demand for bio-based lubricants. Along with this, the low volatility and goof friction coefficient offered by vegetable oil make it highly suitable for lubricant use.
- Lube oil manufacturing companies such as Eni are highly investing in green refineries, thus paving growth avenues for the specialties of lube oil refinery market. There is a rise in demand for green-based products which has led the manufacturers to make such investments. The biorefinery in Venice is the world’s first revamped traditional oil refinery. It has employed the technology developed by Eni which has facilitated a significant reduction in the sulfur emissions. It produces wide range of biobased lubricants and biodiesel.
Global Specialties of Lube Oil Refinery Market: Key Growth Dynamics
Lube oils are extensively used in laxatives, chewing gums, and oily papers; this is a key factor promoting the growth of the specialties of lube oil refinery market. Moreover, lube oils possess good moisturizing properties which make it suitable for use in cosmetics and skin care products. Consequently, an expansion in the cosmetics industry has led to an expansion in the global specialties of lube oil refinery market.
Furthermore, rising disposable income leading to a spur in the demand for automobiles has also contributed to an expansion in the market. In addition to this, lubricants assist the transport of debris and contaminants to the filter where they can be removed. This has led to a wide adoption in machines that generate a large amount of debris, thus steering the specialties of lube oil refinery market’s growth.
However, along with the numerous driving factors, there are a few restraints that may impede the specialties of lube oil refinery market’s growth. Concerns related to the disposal of lubricants may pose a challenge to the market’s growth. This is because used lubricants can cause serious environmental contamination. Nonetheless, the development of biobased lube oils and expanding automobile sector may reduce the effects of the restraints.
Global Specialties of Lube Oil Refinery Market: Regional Outlook
Regionally, Asia Pacific is expected to lead the global specialties of lube oil refinery market. The growth in this region can be attributed to rising applications in the cosmetics industry. Moreover, rapid urbanization and changing lifestyle have also contributed to the market’s growth in this region. Another factor boosting the market’s growth in this region is rising industrialization.
Prominent players in the global specialties of lube oil refinery market include Royal Dutch Shell Plc, PetroChina Company Limited, Sasol Ltd., LUKOIL, and Exxon Mobil Corporation.
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