Global Lube Oil Refinery Specialties Market to Reach $14.2 Billion by 2030
The global market for Lube Oil Refinery Specialties estimated at US$11.5 Billion in the year 2023, is expected to reach US$14.2 Billion by 2030, growing at a CAGR of 3.1% over the analysis period 2023-2030. Fully Refined Wax, one of the segments analyzed in the report, is expected to record a 3.6% CAGR and reach US$4.3 Billion by the end of the analysis period. Growth in the White Oil segment is estimated at 3.2% CAGR for the next 7-year period.
The U.S. Market is Estimated at $3.1 Billion, While China is Forecast to Grow at 4.5% CAGR
The Lube Oil Refinery Specialties market in the U.S. is estimated at US$3.1 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.7 Billion by the year 2030 trailing a CAGR of 4.5% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.3% and 2.6% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 2.7% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.8 Billion by the year 2030.
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