Global Lubricating Oil Refining Market Insights Forecasts to 2033 

• The Global Lubricating Oil Refining Market Size was Valued at USD 128.12 Billion in 2023
• The Market Size is Growing at a CAGR of 5.77% from 2023 to 2033 
• The Worldwide Lubricating Oil Refining Market Size is Expected to Reach USD 224.54 Billion by 2033 
• Europe is Expected to Grow the fastest during the forecast period.   

The Global Lubricating Oil Refining Market Size is anticipated to exceed USD 224.54 Billion by 2033, growing at a CAGR of 5.77% from 2023 to 2033.

Market Overview

The industry that transforms crude oil or basic oils into premium lubricating oils and greases is the focus of the lubricating oil refining market. Refinement techniques like distillation, hydrotreatment, dewaxing, and mixing are used to achieve this. The market for lubricating oil refining is vital to the world economy because it supplies goods that are needed by a variety of industries, such as automotive, industrial machinery, marine, and aviation. Lubricating oils, which are made from refined crude oil, are used in mechanical systems to lower heat, wear, and friction, increasing the longevity and efficiency of engines and machines. Various refining techniques, including solvent extraction, hydrocracking, and catalytic dewaxing, are used in the market to create premium base oils. The lubricating oil refining market is expanding due in large part to the growing need for high-performance lubricants, which is being driven by developments in industrial machinery and automobile technologies. Additionally, market trends include the creation of new refining technology and the growing use of synthetic and renewable base oils. The need for premium, eco-friendly lubricants has also increased as a result of stricter regulations brought about by the increased focus on lowering carbon emissions and improving energy efficiency.

Report Coverage

This research report categorizes the global lubricating oil refining market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global lubricating oil refining market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global lubricating oil refining market.  

Driving Factors

The need for lubricating oils is rising in a number of industries, including mining, construction, and manufacturing, as a result of the fast industrialization of developing nations. The demand for specialty lubricants that can function well in harsh environments is being increased by this trend. Additionally, in 2023, 90.1 million automobiles were registered, compared to 93.9 million vehicles produced globally. The global market for lubricating oil refining is significantly influenced by the rise in vehicle manufacturing and registration. The growing number of automobiles emphasizes the need for premium lubricating oils to guarantee the longevity and effective operation of engines and other automotive parts. Furthermore, a more competitive market environment is being produced by advancements in lubricant formulas, such as synthetic and bio-based lubricants. These developments lower pollutants and increase fuel efficiency, which is in line with consumer aspirations for sustainable products and regulatory trends. In addition, several companies focus on innovation and the development of innovative products which further propel the lubricating oil refining market. For instance, in January 2023, a new line of car lubrication oils from Goodyear Lubricants will be distributed in South Asia, Southeast Asia, and New Zealand. The new lubricant product range aims to comply with current BS-6 and EURO 6 criteria while lowering its carbon footprint.

Restraints & Challenges

Manufacturers are having difficulty complying with strict environmental rules pertaining to emissions and the disposal of spent lubricants. Production procedures may become more complex and operating costs may rise as a result of compliance.

Market Segmentation

The global lubricating oil refining market share is classified into base oil and application.

• The mineral-based oils segment held the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.                   

Based on the base oil, the global lubricating oil refining market is categorized as mineral-based oils, synthetic oils, and bio-based oils. Among these, the mineral-based oils segment held the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.The most often utilized base oils on the market for refining lubricating lubricants are mineral-based oils. Mineral-based oils, which are produced from crude oil by refining techniques like solvent extraction and catalytic dewaxing, are extensively utilized in industrial, marine, and automotive settings.

• The automotive segment held the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.       

Based on the application, the global lubricating oil refining market is categorized as automotive, industrial, marine, aviation, and others. Among these, the automotive segment held the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period. The automotive application sector has the biggest proportion of the lubricating oil refining market. The primary cause of this dominance is the enormous need for automotive lubricants, which are necessary for vehicle maintenance worldwide. High-quality lubricating oils are necessary to maintain effective operations and longevity, which is driving this market forward due to the continuous development in vehicle manufacturing and the rising number of registered vehicles.

Regional Segment Analysis of the Global Lubricating Oil Refining Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is projected to hold the largest share of the global lubricating oil refining market over the forecast period.

North America is projected to hold the largest share of the global lubricating oil refining market over the forecast period. The automotive, industrial, and marine industries' strong demand for lubricating oil refinement makes North America a major market. The market expansion is supported by the region's well-established automotive sector, top manufacturers, and technical developments. The demand in North America is further driven by the use of ecologically friendly lubricants and the growing emphasis on sustainability.

Europe is expected to grow at the fastest CAGR growth of the global lubricating oil refining market during the forecast period. The strong demand from the industrial and automotive sectors makes Europe another important market for lubricating oil refining. High-quality, environmentally friendly lubricants must be developed and adopted due to the region's strict environmental rules, which increases the need for sophisticated refining techniques. Leading automakers are present, and energy efficiency is becoming more and more important, which helps the European market expand.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global lubricating oil refining market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Exxon Mobil Corporation
• Sinopec Corporation
• Royal Dutch Shell Plc
• Eni S.P.A.
• Sasol Ltd.
• Total SA
• PetroChina Company Limited
• Chevron Corporation
• Repsol SA
• LUKOIL
• Petroliam Nasional Berhad (Petronas)
• Grupa Lotos SA
• Nippon Seiro Co., Ltd.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Key Market Developments

• In October 2023, India's NRL (Numaligarh Refinery Ltd.), a division of Oil India, intended to begin producing ethanol at its biorefinery in the Assamese state in the northeast in March, according to Bhasker Phukan, managing director of the business.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global lubricating oil refining market based on the below-mentioned segments: 

Global Lubricating Oil Refining Market, By Base Oil

• Mineral-Based Oils
• Synthetic Oils
• Bio-Based Oils

Global Lubricating Oil Refining Market, By Application

• Automotive
• Industrial
• Marine
• Aviation
• Others

Global Lubricating Oil Refining Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa