European Base Oil Market is Projected to Reach USD 8.7 Billion by 2020

"The European base oil market was valued at USD 8.2 billion in 2014 and is projected to reach USD 8.7 billion by 2020, at a CAGR of 1.3% between 2015 and 2020. Furthermore, due to versatile properties of base oils, they are used in various applications, such as automotive oil, industrial oil, metalworking fluids, hydraulic oil, greases, and others (agriculture, additives, and detergents/dispersants)"

Base oils are lubrication grade oils, which are produced either through chemical synthesis or from refining of crude oil. Base oils, which are produced through chemical synthesis are known as synthetic base oils whereas those base oils, which are produced from refining of crude oil are known as mineral base oils.Base oils are mostly used for industrial and lubrication applications.

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Among types, Group III segment of the European base oil market is projected to grow at the highest CAGR during the forecast period. This is due to increase in the consumption of Group III base oils in the European region.Group III base oils are severely hydrocracked and as such, are the purest base oils. Increase in the demand for Group III base oils for various industrial and automotive applications is expected to fuel the growth of the Group III segment of the European base oil market between 2015 and 2020. The Group I segment led the European base oil market in 2014 and accounted for a market share of 47.3%, in terms of volume. Group I base oils have simpler refining process and are the cheapest among all groups of base oils. As such, Group I base oils are extensively used in number of applications. However, with the advancements in technology, Group II and Group III are also being increasingly used in numerous applications. The parent market of base oils is additives. Base oils are used for manufacturing various types of oils, such as motor oil, lubricating greases, and metal processing fluids, among others. Base oils help in reducing volatility of emulsions, thus leading to their stability. Stable emulsions are used for lubricating applications in various industries.

The key players operating in the European base oil market.

  • Royal Dutch Shell plc,
  • Chevron Corporation,
  • Neste Oil,
  • Nynas AB, and
  • PETRONAS, among others

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This market research study estimates the European base oil market for the forecast period, 2015 to 2020. The report provides detailed qualitative and quantitative analysis of the European base oil market. It also provides a comprehensive review of major market drivers, restraints, opportunities, and challenges for the European base oil market. The top players of the European base oil market are profiled in detail, along with their recent developments and other strategic industry related activities. The market shares of major participants in the European base oil market have also been described in detail.

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