Europe base oil market to grow at CAGR of 1.3%

Research and Markets has announced the addition of the "Europe Base Oil Market By Type, By Application and By Country - Trends & Forecasts to 2020" report to their offering. The European base oil market is highly concentrated and is significantly price sensitive. This is due to fewer participants in this market, owing to high entry barriers, which make it difficult for the new entrants to enter into the market.

The European base oil market is projected to grow at a CAGR of 1.3%. In Russia and Germany, the base oil market is projected to grow at CAGRs of 2.9% and 2.4%, respectively during the forecast period.

In terms of volume, the European base oil market was at 8059.5 KT in 2014. Russia held the highest market share of 19.7% in the European base oil market in 2014. Among applications, the automotive oil segment led the European base oil market in 2014 and accounted for a market share of 38.0%.

By application, the European base oil market is segmented into automotive oil, industrial oil, metalworking fluids, hydraulic oil, greases, and others. In terms of value, the automotive oil application segment led the European base oil market in 2014 and accounted for a market share of 38.5%. This segment is projected to grow at the highest CAGR of 1.6% during the forecast period.

Access the full report here.

Adapted from press release by Francesca Brindle

Read the article online at: https://www.hydrocarbonengineering.com/product-news/12012016/research-and-markets-report-on-europe-base-oil-market-2120/