The Report “Europe Process Oil Market by Type (Naphthenic, Paraffinic, Aromatic, Others), By Application (Personal Care, Tire & Rubber, Polymer, Textile, Others) - Forecast to 2020” is estimated to reach $718.8 million by 2020, at a CAGR of 1.5%, from 2015 and 2020.
Browse through the TOC of the Europe Process Oil Market for an analysis of industry trends and segments, with the help of various tables and figures.
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Russia accounted for a share of 19.9% of the process oil market in Europe, in terms of value, in 2014. The process oil markets in Russia and Germany are expected to witness significant growth due to the growing demand for process oil from automotive and personal care application segments in these regions.
The increasing focus on fuel economy and CO2 reduction in Europe is expected to drive the demand for process oil in the coming years. The increased demand for lower viscosity oils will also propel the growth of the European process oil in in the coming years.
The growth of the process oil market in Europe can be attributed to major market players, such as Royal Dutch Shell PLC, Chevron, Petronas Lubricants Belgium NV, Nynas AB, Lukoil, Repsol S.A., and Avista Oil AG establishing their production units in the region.
In the European process oil market, the tire & rubber application segment contributed the largest share in 2014 and this trend is expected to continue during the forecast period. The increasing applications of process oil in the tire & rubber industry is expected to drive the market in Europe.
The personal care segment is expected to grow at the highest CAGR during the forecast period, due to the rising concern for purity in personal care products, as process oil ensures the medicinal purity requirements in personal care products.
Among the various types, the naphthenic segment was the largest segment of the market, in terms of volume. Paraffinic was the second-largest segment in terms of volume. The paraffinic segment is expected to witness considerable growth, owing to its increasing consumption in the manufacturing of footwear, furniture polish, textiles adhesive & sealants, and coating applications.
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