Turkey Base Oil Market Outlook

turkey is amongst those countries which are emerging as a nascent market in the base oil segment. the base oil market, over the last few years, has seen a considerable amount of growth in the region, owing to the rising industrialization and economic development in the region. turkey has one of the largest refining capacity in the region and is expected to witness a higher growth in the base oil industry over the next decade. the country operates about 11 refineries which in turn account for a significant amount of base oil production. the base oil market in turkey is largely dominated by the players such as total, synthos, bp, and yuksel among others. these firms produce the base oils for numerous applications including automotive, industrial and other related industries. in terms of consumption, the automotive sector is estimated to be the largest end-user in the country for base oils and it is expected to grow over the forecast period. other end-uses like industrial lubricants and hydraulic fluids are also expected to experience some growth rate over the same period. the majority of the base oils are imported from outside of the country in order to meet the growing demand in the region. the dominant imports are linear alkylbenzene (lab) oils, naphthenic base oils, and paraffinic base oils. most of these products are imported from major countries like russia, norway, and ukraine among others. the outlook for the base oil market in turkey is expected to remain positive over the coming years on the back of increasing economic development and rising government initiatives. the turbocharged growth in the automotive sector is also expected to provide a boost to the market in the long run. furthermore, the introduction of new and renewable technologies and increased efficiency of base oil-based applications is expected to discuss revenue generation in the region.