TotalEnergies, Phillips 66 Company, and Exxon Mobil Corporation Dominated the Europe Polyalkylene Glycol (PAG) Base Oil Market in 2021

Europe Polyalkylene Glycol (PAG) Base Oil Market is expected to grow with a CAGR of 3.2% in the forecast period of 2022 to 2029. The years considered for the study are as mentioned below.

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Europe polyethylene glycol (PAG) base oil market is a highly consolidated market, including a specific number of key and local players. The market has witnessed increased strategic developments owing to favorable market scenarios.

The major players dealing in the Europe polyethylene glycol (PAG) base oil market are introducing a strong range of product portfolios. This helped companies to maximize sales with an enhanced product portfolio.

For instance,

  • In December 2021, Exxon Mobil Corporation acquired California-based Materia, Inc., a technology company that has pioneered the development of a Nobel prize-winning technology for manufacturing a new class of materials. The innovative materials can be used in several applications, including wind turbine blades, electric vehicle parts, sustainable construction, and anti-corrosive coatings. This development helped the company cater to customers' demand for innovative products

TotalEnergies dominated the Europe polyethylene glycol (PAG) base oil market. Some of the other key players in the market are Phillips 66 Company, Exxon Mobil Corporation, Royal Dutch Shell plc, Denso Corporation, BASF SE, Eni Oil Products, Chevron Corporation, FUCHS, Croda International Plc, FUCHS, Hornett Bros & Co Ltd., PETRONAS Lubricants International, LIQUI MOLY GmbH, Morris Lubricants, Ultrachem Inc., Idemitsu Kosan Co., Ltd., among others.

TotalEnergies

TotalEnergies is headquartered in Paris, France, as public ownership, and it was founded in 1924. The company is engaged in producing and marketing energies on a Europe scale such as oil and biofuels, natural gas and green gases, renewables, and electricity. The company has several business segments, which are integrated gas, renewables & power, exploration & production, upstream oil and gas, refining & chemicals, marketing & services, out of which exploration & production is the market-focused business segment. The company has various product categories, including aviation, additives and special fuels, batteries, bitumen, fuels, heating, specialty chemicals, energy efficiency, special fluids, natural gas and power, gas mobility, mobility, lubricants, marine, polymers and solar energy out of which lubrication is the market-focused category.

  • In January 2022, Plastic Energy and TotalEnergies announced a new agreement to promote the development of advanced plastic recycling. Under this agreement, Plastic Energy will build a second, advanced recycling plant in Sevilla, Spain, and their existing operational plant, which will transform end-of-life plastic waste into a recycled feedstock called TACOIL using Plastic Energy's patented recycling technology.TotalEnergies will convert this raw material into virgin-quality polymers used for food-grade packaging. This will intensify the company's procurement of raw materials for their production operations.

The company has a wide presence in North America, Europe, Asia-Pacific, South America, the Middle East, and Africa. The company has various subsidiaries, which are Lampiris (Belgium), AS24 (U.K.), Total Gas & Power (U.S.), Total Parco (Pakistan), Saft (France).

Phillips 66 Company

Phillips 66 Company is headquartered in Texas, U.S., and was founded in 2011 as public ownership. The company focuses on providing refining, midstream, marketing, and chemical solutions for industrial applications. The company has several business segments such as midstream, chemicals, refining, marketing, and specialties, corporate and other out of which, marketing and specialties is the market-focused segment. The company offers a wide range of product categories such as automatic lubricators, compressor oil, coolants, engine oils, food grade lubricants, gear oils, greases, hydraulic fluid, metalworking fluids, r&o oils, small engine oils, smoke oils, specialty lubricants, transmission out of which compressor oils, gear oils are the market-focused categories.

  • In March 2021, Independent Truck Repair Group (iTRG) teamed up with Phillips 66 Lubricants to offer a national oil program for their members. Through this new program, iTRG members will access special pricing, promotional materials, rebates, and enhanced education and technical support on Phillips 66 Company's premium diesel products. This will bring more customers to Phillips 66 Company.

The company has a presence in North America, South America, Europe, Middle East and Africa. The company has several subsidiaries, which are DCP Midstream, LLC (U.S.), Excel Paralubes LLC (U.S.), Phillips 66 Refinery (U.S.), WRB Refining LP (U.S.), Phillips 66 Aviation LLC (U.S.), and others.

Exxon Mobil Corporation

Exxon Mobil Corporation has headquarters in Texas, U.S., as public ownership and was founded in 1882. The company is focused on providing innovative solutions for chemicals, oils, and lubricants to various end industries. The company has several business segments and product categories such as chemical, downstream, upstream, out of which downstream is the market-focused segment and market-focused category.

  • In January 2022, Exxon Mobil Corporation acquired a 49.9% stake in Biojet AS, a Norwegian biofuels company that plans to convert forestry and wood-based construction waste into lower-emissions biofuels and biofuel components. This development will bring new customers and goodwill to the company

The company has a presence in North America, South America, Europe, Africa, Asia-Pacific. The company has several subsidiaries, which are Exxon Mobil (Australia), Mobil (U.S.), Imperial Oil (U.S.), XTO Energy (U.S.), among others.