PUBLISHER: Inkwood Research | PRODUCT CODE: 1047093
PUBLISHER: Inkwood Research | PRODUCT CODE: 1047093
The Europe viscosity index (VI) improvers market is evaluated to project a CAGR of 2.64% over the forecasting period of 2022 to 2030. The regional market's growth is credited to the increasing motor vehicle production, the developing construction sector, and the growing sales of electric vehicles.
The Europe viscosity index (VI) improvers market growth analysis includes the detailed study of Poland, France, the United Kingdom, Germany, Belgium, Russia, Italy, and Rest of Europe. France has emerged as an attractive market for foreign investments on account of the large and growing market as well as the investment support from its government. Moreover, post-Brexit, the country's capital, Paris, is anticipated to become the new center for the European Union. France's automobile industry has fared relatively better when compared to other major economies in the continent over recent years, experiencing continual development until 2018 and a minor decline of 2.9% in the following year.
Russia is one of the largest lubricant consumers across Europe. However, the nation recorded a plummet in production and sales of motor vehicles, resulting in a decline in the demand for automotive lubricants. In contrast, it has been witnessing an increase in its commercial vehicle fleet, predominantly owing to increased road construction, the introduction of novel passenger transportation routes, and rising freight turnover. Therefore, these factors are set to reinforce the Europe viscosity index (VI) improvers market growth during the forecast years.
Some of the key firms operating in the market are: BASF SE, Eni SpA, Infineum, etc.