PUBLISHER: Inkwood Research | PRODUCT CODE: 1099315
PUBLISHER: Inkwood Research | PRODUCT CODE: 1099315
The Europe base oil market is projected to record a CAGR of 3.02% in terms of revenue as well as 3.53% in terms of volume across the forecasted period of 2022 to 2030. Some of the key factors determining the regional market's growth include the rising number of industries with an increased need for high-performance base oils, the expansion of the manufacturing sector, and the surge in production and sales of various automobiles like cars as well as commercial vehicles.
The Europe base oil market growth study constitutes the analysis of the United Kingdom, Germany, Nordic Countries, Italy, Spain, France, and Rest of Europe. The growth in the automobile sector in France, in addition to strategic initiatives taken by the players to strengthen the demand for base oil products, is a key driver fueling the country's market growth.
On the other hand, as per the Organisation Internationale des Constructeurs d'Automobiles (OICA), France manufactured around 1.35 million units of cars as well as commercial vehicles in 2021, compared to 1.31 million units produced in the previous year. This notable growth in the automotive industry is anticipated to continue over the upcoming years, thus further increasing the demand as well as the adoption of different base oil products in France. As a result, these factors are set to strengthen the base oil market growth in Europe over the forecasted period.
Some of the top companies operating in the market are: Avista Oil AG, Shell PLC, Neste Oyj, etc.