The import of non-petroleum based lubricating oil to Finland has experienced various fluctuations over the period from 2013 to 2023, culminating in a volume of 6.9315 Million Kilograms in 2023. Notably, there were significant drops in imports in 2013 and 2020, yet some recovery occurred in subsequent years. The year-on-year variation for 2022-2023 was relatively stable at 1.11%, following a notable increase in 2021. Over the past two years, the trend has shown modest growth, while the Compound Annual Growth Rate (CAGR) over the last 5 years has been approximately 0.6%.
Moving forward, forecasts from 2024 onwards predict a steady rise in imports, with the volume reaching 7.308 Million Kilograms by 2028. This forecasted growth reflects a forecasted 5-year CAGR of 0.89% and an overall 5-year growth rate of 4.54%.
Future trends to watch include potential impacts of global supply chain disruptions, technological advancements in lubricant formulations, and shifts towards sustainable and eco-friendly products which could influence import volumes significantly.
