The Maltese lubricant market, devoid of petroleum oil for non-textile and leather applications, exhibited a gradual decline from 2013 to 2020, punctuated by fluctuations. By 2023, market value stabilized to $1.2131 million, demonstrating a subtle downward trend over a decade. Notably, the steepest annual downturn occurred in 2020 with -17.5%, and subsequent years indicated a moderate recovery with 13.78% in 2021. The compound annual growth rate over the past five years signaled a slight contraction of 0.53% annually.
Looking ahead, potential growth factors include environmental regulations promoting sustainable lubricants, advancing industrial applications, and potential shifts in consumer preferences toward green alternatives, driving market evolution.
