The lubricant market, excluding textile and leather use, made of less than 70% petroleum oil, in Malaysia remained stable in 2023, standing at $2.93 USD per capita. There was a noticeable recovery from a dip in 2020. Year-on-year, the market observed a 5.4% increase from 2021 to 2022, then remained constant from 2022 to 2023. Analyzing the last five years, the compound annual growth rate (CAGR) is -0.14%, reflecting a generally stagnant but slightly declining market since 2018.
In the future, watch for:
- The impact of increasing environmental regulations on lubricant formulations.
- Technological advancements promoting synthetic and bio-based lubricants.
- Economic factors affecting consumption patterns in the industrial and automotive sectors.
