In 2023, the import of non-petroleum based lubricating oil into the US stood at a lower volume than the forecasted figures for subsequent years. The year-on-year growth reveals a consistent upward trajectory, with a forecasted increase of approximately 2.42% from 2024 to 2025. This trend persists over the period, culminating in a compound annual growth rate (CAGR) of around 2.25% from 2024 to 2028, reflecting steady market expansion in this segment.
Future trends to watch for include:
- Technological advancements in sustainable lubricants driving demand.
- Regulatory policies promoting eco-friendly products impacting import volumes.
- Global economic factors and trade relations influencing supply chains.
