The forecasted import values for petroleum-based lubricating oil into Canada from 2024 to 2028 are steadily increasing. The year-on-year growth shows a consistent rise of around 3% annually. This represents a continuation of growth from 2023, when imports were recorded at 215 million USD. The Compound Annual Growth Rate (CAGR) for this period is projected to be approximately 3.3%, indicating a stable upward trend in imports over five years.

Future trends to watch for include:

Technological advancements in lubricant efficiency which may affect demand.
Global oil price fluctuations that could impact import costs.
Environmental regulations influencing the composition and demand for petroleum-based lubricants.
Economic conditions affecting industrial activity and thereby lubricant consumption.