Between 2013 and 2023, Thailand's lubricant market (without petroleum oil) displays a fluctuating growth pattern, with the total market size reaching $333.54 million USD in 2023. After a decline in 2020, the market rebounded with robust growth in 2021 and moderate increments in 2022 and 2023. The Compound Annual Growth Rate (CAGR) for the last five years stood at 1.59%, indicating a modest upward trend following the market's recovery phase. The latest year, 2023, saw a year-on-year growth of 1.87%.
Future trends to monitor include:
- Technological advancements in lubricant formulations.
- Increased focus on environmentally friendly products.
- The impact of global economic conditions on market dynamics.
- Potential regulatory changes affecting non-petroleum products.
