The UK's lubricants refinery output has seen a significant decline over the past decade. From a value of 16.59 thousand terajoules in 2013, the actual output decreased to 11.43 thousand terajoules by 2023, reflecting a substantial downturn. The most notable year-on-year variations include a significant drop of 32.65% in 2019 and a 26.69% increase in 2017. The average yearly decline, or CAGR, over the past five years leading up to 2023, stands at approximately -9.42%.
Between 2021 and 2023, the output showed a negative year-on-year variation of -5.55%. Looking at the forecasted data from 2024 onwards, the lubricants refinery output is expected to continue its downward trend, with a five-year CAGR projected at -5.83%, translating to an overall decline of -25.96% by 2028.
Future trends to watch for include potential shifts in energy policies, advancements in alternative energy sources, and technological innovations in refinery processes which could impact the lubricants market. Furthermore, the global push towards sustainability and carbon neutrality may significantly alter the demand and production landscape for traditional lubricants.
