The lubricants available for final consumption in Spain show a series of fluctuations over the historical period. The volume stood at 379.03 thousand tonnes of oil equivalent in 2023. From 2013 to 2023, the market experienced significant variability with a notable decline between 2013 and 2014, and intermittent growth in subsequent years. The year-on-year variation in 2022 and 2023 were modest, at 0.78% and 3.68% respectively, indicating stabilization. Over the last five years, the CAGR recorded a slight negative trend at -2.32%.
Forecasts from 2024 to 2028 suggest a minimal increase, with the 5-year CAGR projected at 0.07%. The expected average variation per year remains almost negligible, showcasing a steady but minimal growth trend.
Future trends to watch for include:
- Technological advancements in lubricant formulations
- Impact of environmental regulations on the lubricant industry
- Potential shifts in demand due to changes in industrial and automotive markets