In 2023, Canada's re-import of petroleum-based lubricating oil stood at approximately 185.2 thousand kilograms. By 2024, the forecasted volume is 195.03 thousand kilograms, suggesting a growth trend. Year-over-year, the volumes are expected to increase by roughly 5% annually, with a compound annual growth rate (CAGR) of approximately 4.84% from 2024 to 2028. The consistent rise indicates sustained demand.

Future trends to watch for:

Technological advancements in the automotive and industrial sectors driving lubricant demand.
Environmental regulations possibly affecting lubricant formulations and consumption patterns.
Global oil market volatility impacting import prices and strategies.