The lubricant market in Canada, for products made of less than 70% petroleum oil, is projected to exhibit steady growth from 2024 through 2028. In 2023, the market size stood at approximately 701 million USD. The year-on-year growth rates indicate a progressive increase in market value: 1.8% for 2024, 1.8% for 2025, 1.7% for 2026, 1.6% for 2027, and 1.6% for 2028. This results in a compound annual growth rate (CAGR) of around 1.7% over this five-year period.

Future trends to watch for:

Increased emphasis on sustainability, potentially influencing both production and consumer choices towards environmentally friendly lubricants.
Technological advancements fostering the development of high-performance synthetic lubricants may drive market demand.
Shifts in regulatory policies focusing on ecological impact could affect market dynamics and growth rates.