Over the past decade, Canada's petroleum-based lubricant market size per capita exhibited a cyclical trend. Starting from 2013 at $29.09, it experienced a decline until 2016 ($27.72), followed by growth until 2018 ($31.09). A notable dip occurred in 2020 ($25.87) due to pandemic disruptions, but recovery ensued, culminating in 2023 with $32 per capita. Year-on-year, 2022 to 2023 saw a 0.85% increase, contrasting with a 4.53% rise from 2021 to 2022. Over the last five years, a Compound Annual Growth Rate (CAGR) of approximately 1.47% was observed.
Future trends to watch include the impact of sustainability initiatives driving the demand for environmentally friendly alternatives, technological advancements in product formulations, and potential regulatory changes affecting market dynamics. Monitoring global economic conditions will also be crucial as they influence oil derivative pricing.
