The lubricant market in Greece, excluding textile and leather uses and comprising less than 70% petroleum oil, saw a market size value of 45.958 million USD in 2023. Over the last decade, the market has experienced fluctuations with notable declines in 2016 and 2020. The past five years show a modest decline with a CAGR of -0.48%, indicating a slight reduction per year. Between 2022 and 2023, the value decreased marginally by 0.47%.
Future trends to watch for include:
- Potential impact of economic recovery post-COVID-19 on industrial activities
- Growth in demand for eco-friendly and synthetic lubricants
- Influence of technological advancements in automotive and industrial sectors
- Regulations targeting reduction of petroleum presence in lubricants
