The lubricants available for final consumption in Turkey are forecasted to increase steadily over the next five years. In 2023, this figure stood at 269.4 thousand tonnes of oil equivalent. The forecasted data shows a year-on-year percentage increase as follows:
- 2024: 0.66%
- 2025: 0.68%
- 2026: 0.67%
- 2027: 0.65%
- 2028: 0.64%
Overall, the compound annual growth rate (CAGR) for 2024 to 2028 is approximately 0.66%, indicating a modest but consistent growth trajectory.
Future trends to watch for include potential impacts of technological advancements in automotive and industrial machinery that improve efficiency and reduce lubricant consumption, as well as regulatory changes aimed at environmental sustainability that might affect the market dynamics. Additionally, any macroeconomic shifts within Turkey or in global markets could significantly influence the forecast.