The import of petroleum-based lubricating oil to Austria experienced fluctuations from 2013 to 2023. In 2023, the value stood at USD 64.494 million. Year-on-year variation shows a subtle decrease of -0.63%, aligning with a -0.92% CAGR over the last five years. This decline follows periods of both significant increases and decreases over the decade. A noticeable dip occurred in 2016, with a 29.26% year-on-year drop, reflecting a broader downward trend until 2020. Previous increases in 2018 and 2021 provided temporary upticks, yet the overall trend leans towards stabilization at lower levels. From 2024 to 2028, the forecasted 5-year CAGR is -0.52%, projecting a gradual decline in import values.
Future trends to watch for include shifts in global oil prices, regulatory changes towards greener alternatives, and evolving industrial demands in Austria. The market's movement towards sustainability and technological advancements in synthetic lubricants could also impact the import dynamics significantly.
