In 2023, the market size value per capita of lubricants (excluding textile and leather use, made of less than 70% petroleum oil) in Canada was $18.67 USD. This represents a year-on-year increase of 1.41% from 2022. Over the past five years, the compound annual growth rate (CAGR) of the market was 1.57%. The market experienced a notable dip in 2020 due to various economic impacts, but has since rebounded strongly, particularly from 2021 onwards.
Future trends to watch for include the continued shift towards sustainable and eco-friendly lubricants in response to environmental regulations and consumer preferences. Additionally, technological advancements in lubricant formulations may drive further market growth.
