The import of petroleum-based lubricating oil to the UK is forecasted to increase steadily from 32.921 million kilograms in 2024 to 36.525 million kilograms by 2028. In 2023, the import volume was recorded at 32 million kilograms, illustrating a consistent growth trend. Year-on-year percentage change indicates an incremental increase, with the figures rising by approximately 2.8% to 3.2% annually. Over the five-year period, the compound annual growth rate (CAGR) is projected at 2.67%.
Future trends to watch for include:
- Fluctuations in global oil prices and potential impacts on import volumes.
- Shifts towards sustainable and renewable energy sources which may impact demand for petroleum-based products.
- Changes in UK trade policies post-Brexit which could affect import dynamics.
