The lubricant market in China, excluding textile and leather use, has experienced varied growth from 2013 to 2023. In 2023, the market size reached 4.2271 billion USD. Year-on-year growth was inconsistent, with significant fluctuations evidenced by declines in 2017 and 2020. The compound annual growth rate (CAGR) over the past five years was 4.34%, indicating moderate growth. Notably, in the last two years, the market showed a strong rebound, achieving positive year-on-year growth in 2021 and 2022, fueled by recovering demand.
Future trends to watch for:
- Increased adoption of bio-based lubricants influenced by environmental regulations.
- Technological advances in automotive and industrial sectors that might drive demand.
- Potential market challenges from geopolitical factors impacting raw material availability.
