The forecast indicates a gradual decline in the volume of lubricant imports to the UK from 2024 to 2028, starting at 359.38 thousand tonnes of oil equivalent in 2024, decreasing to 345.34 in 2028. In 2023, the volume was higher, suggesting a consistent downward trend. Year-on-year variations reveal a steady reduction, implying a notable decrease in reliance on lubricant imports. The compound annual growth rate (CAGR) over the five-year forecast period depicts a negative trend in import volumes.
Future trends to watch for include potential shifts in domestic production capacity, changes in industrial demand, advancements in alternative technologies, or policy changes affecting trade relations. Monitoring these factors will be crucial for understanding future market dynamics.
