The import of non-petroleum based lubricating oil to the Philippines experienced a steady decline from 2024 to 2028. In 2023, the import volume stood at 3.2756 Million Kilograms. The year-on-year percentage variation reveals a gradual decrease: from 2024 to 2025 by 1.92%, from 2025 to 2026 by 1.92%, from 2026 to 2027 by 1.92%, and from 2027 to 2028 by 1.92%. This results in a compound annual growth rate (CAGR) of -2.01% over the five-year forecast period.
Future trends to watch for include:
- Changes in industrial demand for non-petroleum based lubricants
- Impact of technological advancements in lubricants
- Potential shifts towards domestically produced alternatives
- Regulatory changes impacting imports
