In 2023, the lubricant market size per capita in Belgium, excluding textile and leather use and petroleum oil, was valued at $14.06. Observing the year-on-year changes reveals a slight decline compared to the previous year, with the 2022 value at $14.17 representing a decrease of approximately 0.78%. Over the past five years, from 2019 to 2023, the compound annual growth rate (CAGR) has been relatively stable, indicating a slight contraction on average annually when including the notable dip in 2020.
Looking forward, future trends to observe include the impact of technological advancements in lubricant formulations, increased emphasis on sustainability, and the potential influences of regulatory changes aimed at reducing carbon emissions, which could drive demand for alternative lubricants.
