The Petroleum Based Lubricant Market in Belgium exhibited varied trends over recent years. From 2012 to 2016, the market value fluctuated mildly, peaking in 2016. Post-2016, a significant dip was observed, especially in 2020 with a drop of 15.35%. However, a slight recovery was seen, leading to a market value of 203.36 million USD in 2022. The last two years indicated a positive trend with a year-on-year increase of 13.59% in 2021 and 4.47% in 2022. The CAGR over the last five years stands at -0.2%, showing a moderate decline. It is worth noting that Belgium's market value in 2023 remained at levels comparable to 2022.
Future trends to watch for:
• Technological advancements in lubricant formulation.
• Rise of synthetic and bio-based lubricants due to environmental regulations.
• Economic and geopolitical factors impacting crude oil prices.
| # | 43 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 8,304,600,000 | 2023 | -5.15% | -5.77% | View data |
| 2 | 2 Japan | 3,222,400,000 | 2023 | -0.53% | -0.65% | View data |
| 3 | 3 Germany | 2,383,500,000 | 2023 | +0.11% | -1.38% | View data |
| 4 | 4 France | 1,868,800,000 | 2023 | +0.13% | -0.45% | View data |
| 5 | 5 India | 1,796,200,000 | 2023 | +2.95% | +1.81% | View data |
| 22 | 22 Malaysia | 261,410,000 | 2023 | +1.3% | +1.76% | View data |
| 23 | 23 Denmark | 247,580,000 | 2023 | +2.01% | +0.95% | View data |
| 24 | 24 Belgium | 201,850,000 | 2023 | -0.74% | -2.18% | |
| 25 | 25 Norway | 198,340,000 | 2023 | +0.36% | +0.19% | View data |
| 26 | 26 Ukraine | 182,800,000 | 2023 | +3.32% | +5.25% | View data |
