The market size of lubricants in Iceland, made of less than 70% petroleum oil, has varied over the years. In 2023, it stood at $10.481 million. From 2013 to 2023, the market experienced notable growth, especially between 2016 and 2023, although there was a decline in 2020. The last two years saw growth rates of 9.19% in 2022 and 3.53% in 2023. Over the past five years, the compound annual growth rate (CAGR) averaged 3.79%.
Future trends to watch for include:
- Potential impact of eco-friendly lubricant alternatives on market dynamics.
- Effect of regulatory changes concerning petroleum-based products.
- Technological advancements in synthetic and bio-based lubricants.
