The market size value per capita for lubricants for textile and leather use in Sri Lanka has shown a declining trend from 2013 to 2023, starting at $0.12 and dropping to $0.091 by 2023. Notably, from 2019 to 2020, the market experienced a significant drop of approximately 17%. Year-on-year variations indicate a modest recovery post-2020, with increases around 1% from 2021 to 2022 before a slight decline in 2023. The Compound Annual Growth Rate (CAGR) over the last five years stands at approximately -3.1%, reflecting overall market contraction.
Future trends to watch include advances in environmentally friendly lubricants, potential shifts in local textile and leather production practices, and economic changes that may affect market demand. Monitoring these factors will be crucial for predicting market behavior.
