The forecasted opening stock of lubricants in Belgium from 2024 to 2028 shows a consistent decrease in volume, starting at 235.5 Thousand Metric Tons in 2024 and declining to 233.1 Thousand Metric Tons in 2028. This indicates a year-on-year average decrease of approximately 0.25% over the forecast period. In 2023, the opening stock stood at 236.2 Thousand Metric Tons, making the transition into 2024 a decrease of roughly 0.30% compared to the previous year. Over the last two years, this trend showcases a gradual reduction, and the Compound Annual Growth Rate (CAGR) over the next five years is expected to be around -0.20%.
Future trends to watch for:
• The impact of advancements in lubricant technology reducing the need for traditional lubricants.
• Increased environmental regulations and sustainability efforts influencing lubricant production and stock levels.
• Shifts in industrial activity and automotive industry peaks or declines which could alter lubricant demand and opening stock volumes in the coming years.
