In 2023, Japan imported petroleum-based lubricants used for the treatment of textile materials, leather, and furskins valued at approximately $491.5 thousand USD. Forecasted data from 2024 to 2028 indicates a consistent year-on-year decline in import value. Specifically, the import value is projected to decrease by about 4.6% annually, resulting in a cumulative drop to $386.71 thousand USD by 2028. The compound annual growth rate (CAGR) over these five years is calculated to be around -4.6%, highlighting a steady reduction in import activity for this period.

Future trends to watch for:

Monitor global oil price dynamics as they can significantly impact the cost and demand for petroleum-based products in Japan.
Keep an eye on developments in synthetic alternatives and eco-friendly lubricants, which may increasingly displace petroleum-based options in the textile and leather industries.
Watch for policy changes in Japan related to environmental regulations, which could either facilitate or hinder the use of traditional petroleum-based products.