The Canadian market for lubricants (excluding textile and leather use and petroleum oil) has shown steady growth from 2013 to 2023. In 2023, the market size was valued at 498.88 million US dollars. Over the last two years, the market demonstrated robust recovery from a decrease in 2020, with a 15.92% increase in 2021 followed by a 6.57% increase in 2022. However, 2023 showed a relatively modest year-on-year growth of 1.2%. The five-year CAGR from 2019 to 2023 stood at 0.7%, indicating gradual market stabilization and recovery.

Future trends to watch for:

Continuous innovation in lubricant formulations catering to emerging technologies.
Increasing focus on sustainability and eco-friendly products.
Potential impacts of regulatory changes on non-petroleum-based lubricant markets.
Market influence from the growth of electric vehicles and industrial automation.