In 2023, the sales of unfinished oils and lubricating oil base stock in the US stood at a higher level compared to forecasted values for subsequent years. Starting from $8.7404 billion in 2024, the forecast predicts a consistent decline, with values dropping to $6.517 billion by 2028. This denotes a significant downward trend. Year-on-year decreases are evident, with the most notable decline observed between 2025 and 2026. The compound annual growth rate (CAGR) for 2024-2028 indicates a negative trend as well.
Future trends to watch include:
- The impact of technological advancements in synthetic oils and alternative lubricants.
- Potential regulatory changes affecting oil production and emissions standards.
- Shifts in consumer preferences towards eco-friendly and sustainable products.
