In 2023, the lubricants transformation output in the UK stood at 3.05 thousand gigawatthours. The forecast indicates a consistent decline in output from 2024 to 2028, with an average compound annual growth rate (CAGR) decline of approximately 7.9% over five years. The year-on-year decrease is evident, showcasing the industry's gradual contraction.
Future trends to watch for include:
- Growing adoption of electric vehicles, reducing lubricant demand.
- Advancements in lubricant technology that may improve efficiency.
- Regulatory shifts towards sustainability impacting production practices.
- Potential disruptions from global market dynamics and economic shifts.
