The market size value per capita for lubricants used in textile and leather in Spain, composed of less than 70% petroleum oil, showed a decline from 2013 to 2020, reaching a low of $0.4. There was a slight recovery in 2021 and 2022, before reaching $0.46 in 2023. The year-on-year variation in 2022 was approximately +4.44% from 2021, followed by a -2.13% change to 2023. The compound annual growth rate (CAGR) over the last five years presents an average decline, indicating a slow recovery phase.
Future trends to watch for:
- Innovation in eco-friendly lubricant formulations.
- Impact of regulatory changes on petroleum-based products.
- Trends in textile and leather industries influencing lubricant demand.
