The import of non-petroleum-based lubricating oil to Denmark has experienced fluctuating trends over the past years. In 2023, the volume stood at 6.1352 million kilograms. Year-on-year variation in 2022 was an increase of 7.52%, followed by a 2.06% rise in 2023. The compound annual growth rate (CAGR) over the last five years is 5.76%. Looking at the previous data, there were significant fluctuations with high growth rates in some years like 2016 (43.8%) and decline in others like 2014 (-21.05%).
From 2024 onwards, the import volume is forecasted to continue growing, reaching 6.7643 million kilograms in 2028, with a forecasted CAGR of 1.59% for the next five years. The forecasted growth rate over this period is 8.22%.
Future trends to watch for include the impact of environmental regulations, technological advancements in lubricant formulations, and potential shifts in Denmark's industrial demand dynamics. These factors could significantly influence the import volumes of non-petroleum-based lubricating oils.
