The lubricant market for textile and leather use in Thailand, consisting of less than 70% petroleum oil, showed stability from 2013 to 2023, with only slight fluctuations. In 2023, the market stood at $0.40 per capita, marking a stable endpoint after slight variations over the past two years. The market showcased a gradual increase from 2018, peaking at a temporary low of $0.33 in 2020 due to external disruptions, and regained momentum to $0.40 in 2022 and 2023. The five-year CAGR indicates a modest recovery and adaptability in this niche segment.
Looking forward, factors like technological advancements in sustainable lubricants, and robust demand in the textile and leather industries could drive growth. Companies may focus on eco-friendly products and innovations to align with global sustainability trends.
