The lubricant market size per capita in Thailand, excluding petroleum oil, showed varying trends over the period analyzed. In 2023, the market stood at $4.78 per capita. Notably, there was a significant year-on-year recovery, with market value increasing by approximately 9.1% in 2022 and a further 1.7% in 2023, following a dip in 2020 due to various market disruptions. Over the last five years, the compound annual growth rate (CAGR) was 6.21%, indicating a consistent growth trajectory post-2020.
Looking ahead, the focus should be on the potential impacts of advancements in synthetic technology and environmental regulations that could shift consumer preferences towards more eco-friendly products. Additionally, economic factors and shifts in industrial demand will play crucial roles in shaping market dynamics.
