In reviewing the data on lubricants consumption in international maritime bunkers in Italy, it's evident that the sector has experienced fluctuations over the past decade, starting with 420 Gigawatt hours in 2013 and standing at 333.09 Gigawatt hours in 2023. The annual consumption demonstrated both increases and decreases, with significant drops, particularly around 2020 (-13.86%) attributed likely to the pandemic impacts. The year-on-year variation for 2023 was a modest increase of 0.018%, indicating a stabilization trend after the fluctuations seen in previous years. The Compound Annual Growth Rate (CAGR) for the last five years up to 2023 was -1.63%, signaling a gradual decline.
Looking forward from 2024 to 2028, the forecast suggests a continual reduction in consumption with a forecasted 5-year CAGR of -1.12% and an overall 5-year growth rate decline of -5.47%. The projected trend hints at a decline with consumption levels reaching 307.72 Gigawatt hours by 2028.
Future trends to watch for:
- Transition towards eco-friendly and efficient lubrication technologies in maritime operations.
- Regulatory changes impacting the types of lubricants used in international maritime vessels.
- Technological advancements in the maritime industry impacting fuel and lubricant efficiency.
