From 2013 to 2023, the lubricant market in New Zealand, excluding textile and leather use and composed of less than 70% petroleum oil, showed fluctuating values per capita. In 2023, the per capita market size value stood at USD 11.26. The market experienced notable growth: a significant year-on-year jump of 6.22% in 2022 and a steady increase of 0.97% in 2023. Over the last five years, the CAGR was approximately 2.17%, indicating a moderate upward trend.
Future trends to watch for:
- The push for environmentally friendly and sustainable alternatives may impact the market composition and consumer preferences.
- Technological advancements in lubricant formulations may drive further market growth.
- Regulations and policies on petroleum-based products could influence market dynamics.
