The per capita market size value of the lubricant sector in Portugal, for products made of less than 70% petroleum oil, climbed steadily from 2013, with occasional fluctuations. The lowest point observed was in 2020 with a drop to $5.88, a result of the pandemic-induced economic slowdown. As of 2023, the per capita value rose to $7.50, marking a substantial recovery. Year-on-year comparison shows an increase of 9.39% from 2021 to 2022 and 1.9% from 2022 to 2023. The CAGR over the past five years stands at approximately 1.85%.
Future trends to watch for include:
- Emerging eco-friendly lubricant formulations that will likely shape consumer preferences.
- Technological advancements boosting efficiency and lower consumption rates, potentially influencing market value.
- Regulatory changes in environmental policies affecting production and pricing.
- Continued recovery from the pandemic, further stabilizing or potentially expanding market size value.
