The petroleum-based lubricant market in Canada was valued at 1.222 billion USD in 2023. The year-on-year growth in 2022 was 6.7%, which slowed to 1.32% in 2023. Looking back over a decade, the market experienced volatility, notably a sharp decline in 2020, followed by recovery and consistent growth in recent years. The compound annual growth rate (CAGR) over the last 5 years has been modest at 1.19%. Forecasts from 2024 to 2028 suggest steady growth, highlighted by a 5.39% overall increase, translating to a projected CAGR of 1.06% over five years.

Future trends to watch for in the Canadian petroleum-based lubricant market include:

Shift to sustainable and bio-based lubricants driven by regulatory pressures.
Technological advancements enhancing lubricant efficiency and lifecycle.
Market consolidation trends impacting supplier dynamics and pricing.
Potential impacts of geopolitical events on supply chains and raw material costs.