The petroleum-based lubricant market in Sri Lanka has seen a significant decline from 2013 to 2023, dropping from $28.841 million in 2013 to $25.265 million in 2023. The initial years showed positive trends with substantial growth until 2017, when the values began to decrease. The market has faced a continuous contraction over the last five years, with a Compound Annual Growth Rate (CAGR) of -9.39% between 2018 and 2023. This suggests a consistent downward trend, reflecting economic challenges or shifts towards alternative energy sources.
Future trends to watch for:
- Increased adoption of renewable energy and eco-friendly lubricants.
- Potential recovery driven by industrial growth and transportation needs.
- Government policies influencing import-export dynamics.
- Technological advancements in lubricant formulations improving efficiency.
| # | 43 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 8,304,600,000 | 2023 | -5.15% | -5.77% | View data |
| 2 | 2 Japan | 3,222,400,000 | 2023 | -0.53% | -0.65% | View data |
| 3 | 3 Germany | 2,383,500,000 | 2023 | +0.11% | -1.38% | View data |
| 4 | 4 France | 1,868,800,000 | 2023 | +0.13% | -0.45% | View data |
| 5 | 5 India | 1,796,200,000 | 2023 | +2.95% | +1.81% | View data |
| 35 | 35 Croatia | 53,431,000 | 2023 | +1.56% | +3.39% | View data |
| 36 | 36 El Salvador | 30,814,000 | 2023 | +3.79% | +3.33% | View data |
| 37 | 37 Sri Lanka | 25,265,000 | 2023 | -11.31% | -9.39% | |
| 38 | 38 Bolivia | 25,050,000 | 2023 | -4.19% | -3.97% | View data |
| 39 | 39 Costa Rica | 21,716,000 | 2023 | +1.63% | +1.31% | View data |
