Between 2013 and 2023, Iceland's lubricant market (excluding those for textile and leather use with less than 70% petroleum oil composition) increased from a per capita value of $18.43 to $29.45 in 2023. A marked growth occurred from 2016 onward, with a slight retreat in 2020 but subsequent recovery.
Key trends include:
- 2022-2023: A year-on-year increase of approximately 3.27%.
- The five-year compound annual growth rate (CAGR) from 2018 to 2023 is approximately 3.66%.
Looking forward, anticipated trends include technological advancements enhancing lubricant efficiency and potential regulatory shifts towards sustainable, eco-friendly lubricants.
