The petroleum-based lubricant market in Thailand showed a steady increase in value from 2013 to 2023, peaking at $525.14 million in 2023. After witnessing a decline between 2019 and 2020 due to market disruptions, it rebounded with significant growth in 2021. The most recent data indicates a modest yet consistent upward trend. The compound annual growth rate (CAGR) over the past five years stands at 0.98%, with a year-on-year increase of 2.61% in 2023. Moving forward, the market is expected to grow at a CAGR of 1.85%, with an overall forecasted growth of 9.57% over the next five years to 2028.
Future trends to watch for:
- Increasing adoption of high-performance synthetic lubricants.- Impact of environmental regulations on petroleum-based lubricant formulations.- Technological advancements in lubricant efficiency and performance.- Impact of economic factors and industrial demand on lubricant consumption.
