In 2023, the re-import of petroleum-based lubricating oil to China stood at a baseline not provided here, but the forecasted data from 2024 onwards shows a consistent upward trajectory. Specifically, the forecast shows a progression from 555.21 thousand kilograms in 2024 to 673.9 thousand kilograms by 2028. The year-on-year growth rates indicate a steady increase, with approximately 5-6% growth each year. The compounded annual growth rate (CAGR) over this five-year period suggests an average increase of around 5.1% annually.

Future Trends to Watch:

Technological advancements in lubrication efficiency and synthetic alternatives may influence demand.
China’s industrial activities and manufacturing output will play a crucial role in driving the import demand.
Global oil market dynamics, including crude oil prices and geopolitical factors, could impact re-import levels.
Environmental regulations and policies in China may affect the types and volumes of lubricants imported.