The forecast for lubricants available for final consumption in Austria shows a consistent decline from 2024 to 2028. The availability is projected to decrease from 1.79 thousand terajoules in 2024 to 1.52 thousand terajoules in 2028. Given the actual level in 2023 stood at 1.87 thousand terajoules, the year-on-year decrease from 2023 to 2024 is 4.28%. For the subsequent years, the year-on-year variations are -3.91% (2024-2025), -4.07% (2025-2026), -3.64% (2026-2027), and -4.40% (2027-2028). Over the last two years, the average year-on-year variation is -4.10%, while the Compound Annual Growth Rate (CAGR) over the five-year forecast period is -3.83%.
Future trends to watch for include further declines in lubricant consumption driven by advancements in technology, shifts towards renewable energy sources, and increasing adoption of electric vehicles, which may reduce the demand for traditional lubricants. Additionally, regulatory changes focusing on environmental sustainability could accelerate the decline. Monitoring innovations in lubricant formulations and alternative applications will be critical.
