The import of petroleum-based lubricating oil to the Philippines is projected to grow steadily from 2024 to 2028, with values reaching $19.611 million in 2024 and increasing incrementally each year to $22.797 million by 2028. In 2023, the actual import value stood at $18.845 million. The year-on-year variations are as follows: 4.05% for 2025, 3.94% for 2026, 3.72% for 2027, and 3.50% for 2028. The Compound Annual Growth Rate (CAGR) from 2024 to 2028 is approximately 3.8%.
Future trends to watch for in the Philippine market include evolving regulatory standards surrounding lubricants, technological advancements in lubricant formulations geared towards environmental sustainability, and potential impacts from global oil price fluctuations.
