In 2023, re-import of petroleum-based lubricating oil to the UK stood at a significant level, establishing a baseline for future growth. From 2024, projected values indicate a steady year-on-year increase, suggesting a strong recovery and growing market demand. Between 2024 and 2028, the value is set to increase by 23.81% overall, with an average Compound Annual Growth Rate (CAGR) of 5.5% over five years.
Future trends to monitor include:
- Potential impacts of environmental regulations on petroleum-based products.
- Shifts in global oil prices affecting import costs.
- The influence of technological advancements on lubricant efficiency and product demand.
