Analyzing the forecasted import of non-petroleum based lubricant to China from 2024 to 2028 reveals a consistent upward trend. Starting from a value of 542.61 million USD in 2024, the imports are expected to rise to 607.15 million USD by 2028. This indicates steady growth over the five-year period, with an average annual growth rate around 2.8%. For context, in 2023, the import value stood at 526.34 million USD.
Year-on-year variations exhibit a positive trend:
- From 2024 to 2025: 3.06%
- From 2025 to 2026: 2.91%
- From 2026 to 2027: 2.78%
- From 2027 to 2028: 2.64%
Future trends to watch include technological advancements in lubricant formulations, increasing use of bio-lubricants due to environmental regulations, and potential trade policy changes impacting import dynamics. Analysts should also monitor shifts in industrial activities and automotive industry demands that could influence lubricant import volumes.
