The New Zealand market for lubricants (less than 70% petroleum oil) achieved a market size of $56.384 million in 2023, indicating a modest increase of 1.69% from the previous year. Over the past five years, the market has experienced a compound annual growth rate (CAGR) of 1.44%, reflecting a pattern of recovery in 2021 after a decline in 2020 due to global disruptions, with growth stabilizing subsequently.

Future trends to watch for include:

Increased demand driven by technological advancements in industries using synthetic lubricants.
A focus on sustainability may lead to a shift toward bio-based lubricants.
Potential economic fluctuations influencing industrial activities and lubricant requirements.
Regulatory policies impacting product formulations and market strategies.