The petroleum-based lubricant market in South Africa reached 279.17 million USD in value in 2023. Over the past decade, the market value has shown fluctuations with moderate growth between 2014 and 2018, followed by a notable decline in 2020 primarily due to global disruptions. Recovery started in 2021 reaching a near-stable value of 279.17 million USD by 2023. The year-on-year growth was 0.26% in 2023, and the five-year CAGR stood at -0.15%, indicating a slight retrogression in the medium term.
Future trends to watch for:
- The forecast from 2024 to 2028 suggests a steady increment in market value with a CAGR of 0.22%.
- Factors such as global oil prices, technological advancements, and shifts in industrial demand will play key roles in shaping the market landscape.
