Between 2012 and 2022, Thailand's petroleum-based lubricant market exhibited varying growth trends. From 2012 to 2018, the market generally saw an upward trend, peaking at $500.13 million in 2018. However, this was followed by a notable decline during 2019-2021, influenced by economic factors and possibly global events affecting demand and supply. The market showed resilience in 2022 with a 6.33% increase, reaching $459.76 million.
Over the past five years, the Compound Annual Growth Rate (CAGR) has been relatively mild, reflecting incremental changes. The CAGR ranged from 2.58% in 2015 to -0.39% by 2022. Particularly, the last two years before 2022 indicated fluctuations, with a decrease of 1.45% in 2021 followed by a 6.33% increase in 2022.
Future trends to watch for:
- Adoption of synthetic and bio-based lubricants.
- Impact of EVs (Electric Vehicles) reducing dependency on petroleum-based lubricants.
- Regulatory impacts on petroleum-based products.
- Evolving technological advancements in lubricant formulations.
- Potential market recovery post-pandemic and geo-political stability.
| # | 43 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 8,304,600,000 | 2023 | -5.15% | -5.77% | View data |
| 2 | 2 Japan | 3,222,400,000 | 2023 | -0.53% | -0.65% | View data |
| 3 | 3 Germany | 2,383,500,000 | 2023 | +0.11% | -1.38% | View data |
| 4 | 4 France | 1,868,800,000 | 2023 | +0.13% | -0.45% | View data |
| 5 | 5 India | 1,796,200,000 | 2023 | +2.95% | +1.81% | View data |
| 11 | 11 South Korea | 698,100,000 | 2023 | +1.08% | +0.32% | View data |
| 12 | 12 Spain | 590,420,000 | 2023 | -0.48% | -2.41% | View data |
| 13 | 13 Thailand | 525,140,000 | 2023 | +2.61% | +0.98% | |
| 14 | 14 Sweden | 407,340,000 | 2023 | +0.71% | +0.5% | View data |
| 15 | 15 Pakistan | 404,000,000 | 2023 | +2.47% | +2.54% | View data |
