In 2023, the import value of non-petroleum based lubricants to the US stood at approximately 15.005 million USD. Forecasted data between 2024 and 2028 show a steady increase in imports. The year-on-year growth ranges from 0.57% to 0.68%, reflecting a positive but moderate upward trend. The compound annual growth rate (CAGR) for this period is estimated at around 0.67%, indicating consistent growth throughout the five-year span.
Future trends to watch for include advancements in biodegradable lubricant technology and increased demand spurred by eco-friendly and sustainable initiatives. These factors could potentially accelerate growth in the non-petroleum based lubricant import sector.
- 2024 to 2025: 0.58% increase
- 2025 to 2026: 0.56% increase
- 2026 to 2027: 0.55% increase
- 2027 to 2028: 0.53% increase
