The market size for lubricants for textile and leather use, without petroleum oil, in Thailand stood at $44.383 million in 2023. The market has shown fluctuations from 2013 to 2023, with notable declines in 2015 and a significant drop in 2020 due to external factors. Recovery is observed post-2020 with modest growth, yet the year-on-year variation was a slight decline of 0.13% in 2023. Over the last five years, the market experienced a marginal negative compound annual growth rate (CAGR) of 0.14%, indicating a period of stabilization post-recovery.
Future trends to watch include:
- Increased demand for sustainable and eco-friendly lubricants.
- Technological advancements enhancing lubricant efficiency.
- Potential industry regulations affecting non-petroleum-based products.
- Expansion into Southeast Asia as a growing market.
