The lubricants market in the UK has evidenced a consistent decline in consumption from 2013 to 2023, transitioning from 458.6 to 319.61 thousand tonnes of oil equivalent. Over the past decade, there have been moments of slight recuperation, though the overall trend remained downwards. Notably, from 2021 to 2023, the year-on-year decline averaged at approximately 3.56%, with a Compound Annual Growth Rate (CAGR) of -3.39% in 2023.
Considering forecasted data, this declining trend is expected to persist. The projected data show lubricants consumption decreasing to 256.87 thousand tonnes by 2028, affirming a forecasted five-year CAGR of -3.47% and an overall anticipated reduction of 16.17%.
Future trends to watch for:
- The adoption and impact of electric vehicles and the resulting decrease in traditional lubricant usage.
- Advancements in lubricant technology enhancing efficiency and longer usage periods.
- Legislative and environmental regulations impacting the lubricant industry.
- Potential shifts in industrial activities and their consequent demand for lubricants.