The Lubricant market in Israel, excluding textile and leather applications and devoid of petroleum oil, reached a size of 83.02 million USD in 2023. Over the past decade, the market has been marked by fluctuations, with a significant upturn of 24.81% in 2016 and downturns in 2020 by 14.73%. The past five years saw a cumulative annual growth rate (CAGR) of 2.98%, with a notable year-on-year growth of 7.88% in 2022 and a slight rise of 2.38% in 2023.
Future trends to watch for include:
- Transition towards biolubricants driven by environmental regulations and sustainability goals.
- Technological advancements in applications of non-petroleum lubricants.
- Market growth spurred by increased manufacturing and automotive activities.
- Potential supply chain disruptions and geopolitical developments affecting raw material availability and pricing.
