In 2023, Singapore imported petroleum-based lubricating oil worth 62.613 million US dollars. Analyzing the forecasted data for the subsequent years, we observe a consistent year-on-year growth of approximately 2.47% between 2024 and 2025, 2.36% from 2025 to 2026, 2.26% from 2026 to 2027, and 2.17% from 2027 to 2028. The compounded annual growth rate (CAGR) over the five-year period from 2024 to 2028 is estimated at 2.32%.
Future trends to watch for include potential impacts from global oil price fluctuations, advancements in synthetic lubricants, and changes in environmental regulations that could affect both the supply and demand dynamics for petroleum-based lubricating oil imports in Singapore.
Key points to consider:
- Consistent year-on-year growth in import values.
- A decreasing trend in the percentage of annual growth year by year.
- Potential future trends in the market dynamics.
