The forecasted data for lubricants gross inland consumption in Belgium indicates a continuous decline from 2024 to 2028, starting at 73.51 thousand tonnes of oil equivalent in 2024 and decreasing to 68.9 thousand tonnes of oil equivalent by 2028. Compared to 2023, the consumption stood at 75 thousand tonnes of oil equivalent. The year-on-year variation shows a consistent decrease: -1.8% (2024-2025), -1.6% (2025-2026), -1.6% (2026-2027), and -1.5% (2027-2028). The compound annual growth rate (CAGR) over the last five years indicates a negative trend, averaging around -2% per year.
Future trends to watch for include technological advancements in lubricant formulation, increasing emphasis on renewable energy sources, and the impact of evolving regulations on the automotive and industrial sectors. The shift towards electric vehicles, which require different types of lubricants, may further influence the market dynamics.
