In 2023, the market size for lubricants, excluding textile and leather use, made of less than 70% petroleum oil in Kazakhstan reached 76.745 million USD. The market exhibited fluctuating trends from 2013 to 2023, with significant growth recorded in 2018, following a downturn in 2019 and a substantial drop in 2020. Recovery was notable in 2021 and 2022, peaking modestly in 2023 with a year-on-year increase of 0.98%. The compound annual growth rate over the last five years was 0.52%, highlighting a relatively stable yet modest growth trajectory.
Future trends to watch for include:
- Technological advancements in lubricant formulation aimed at enhancing performance and sustainability.
- Increasing demand for environmentally friendly and bio-based lubricants.
- Strategic economic developments in Kazakhstan potentially influencing industrial demand.
- Global oil price fluctuations affecting raw material sourcing and pricing strategies.
