The market for petroleum-based lubricants in China exhibited significant growth from 2012 to 2018, peaking at $11.181 billion in 2018, with impressive year-on-year increases. However, the market faced a downturn starting in 2019, experiencing notable year-on-year drops of -9.28% in 2019 and -4.67% in 2020. The market showed stability in 2021, with a slight year-on-year increase, and recovered to $10.366 billion in 2022. Over the last five years, the compound annual growth rate (CAGR) indicates a marginal decline of -0.17%, reflecting the volatility in the market.
Future trends to watch for:
- Potential shifts driven by increased environmental regulations influencing lubricant formulations.
- Technological advancements in manufacturing processes may spur more efficient lubricant products.
- Market recovery post-2022 indicates a possible upturn in demand fueled by industrial growth.
As of 2023, the market value stood at approximately $10.5 billion, highlighting a resurgence since the declines witnessed in the earlier years of the decade.
| # | 43 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 8,304,600,000 | 2023 | -5.15% | -5.77% | |
| 2 | 2 Japan | 3,222,400,000 | 2023 | -0.53% | -0.65% | View data |
| 3 | 3 Germany | 2,383,500,000 | 2023 | +0.11% | -1.38% | View data |
| 4 | 4 France | 1,868,800,000 | 2023 | +0.13% | -0.45% | View data |
| 5 | 5 India | 1,796,200,000 | 2023 | +2.95% | +1.81% | View data |
