The import of non-petroleum based lubricants to Singapore is forecasted to decline steadily from 2024 to 2028. In 2023, the actual import value stood at $1.721 million. Based on the forecasted values, we observe a year-on-year decrease in import values: from $1.6214 million in 2024, to $1.521 million in 2025, further declining progressively to $1.2317 million by 2028.
This represents a clear trend of decreasing import volumes, averaging an annual reduction rate of approximately 6.3% over the next five years. This decline may be attributed to various factors including increased local production, advancements in lubricant efficiency, or shifts in industry demands.
Future trends to watch:
- Potential impact of new trade policies or tariffs.
- Technological advancements in lubricant alternatives.
- Changes in the global supply chain and logistics.
- Environmental regulations affecting production and usage.
