The lubricant market in New Zealand, excluding petroleum oils and intended for non-textile and leather purposes, witnessed a value per capita increase from $8.73 in 2013 to $14.79 in 2023. The growth trend shows variations, with significant increments between 2013-2015 and a peak at $13.4 in 2017. Despite fluctuations, including declines in 2018 and 2020, a rebound occurred by 2021. The last two years showed a steady increase up to 14.79 in 2023, indicating recovery and growth. A reported Compound Annual Growth Rate (CAGR) over the latest five years highlights a consistent annual expansion.
Future trends to watch include potential shifts in demand following sustainable practices and innovation, impacting product offerings and market strategies. Watch for regulatory changes promoting environmentally friendly alternatives, as these may shape market dynamics and consumer preferences in the coming years.
