In 2023, the market size value of lubricant for textile and leather use (without petroleum oil) in Latvia stood at 1.5287 million US Dollars, indicating a slight decline of 0.98% from the previous year. Over the past two years, the market experienced fluctuations with a recovery in 2021 followed by a modest increase in 2022, but a decrease again in 2023. Looking at a five-year span, the compound annual growth rate (CAGR) has been negative at 1%, reflecting a general contraction within this market segment.

Future trends to watch for include:

Potential growth driven by a shift towards sustainable and eco-friendly products.
Technological advancements in lubricants that could enhance efficiency and adoption.
Market dependency on global economic conditions affecting consumer spending and manufacturing activities.