In 2023, the petroleum-based lubricant market size in Pakistan stood at 404 million USD, with an overall growth trend observed over the past decade, starting from 204.66 million USD in 2013. The market experienced significant year-on-year variations, with notable growth rates of 34.08% in 2014, and 19.55% in 2016. However, a decline of 14.64% was recorded in 2020, likely due to the global economic impact of the COVID-19 pandemic. The recovery was swift, with the market size rebounding to 365.1 million USD in 2021 and achieving steady growth of 7.99% in 2022 and 2.47% in 2023.
Key trends over the last two years show an average annual growth rate (CAGR) of 2.54% for the last five years, highlighting moderate but consistent market expansion. Future trends to watch for include the impact of technological advancements in lubrication technology, environmental regulations pushing for synthetic alternatives, and the potential influence of geopolitical factors on crude oil prices.
| # | 43 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 8,304,600,000 | 2023 | -5.15% | -5.77% | View data |
| 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 |
| 13 | 13 Thailand | 525,140,000 | 2023 | +2.61% | +0.98% | View data |
| 14 | 14 Sweden | 407,340,000 | 2023 | +0.71% | +0.5% | View data |
| 15 | 15 Pakistan | 404,000,000 | 2023 | +2.47% | +2.54% | |
| 16 | 16 Australia | 359,760,000 | 2023 | -2.8% | -3.64% | View data |
| 17 | 17 Argentina | 354,250,000 | 2023 | +0.093% | -0.12% | View data |
