The forecast for the import of non-petroleum based lubricants to Belgium shows a consistent decline from 2024 to 2028. Starting at 4.2374 million USD in 2024, the value drops steadily each year, reaching 1.8869 million USD by 2028. Based on prior historical data, the import value stood at 5 million USD in 2023. Year-on-year variations indicate a shrinking trend:
● 2024-2025: A 14.26% decrease
● 2025-2026: A 16.34% decrease
● 2026-2027: A 19.10% decrease
● 2027-2028: A 23.16% decrease
Over the last two years, the decrease reflects a significant downward trend, with the five-year compound annual growth rate (CAGR) showing an average yearly decrease of approximately 19.89%.
Future trends to watch for include changes in regulatory policies, advancements in alternative lubrication technologies, and shifts in industrial demand, which could either exacerbate or mitigate the declining trend in imports.
