Market Size of Canada Lubricants Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 2.50 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Canada Lubricants Market Analysis
The Canada lubricants market is projected to register a CAGR of over 2.5% during the forecast period.
The COVID-19 outbreak in 2020 and the first half of 2021 significantly affected the industrial and automotive sectors, caused major production disruptions, and negatively affected customers' purchasing power in Canada, limiting the growth of the Canadian lubricants market. However, the sector is recovering well since these restrictions were lifted. In 2021, annual automotive sales in the country reached 1.70 million units, registering a y-o-y increase of 7%.
- Over the medium term, major factor like the growing sales of motor vehicles in the country is expected to drive the demand for lubricants.
- Conversely, lubricating oil risks will likely hinder the market's growth.
- The growing demand for biodegradable lubricants may create lucrative opportunities for market growth.
- The automotive segment dominated the market in the country and is also likely to witness the highest CAGR during the forecast period.
