Market Size of Chile Lubricants Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 3.88 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Chile Lubricants Market Analysis
The Chile lubricants market was valued at 227.82 million liters in 2022, and the market is projected to register a CAGR of over 3.88% during the forecast period.
The COVID-19 outbreak in 2020 and the first half of 2021 significantly affected the industrial and automotive sectors due to government-imposed bans and restrictions, limiting the chile lubricants market growth. However, the industry recovered well since these restrictions were lifted. In 2021, annual automotive sales in the country reached 415,582 units, registering a y-o-y increase of 61%.
- Over the medium term, major factor like the increasing demand for lubricants in the mining industry is expected to drive the market in the country.
- On the flip side, the growing adoption of electric vehicles will likely hinder the market's growth.
- The growing adoption of recycled lubricants will likely create opportunities in the market studied.
- The automotive segment dominated the market in the country and is also likely to witness the highest CAGR during the forecast period.
