Colombia Lubricants Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 4.50 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Colombia Lubricants Market Analysis
During the time frame of the forecast, the Colombia lubricants market is expected to register a CAGR of more than 4.5%.In 2020, COVID-19 negatively impacted the market. However, the market has now been estimated to have reached pre-pandemic levels and is forecast to grow steadily in the future.
- Over the next five years, market growth is likely to be driven by the growing automotive and transportation industries.
- On the other hand, the increasing penetration of electric vehicles is likely to hamper market growth.
- Investment and government support will create market opportunities in the future.
- The engine oil product type is the most popular on the market, and this is expected to stay true over the next few years.
Colombia Lubricants Market Trends
This section covers the major market trends shaping the Colombia Lubricants Market according to our research experts:
Automotive Sector to Dominate the Market
- The automotive sector is the largest market for lubricants. Engine designs are continually improved to enhance performance, increase efficiency, and meet environmental emission regulations.
- Light-duty vehicles include two-wheelers and passenger cars. Engine oils, gear oils, transmission oils, greases, and compressor oils are these automobiles' most widely used lubricants. Engine oils are widely used for lubricating internal combustion engines in different types of automobiles. They are generally composed of base oils and additives.
- Some of the most important things that engine oils do are protect against corrosion and wear and tear so that the engine lasts longer and works better, reduce friction so that the engine works better and uses less fuel, get rid of impurities so that the engine is clean, make the engine as efficient as possible, and keep energy from escaping by keeping it cool.
- In 2021, nearly 229,490 new motor vehicles were sold in Colombia, a rise of more than 32% from the year before. In South America, Colombia ranked fourth in terms of new vehicle sales. thus positively impacting the market.
- Also, the country's market for used cars is growing, which will increase the need for lubricants. In 2021, for every new vehicle sold, more than four used vehicles were sold in Colombia. Over one million used cars were sold in 2021, an increase of nearly 57% compared to 2020.
- So, because of all of these things, the growing automotive industry is expected to help the lubricants market in Colombia over the next few years.
High Demand of Lubricants From Heavy Equipment
- Heavy equipment lubricants are used in sectors like construction and oil and gas. With the country's expanding oil and gas and construction sectors, the demand for lubricants is expected to rise significantly during the forecast period.
- In the construction sector, lubricants prevent premature failure and decline in construction equipment performance as they are subjected to extremely harsh operating conditions that involve heat, dirt, and moisture.
- Lubricants perform various functions, primarily to safeguard the construction equipment from bearing failures, the short lifespan of engine oils, the lower resistance of diesel fuel to water, and the rusting of cables, ropes, and draglines.
- Lubricants are used a lot in oil and gas production, like when drilling and doing other work.Lubricants, like engine oils, gear oils, greases, and hydraulic oils, are an important part of the equipment used to process natural gas and crude oil.
- The Colombian highway authority, Invas, gave the Viaducto Ciénaga del Magdalena partnership a USD 187 million contract in March 2022 to build three bridges on the Ciénaga-Barranquilla route.which in turn supports market growth.
- Furthermore, there are several upcoming projects in the country; for instance, the construction of a new highway called the 5G Troncal Magdalena road concession is anticipated to cost USD 773 million. The route will connect Barrancabermeja in Santander Department with Puerto Salgar in Cundinamarca Department. The construction is projected to begin in 2024.
- Moreover, according to the BP Statistical Review 2022, the total natural gas production in the country was 12.6 billion cubic meters in 2021, representing an increase of more than 6.5% compared to 2017. thus benefiting the market's growth during the forecast period.
- Because of all of these factors, the lubricants market in Colombia is expected to grow a lot over the next few years.
Colombia Lubricants Industry Overview
The lubricants market in Colombia is consolidated by nature. Some of the major players in the market include TotalEnergies, Chevron Corporation, Petromil S.A.S., Shell Plc, and TERPEL, among others (in no particular order).
Colombia Lubricants Market Leaders
TotalEnergies
Chevron Corporation
Petromil S.A.S.
Shell plc
TERPEL
*Disclaimer: Major Players sorted in no particular order
Colombia Lubricants Market News
- February 2023: Gulf has signed a multi-year partnership with the historic Williams Racing team for the 2023 Formula 1 season and beyond.
- January 2022: Shell re-entered the Colombian fuel retail sector via Biomax SA, a wholesale distributor of petroleum derivatives. Biomax SA aims to invest significantly in expanding its network of stations under the Shell brand to 25 in the national territory, with a long-term goal of establishing 250 across the country.
Colombia Lubricants Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Expanding Automotive and Transportation Sectors
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Increasing Penetration of Electric Vehicles
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 Product Type
5.1.1 Engine Oils
5.1.2 Transmission And Gear Oils
5.1.3 Hydraulic Fluid
5.1.4 Metalworking Fluid
5.1.5 Greases
5.1.6 Other Product Types
5.2 End-user Industry
5.2.1 Power Generation
5.2.2 Automotive
5.2.3 Heavy Equipment
5.2.4 Metallurgy And Metalworking
5.2.5 Other End-user Industries
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) **/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 TERPEL
6.4.2 Shell plc
6.4.3 Chevron Corporation
6.4.4 Biomax
6.4.5 Petromil S.A.S.
6.4.6 Petrobras
6.4.7 Saudi Arabian Oil Co.
6.4.8 TotalEnergies
6.4.9 BP p.l.c.
6.4.10 Gulf Oil International
6.4.11 Motul
6.4.12 Primax
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Investments and Government Plans to Support Industrial Growth
Colombia Lubricants Industry Segmentation
Lubricants are substances that, when applied as a coating between solid surfaces, reduce friction, heat, and wear. Lubricant products are made from a combination of base oils and additives. Lubricants are utilized to adjust friction and wear of surfaces in interface with bodies that are moving relative to one another. Hence, lowering the heat released when the surfaces move. Lubricant products are made from a combination of base oils and additives. The composition of base oil in the formulation of lubricants is primarily between 75-90%. The Colombian lubricants market is segmented by product type and end-user industry. By product type, the market is segmented into engine oils, transmission and gear oils, hydraulic fluid, metalworking fluid, greases, and other product types. By end-user industry, the market is segmented into power generation, automotive, heavy equipment, metallurgy and metalworking, and other end-user industries. For each segment, market sizing and forecasts have been provided on the basis of volume (million liters).
| Product Type | |
| Engine Oils | |
| Transmission And Gear Oils | |
| Hydraulic Fluid | |
| Metalworking Fluid | |
| Greases | |
| Other Product Types |
| End-user Industry | |
| Power Generation | |
| Automotive | |
| Heavy Equipment | |
| Metallurgy And Metalworking | |
| Other End-user Industries |
Colombia Lubricants Market Research FAQs
What is the current Colombia Lubricants Market size?
The Colombia Lubricants Market is projected to register a CAGR of greater than 4.5% during the forecast period (2024-2029)
Who are the key players in Colombia Lubricants Market?
TotalEnergies, Chevron Corporation, Petromil S.A.S., Shell plc and TERPEL are the major companies operating in the Colombia Lubricants Market.
What years does this Colombia Lubricants Market cover?
The report covers the Colombia Lubricants Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Colombia Lubricants Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Colombia Lubricants Industry Report
Statistics for the 2024 Colombia Lubricants market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Colombia Lubricants analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
