Market Trends of mexico lubricants Industry
This section covers the major market trends shaping the Mexico Lubricants Market according to our research experts:
Largest Segment By End User : Automotive
- Mexico's lubricants market was dominated by the automotive sector, which accounted for around 62% (in 2020) of the total lubricant consumption in the country. During 2015-2019, the lubricant consumption in the automotive sector recorded a CAGR of 2.44%
- In 2020, the COVID-19 pandemic-related restrictions led to declined maintenance requirements from several industries. The major impact was observed in the automotive sector, which recorded a dip of 14.3%, followed by metallurgy & metalworking (11.8%) during the year.
- Power generation is likely to be the fastest-growing end-user segment of the market studied. It registered a CAGR of 6.4% during 2021-2026, followed by metallurgy & metalworking, which recorded a CAGR of 3.47%. The expanding power generation capacity in the country is likely to drive the consumption of lubricants in the power generation sector.
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