Market Trends of South America Commercial Vehicles Lubricants Industry
This section covers the major market trends shaping the South America Commercial Vehicles Lubricants Market according to our research experts:
Largest Segment By Product Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Engine Oils</span>
- During 2015-2019, lubricant consumption in the Middle Eastern commercial vehicle sector increased at a CAGR of 1.33%. Engine oil was the dominating lubricant product type in this sector, which accounted for a share of 73% of lubricant consumption in this sector in 2020. Engine oil is followed by hydraulic fluid, which accounted for 11.6% of lubricant consumption in 2020.
- Owing to the COVID-19 outbreak in 2020, freight transportation significantly dropped due to the lockdowns put in place as a response to the pandemic. Hence, lubricant consumption in this sector fell by over 5.2% in comparison to 2019.
- The projected boom in logistic requirements and the recovery in sales of new commercial vehicles are likely to drive lubricant consumption in this sector. Hence, commercial vehicle lubricant consumption is likely to grow, recording a CAGR of 3.01% during 2021-2026.
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Largest Country : <span style="font-family: 'regular_bold';color:#0e7db3;">Brazil</span>
- In the South American region, commercial vehicle (CV) lubricant consumption is the highest in Brazil, followed by Argentina and Colombia. In 2020, Brazil accounted for 56% of the total consumption of CV lubricants in the region, whereas Colombia and Argentina accounted for 22.45% and 13.2%, respectively.
- The restrictions imposed on business and transportation activities after the COVID-19 outbreak negatively affected the CV lubricant consumption across the region in 2020. Colombia was the most affected as it witnessed a 6.92% drop in consumption during 2019-2020, followed by Brazil, which witnessed a 5.6% drop.
- During 2021-2026, Argentina is expected to be the fastest-growing CV lubricant market as the consumption is anticipated to rise, recording a CAGR of 4.66%, followed by Colombia and Brazil, which are expected to record a CAGR of 3.25% and 3.21%, respectively.
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