Market Trends of south america lubricants Industry
This section covers the major market trends shaping the South America Lubricants Market according to our research experts:
Largest Segment By End User : Automotive
- In 2020, the South American lubricants market was dominated by the automotive industry, which accounted for around 60.7% of the total lubricant consumption in the region. During 2015-2019, lubricant consumption in the automotive industry increased by around 8.2%.
- In 2020, COVID-19-related restrictions led to declined maintenance requirements from several industries. The major impact was observed in the metallurgy and metalworking industry, which recorded a dip of 11.99%, followed by automotive (7.36%), during the year.
- Power generation is likely to be the fastest-growing end-user industry of the market studied, with a CAGR of 3.53% during 2021-2026, followed by automotive (3.20%). The increasing vehicle population in the region is likely to drive the consumption of lubricants in the automotive industry in the coming years.
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Largest Country : Brazil
- In 2020, Brazil was the leading consumer of lubricants in South America, accounting for over 57% of the total lubricant consumption. During 2015-2019, lubricant consumption in Brazil increased by around 8.2%.
- In 2020, COVID-19-related restrictions led to declined maintenance requirements from several industries. The major impact was observed in the metallurgy and metalworking industry, which recorded an 11.99% dip in its lubricant consumption during 2019-2020, followed by automotive (7.36%).
- Argentina will likely be the fastest-growing lubricant market during 2021-2026, at a CAGR of 3.8%, followed by Brazil (3.5%). The expected recovery in automotive production and sales in Argentina is likely to drive the growth of lubricant consumption in the future.
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