Chile Lubricants Market Size (2024 - 2029)

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.

Chile Lubricants Industry Segmentation

Any substance physically integrated to reduce friction between two or more moving surfaces is called a lubricant. On metallic surfaces, lubricants aid in preventing material degradation, erosion, corrosion, and rust development. Lubricants are typically made up of 90% petroleum-based oil and various additives to give them desirable properties specific to a given purpose. The Chile lubricants market is segmented by product type and end-user industry. By product type, the market is segmented into engine oils, greases, hydraulic fluids, metalworking fluids, transmission and gear oils, and other product types. By end-user industry, the market is segmented into automotive, heavy equipment, metallurgy and metalworking, power generation, and other end-user industries. For each segment, the market sizing and forecasts have been done based on volume (million liters).