| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Volume (2025) | 299.43 Million liters |
| Market Volume (2030) | 361.51 Million liters |
| CAGR | 3.84 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Colombia Lubricants Market Analysis
The Colombia Lubricants Market size is estimated at 299.43 million liters in 2025, and is expected to reach 361.51 million liters by 2030, at a CAGR of 3.84% during the forecast period (2025-2030).
In 2020, COVID-19 negatively impacted the market as transportation and industrial activities were temporarily stopped due to the lockdown, thereby decreasing the consumption of lubricants. However, the market has now been estimated to have reached pre-pandemic levels and is forecast to grow steadily in the future.
- The market’s growth is likely to be driven by the country's recovering vehicle sales over the next five years.
- On the other hand, the increasing penetration of electric vehicles and shortage of base oil and additives are likely to hamper the market’s growth.
- Growing opportunities in the automotive aftermarket will affect the future Colombian lubricant market.
Colombia Lubricants Market Trends
Engine Oil to Dominate the Product Type
- Engine oil (also known as motor oil) is composed of two components, mainly 75%- 90% base oils and 10%- 25% additives. It is a key lubricant that plays an important role in the combustion cycle.
- In automotive, engine oils are primarily used in passenger cars, heavy-duty vehicles and equipment, motorcycles, and engine generators, which deploy internal combustion engines to transform fuel into energy that results in the functioning of machines.
- In early 2024, automotive sales in Colombia saw a resurgence after a period of slow growth. The number of vehicles sold in August 2024 surpassed all previous months, marking a rise of 11.5% from August 2023. Nevertheless, a minor drop of 0.3% compared to the same timeframe in 2023 was registered. This includes both January and August 2023. As the automotive sales in the country witness a resurgence, engine oil demand is expected to grow.
- Further, in 2023, according to figures from Andi and Fenalco, Colombia witnessed its lowest car sales in the last quarter of a century. As of October 2023, the pace of new car sales decreased by 38.8% when compared to the previous year. Between January and October 2023, there was a registration of 147,869 new cars, indicating a significant decrease of 32.1% from the previous year. The increasing fleet suggests an increasing demand for engine oil in the Colombian lubricant market.
- However, the market for electric and hybrid cars is on the rise. Unlike gas-powered and hybrid cars, electric vehicles do not need engine oil. This may negatively affect the demand for engine oil.
- The growing automotive industry is expected to affect demand for engine oil in Colombia over the next few years.
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High Demand of Lubricants from Power Generation
- Lubricants are used in different power generation sectors, including wind energy, hydropower, and thermal power plants. Specifically, gear oil, hydraulic fluid, and greases are used in the wind energy sector. Turbine oil, gear oil, greases, and greases find applications in hydropower plants and thermal power plants.
- Wind turbine lubricants play a crucial role in the maintenance, equipment operation, and reliability of a wind farm. Greases are used in wind turbine main bearings, pitch and yaw bearings, and rotor shafts.
- Colombia currently has an installed electric power generation capacity of 17,771 MW, primarily fueled by hydro (68%) and gas and coal-fired plants (31%), while wind and solar units contribute the remaining 1%. While the country’s energy mix is environment-friendly, it heavily relies on climatic conditions for hydroelectric power generation.
- The mining and energy planning unit (UPME) of Colombia conducted three auctions for renewable energy, allocating nine wind and 16 large-scale solar projects valued at approximately USD 3.1 billion. Developers entered into a 15-year-long power purchase agreement (PPA) for 2.1 GW of wind and solar capacity, scheduled for commissioning by early 2023. However, delays in the wind projects in the La Guajira department stem from the absence of the Colectora power transmission line, which is necessary for grid connection.
- These projects align with Colombia's objective of generating 2.5 GW of solar, wind, and biomass energy. In 2022, Colombia unveiled its offshore wind development roadmap as part of a broader strategy to reduce dependence on hydropower and fossil fuels. Collaboratively crafted by the Renewable Consulting Group (RCG), the World Bank, and the British government, the roadmap outlines an optimistic scenario projecting 1 GW of offshore wind capacity by 2030 and 3 GW by 2040.
- Due to all of these factors, the lubricants market in Colombia is expected to be affected during the forecast period.
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Colombia Lubricants Industry Overview
The lubricants market in Colombia is consolidated by nature. Some of the major players in the market (in no particular order) include Exxon Mobil Corporation (Terpel), Chevron Corporation, Shell Plc, BP Plc (Castrol), and Motul.
Colombia Lubricants Market Leaders
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Exxon Mobil Corporation (Terpel)
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Chevron Corporation
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Shell plc
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BP Plc (Castrol)
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Motul
- *Disclaimer: Major Players sorted in no particular order
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Colombia Lubricants Market News
- March 2023: Aramco, the Saudi Arabian oil company, finalized its acquisition of Valvoline's global products business for USD 2.65 billion through a wholly-owned subsidiary. This move propels Aramco closer to its ambition of emerging as a leading player in the global branded lubricant market. In Colombia, the company offers lubricants under the brand Valvoline.
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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, lowering the heat released when the surfaces move. The composition of base oil in the formulation of lubricants is primarily between 75% and 90%.
The Colombian lubricants market is segmented by product type and end-user industry. By product type, the market is segmented into engine oil, greases, hydraulic fluids, metalworking fluids, transmission and gear oils, and other product types. In the end-user industry, the market is segmented into power generation, automotive, heavy equipment, metallurgy and metalworking, and other end-user industries. For each segment, the market sizing and forecasts were made based on volume (million liters).
| By Product Type | Engine Oils |
| Greases | |
| Hydraulic Fluids | |
| Metalworking Fluids | |
| Transmission and Gear Oils | |
| Other Product Types | |
| By End-user Industry | Power Generation |
| Automotive | |
| Heavy Equipment | |
| Metallurgy and Metalworking | |
| Other End-user Industries |
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Colombia Lubricants Market Research FAQs
How big is the Colombia Lubricants Market?
The Colombia Lubricants Market size is expected to reach 299.43 million liters in 2025 and grow at a CAGR of 3.84% to reach 361.51 million liters by 2030.
What is the current Colombia Lubricants Market size?
In 2025, the Colombia Lubricants Market size is expected to reach 299.43 million liters.
Who are the key players in Colombia Lubricants Market?
Exxon Mobil Corporation (Terpel), Chevron Corporation, Shell plc, BP Plc (Castrol) and Motul are the major companies operating in the Colombia Lubricants Market.
What years does this Colombia Lubricants Market cover, and what was the market size in 2024?
In 2024, the Colombia Lubricants Market size was estimated at 287.93 million liters. The report covers the Colombia Lubricants Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Colombia Lubricants Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Colombia Lubricants Industry Report
Statistics for the 2025 Colombia Lubricants market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Colombia Lubricants analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
