Market Trends of Mexico Automotive Engine Oils Industry
This section covers the major market trends shaping the Mexico Automotive Engine Oils Market according to our research experts:
Largest Segment By Vehicle Type : <span style="font-family: 'regular_bold';color:#0e7db3;">Passenger Vehicles</span>
- The engine oil consumption in Mexico increased by 10.19% during 2015-2017.
- This growth was driven by the growing vehicle parc and low drain intervals of mineral-based engine oils. During 2017-2019, the engine oil consumption saw a slight decline of 0.11% due to the increasing usage of the API SN and SM grade synthetic oils, which have high drain intervals. However, unlike Canada and the United States, the penetration of synthetic engine oils was significantly low during this period. The engine oil consumption further declined by 14.26% during 2019-2020, due to the COVID-19 pandemic.
- The Mexican government's expected publishment of new engine oil standards, combined with engine downsizing trends, may negatively affect the recovery of the country's engine oil consumption. As a result, engine oil consumption is likely to register a CAGR of 2.92% during 2021-2026.
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