South America Commercial Vehicles Lubricants Market Size
| Study Period | 2015 - 2026 |
| Base Year For Estimation | 2020 |
| Market Volume (2024) | 775.90 Million Liters |
| Market Volume (2026) | 825.95 Million Liters |
| CAGR (2024 - 2026) | 3.17 % |
| Market Concentration | High |
South America Commercial Vehicles Lubricants Market Analysis
The South America Commercial Vehicles Lubricants Market size is estimated at 775.90 Million Liters in 2024, and is expected to reach 825.95 Million Liters by 2026, growing at a CAGR of 3.17% during the forecast period (2024-2026).
- Largest Segment by Product Type - Engine Oils : Engine oil is the leading product type in the region due to high volume requirements and shorter drain intervals as it has high-temperature and high-pressure applications.
- Fastest Segment by Product Type - Greases : The expanding business and infrastructure activities, supported by the average travel rates, will likely support the grease demand at a healthy rate in the coming years.
- Largest Country Market - Brazil : Brazil, owing to its vast industrial and commercial activities, is the leading market for commercial vehicle population as well as lubricant demand in the region.
- Fastest Growing Country Market - Argentina : Argentina's CV population is expected to record a CAGR of over 3.5% during 2021-26, driving the commercial vehicles lubricants market at a faster pace than other countries.
South America Commercial Vehicles Lubricants Market Trends
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 : Engine Oils
- 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.
Largest Country : Brazil
- 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.
South America Commercial Vehicles Lubricants Industry Overview
The South America Commercial Vehicles Lubricants Market is moderately consolidated, with the top five companies occupying 61.78%. The major players in this market are ExxonMobil Corporation, Iconic Lubrificantes, Petrobras, Royal Dutch Shell Plc and Terpel (sorted alphabetically).
South America Commercial Vehicles Lubricants Market Leaders
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ExxonMobil Corporation
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Iconic Lubrificantes
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Petrobras
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Royal Dutch Shell Plc
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Terpel
*Disclaimer: Major Players sorted in no particular order
South America Commercial Vehicles Lubricants Market News
- January 2022: Effective April 1, ExxonMobil Corporation was organized along three business lines - ExxonMobil Upstream Company, ExxonMobil Product Solutions and ExxonMobil Low Carbon Solutions.
- October 2021: Ipiranga stations in Brazil began offering Texaco lubricants, a brand long recommended by major automakers in Brazil and worldwide, over the whole network.
- July 2021: Gulf Oil reached the 80 service station mark in Argentina through which it sells its lubricant products to its customers.
South America Commercial Vehicles Lubricants Market Report - Table of Contents
1. Executive Summary & Key Findings
2. Introduction
2.1 Study Assumptions & Market Definition
2.2 Scope of the Study
2.3 Research Methodology
3. Key Industry Trends
3.1 Automotive Industry Trends
3.2 Regulatory Framework
3.3 Value Chain & Distribution Channel Analysis
4. Market Segmentation
4.1 By Product Type
4.1.1 Engine Oils
4.1.2 Greases
4.1.3 Hydraulic Fluids
4.1.4 Transmission & Gear Oils
4.2 By Country
4.2.1 Argentina
4.2.2 Brazil
4.2.3 Colombia
4.2.4 Rest of South America
5. Competitive Landscape
5.1 Key Strategic Moves
5.2 Market Share Analysis
5.3 Company Profiles
5.3.1 Chevron Corporation
5.3.2 ExxonMobil Corporation
5.3.3 Gulf Oil International
5.3.4 Iconic Lubrificantes
5.3.5 Petrobras
5.3.6 Petronas Lubricants International
5.3.7 Royal Dutch Shell Plc
5.3.8 Terpel
5.3.9 TotalEnergies
5.3.10 YPF
6. Appendix
6.1 Appendix-1 References
6.2 Appendix-2 List of Tables & Figures
7. Key Strategic Questions for Lubricants CEOs
South America Commercial Vehicles Lubricants Industry Segmentation
| By Product Type | |
| Engine Oils | |
| Greases | |
| Hydraulic Fluids | |
| Transmission & Gear Oils |
| By Country | |
| Argentina | |
| Brazil | |
| Colombia | |
| Rest of South America |
South America Commercial Vehicles Lubricants Market Research FAQs
How big is the South America Commercial Vehicles Lubricants Market?
The South America Commercial Vehicles Lubricants Market size is expected to reach 775.90 million Liters in 2024 and grow at a CAGR of 3.17% to reach 825.95 million Liters by 2026.
What is the current South America Commercial Vehicles Lubricants Market size?
In 2024, the South America Commercial Vehicles Lubricants Market size is expected to reach 775.90 million Liters.
Who are the key players in South America Commercial Vehicles Lubricants Market?
ExxonMobil Corporation, Iconic Lubrificantes, Petrobras, Royal Dutch Shell Plc and Terpel are the major companies operating in the South America Commercial Vehicles Lubricants Market.
Which segment has the biggest share in the South America Commercial Vehicles Lubricants Market?
In the South America Commercial Vehicles Lubricants Market, the Engine Oils segment accounts for the largest share by product type.
Which country has the biggest share in the South America Commercial Vehicles Lubricants Market?
In 2024, Brazil accounts for the largest share by country in the South America Commercial Vehicles Lubricants Market.
What years does this South America Commercial Vehicles Lubricants Market cover, and what was the market size in 2023?
In 2023, the South America Commercial Vehicles Lubricants Market size was estimated at 754.29 million Liters. The report covers the South America Commercial Vehicles Lubricants Market historical market size for years: 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the South America Commercial Vehicles Lubricants Market size for years: 2024, 2025 and 2026.
South America Commercial Vehicles Lubricants Industry Report
Statistics for the 2024 South America Commercial Vehicles Lubricants market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South America Commercial Vehicles Lubricants analysis includes a market forecast outlook to 2026 and historical overview. Get a sample of this industry analysis as a free report PDF download.
