The Mexico Passenger Vehicles Lubricants Market is at 227.81 million liters in 2021 and is projected to register a CAGR of 3.78% to reach 274.24 million liters in 2026. During 2020, the lubricant consumption dropped significantly, owing to the COVID-19 pandemic, which has caused a considerable decline in the maintenance requirements of the existing passenger vehicle fleet of the country.
- Largest Segment by Product Type - Engine Oils : Engine oils form the leading product type, owing to their high volume requirements and low drain interval. They are used for high-temperature and high-pressure applications.
- Fastest Segment by Product Type - Transmission Oils : An increase in the usage, sales, and maintenance requirements of passenger vehicles in the country may drive the demand for transmission oils during the forecast period.
Key Market Trends
Largest Segment By Product Type : Engine Oils
- During 2015-2019, the passenger vehicle lubricant consumption in Mexico witnessed a robust growth. The penetration of synthetic lubricants in Mexico during this period was very low in Mexico, unlike Canada and the United States. This factor, combined with the growing vehicle parc in the country, resulted in a consistent increase in lubricant consumption for this segment during this period.
- However, during 2020, the consumption dropped significantly, owing to the COVID-19 pandemic, which has caused a considerable decline in the maintenance requirements of the existing passenger vehicle fleet of the country.
- The passenger vehicle sales in Mexico are likely to recover at a much faster growth rate than in the United States and Canada. As a result, the passenger lubricant consumption is expected to witness a CAGR of 3.78% during the forecast period.
The Mexico Passenger Vehicles Lubricants Market is fairly consolidated, with the top five companies occupying 65.38%. The major players in this market are Bardahl, BP PLC (Castrol), Exxon Mobil Corporation, Roshfrans and Royal Dutch Shell (sorted alphabetically).
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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
3.1.1 Passenger Vehicles
3.2 Regulatory Framework
3.3 Value Chain & Distribution Channel Analysis
4 Market Segmentation
4.1 By Product Type
4.1.1 Engine Oils
4.1.3 Hydraulic Fluids
4.1.4 Transmission Oils
5 Competitive Landscape
5.1 Key Strategic Moves
5.2 Market Share Analysis
5.3 Company Profiles
5.3.2 BP PLC (Castrol)
5.3.3 Chevron Corporation
5.3.4 Exxon Mobil Corporation
5.3.5 Mexicana de Lubricantes S.A. de C.V.
5.3.9 Royal Dutch Shell
6.1 Appendix-1 References
6.2 Appendix-2 List of Tables & Figures
7 Key Strategic Questions for Lubricants CEOs
A selection of companies mentioned in this report includes:
- BP PLC (Castrol)
- Chevron Corporation
- Exxon Mobil Corporation
- Mexicana de Lubricantes S.A. de C.V.
- Royal Dutch Shell