Mexico Lubricants Market - Size, Share, COVID-19 Impact & Forecasts Up To 2026

The Mexico Lubricants Market stood at 644.61 million liters in 2021 and is projected to register a CAGR of 3.50% to reach 765.51 million liters in 2026.

Key Highlights

• Largest Segment by End-user Industry - Automotive: Automotive was the largest end-user segment in Mexico, owing to the higher amount of engine oil, gear oil, and greases used in vehicles compared to industrial applications.
• Fastest Segment by End-user Industry - Power Generation: Due to the increased use of natural gas reactors and wind turbines for electricity generation in Mexico, power generation is likely to be the fastest-growing end user.
• Largest Segment by Product Type - Engine Oils: Owing to the high volume of engine oil and high replacement frequencies required to lubricate gasoline engines, engine oil is projected to be the most consumed product type.
• Fastest Segment by Product Type - Transmission & Gear Oils: Transmission and gear oils are expected to grow at a faster rate than any other product segment, as Mexico sees a spike in the use of electric cars and wind turbines.

Key Market Trends

Largest Segment By End User: Automotive

• Mexico's lubricants market was dominated by the automotive sector, which accounted for around 62% (in 2020) of the total lubricant consumption in the country. During 2015-2019, the lubricant consumption in the automotive sector recorded a CAGR of 2.44%
• In 2020, the COVID-19 pandemic-related restrictions led to declined maintenance requirements from several industries. The major impact was observed in the automotive sector, which recorded a dip of 14.3%, followed by metallurgy & metalworking (11.8%) during the year.
• Power generation is likely to be the fastest-growing end-user segment of the market studied. It registered a CAGR of 6.4% during 2021-2026, followed by metallurgy & metalworking, which recorded a CAGR of 3.47%. The expanding power generation capacity in the country is likely to drive the consumption of lubricants in the power generation sector.

Competitive Landscape

The Mexico Lubricants Market is moderately consolidated, with the top five companies occupying 52.98%. The major players in this market are Bardahl, BP Plc (Castrol), ExxonMobil Corporation, Roshfrans and Royal Dutch Shell Plc (sorted alphabetically).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support