Argentina Passenger Vehicles Lubricants Market - Size, Share, COVID-19 Impact & Forecasts Up To 2026

The Argentina Passenger Vehicles Lubricants Market stood at 59.58 million liters in 2021 and is projected to register a CAGR of 2.43% to reach 67.17 million liters in 2026.

Key Highlights

• Largest Segment by Product Type - Engine Oils: Engine oil is consumed in large quantities in cars in Argentina, and it is changed more frequently than other product types, making it the country's most popular product.
• Fastest Segment by Product Type - Hydraulic Fluids: With the predicted rise in maintenance rates in Argentina's PV segment in 2021-2026, the demand for hydraulic fluids is expected to grow faster among all product types.

Key Market Trends

Largest Segment By Product Type: Engine Oils

• In Argentina, passenger vehicles (PVs) are the second-largest vehicle type in terms of automotive lubricant consumption. During 2015-2019, the PV lubricant consumption registered a CAGR of 2.17%, primarily owing to the surge in the car population in the country.
• In 2020, PVs accounted for about 36.5% of the total automotive lubricant consumption in the country. Engine oil accounted for the largest share in PV lubricant consumption, with a share of around 82% during the year. During 2020, PV lubricant consumption declined by 15.07%, due to the low usage of the vehicle fleet post the COVID-19 outbreak.
• During 2021-2026, the hydraulic fluids segment is likely to be the fastest-growing lubricant type at a CAGR of 3.59%. This growth is likely to be driven by the rising sales of passenger cars and recovery in average distance traveled in the country.

Competitive Landscape

The Argentina Passenger Vehicles Lubricants Market is fairly consolidated, with the top five companies occupying 70.22%. The major players in this market are BP PLC (Castrol), ExxonMobil Corporation, Royal Dutch Shell PLC, TotalEnergies and YPF (sorted alphabetically).

Additional Benefits:

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