South America Commercial Vehicles Lubricants Market - Size, Share, COVID-19 Impact & Forecasts Up To 2026

The South America Commercial Vehicles Lubricants Market stood at 712.51 million liters in 2021 and is projected to register a CAGR of 3.00% to reach 825.95 million liters in 2026.

Key Highlights

• 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.

Key Market Trends

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.

Competitive Landscape

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).

Additional Benefits:

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