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

The Brazil Lubricants Market stood at 1.42 billion liters in 2021 and is projected to register a CAGR of 3.52% to reach 1.68 billion liters in 2026.

Key Highlights

• Largest Segment by End-user Industry - Automotive: Automotive was the largest end-user segment in Brazil owing to the large proportion of active vehicle fleet, production outputs, and high oil change frequencies.
• Fastest Segment by End-user Industry - Automotive: Automotive is likely to be the fastest-growing end user in Brazil due to rising ownership of flex-fuel cars and motorcycles and availability of low-interest credit financing.
• Largest Segment by Product Type - Engine Oils: Due to the high volume of engine oils and high replacement frequencies required to lubricate vehicle engines, engine oil is the most consumed product type in Brazil.
• Fastest Segment by Product Type - Greases: Grease is necessary for the proper running of industrial machinery, and grease consumption is expected to rise even faster as the country’s manufacturing industry grows.

Key Market Trends

Largest Segment By End User: Automotive

• In 2020, the automotive sector dominated the Brazilian lubricant market, which accounted for around 62.3% of the total lubricant consumption in the country. During 2015-2019, lubricant consumption in the automotive sector increased by around 9.5%.
• In 2020, COVID-19 pandemic-related restrictions led to declined maintenance requirements from several sectors. The major impact was observed in the metallurgy and metalworking sector, which recorded a dip of 16.1% during 2019-2020, followed by automotive (7.7%) during the year.
• Automotive is likely to be the fastest-growing end-user segment of the market studied and is expected to record a CAGR of 3.53% over 2021-2026, followed by heavy equipment (3%). The expanding vehicle population in the country is likely to drive the consumption of lubricants in the automotive sector.

Competitive Landscape

The Brazil Lubricants Market is fairly consolidated, with the top five companies occupying 77.25%. The major players in this market are ExxonMobil Corporation, Iconic Lubrificantes, Petrobras, PETRONAS Lubricants International and Royal Dutch Shell PLC (sorted alphabetically).

Additional Benefits:

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