Chile Lubricants Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.88 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Chile Lubricants Market Analysis
The Chile lubricants market was valued at 227.82 million liters in 2022, and the market is projected to register a CAGR of over 3.88% during the forecast period.
The COVID-19 outbreak in 2020 and the first half of 2021 significantly affected the industrial and automotive sectors due to government-imposed bans and restrictions, limiting the chile lubricants market growth. However, the industry recovered well since these restrictions were lifted. In 2021, annual automotive sales in the country reached 415,582 units, registering a y-o-y increase of 61%.
- Over the medium term, major factor like the increasing demand for lubricants in the mining industry is expected to drive the market in the country.
- On the flip side, the growing adoption of electric vehicles will likely hinder the market's growth.
- The growing adoption of recycled lubricants will likely create opportunities in the market studied.
- The automotive segment dominated the market in the country and is also likely to witness the highest CAGR during the forecast period.
Chile Lubricants Market Trends
This section covers the major market trends shaping the Chile Lubricants Market according to our research experts:
Growing Demand from the Automotive Industry
- The automotive segment is the largest end-user market for lubricants in Chile. In the automotive industry, various types of lubricants, like engine oil, gear oil, transmission oil, and greases, are used in the manufacturing and maintenance stages.
- Lubricants with various properties are used in the automotive industry in multiple application areas, like reducing friction, preventing corrosion and rust formation, and keeping the components clean.
- Chile has not had any central automotive production facility. The local automotive demand is met through imports. The country needs auto parts production facilities as well. Almost all automotive accessories are imported through trading partners.
- Chile's economy is relatively free and open, and it signed numerous free trade agreements with countries such as the United States and China. These agreements have resulted in low tariffs, allowing OEMs to enter the Chilean market. Furthermore, the fact that Chile is not a 'home' market for any brand encouraged manufacturers to stake a claim for a portion of the possible sales.
- In December 2022, the motor vehicle sales in the country were 35,255 units, a 6% rise from 32,927 units in November 2022. Furthermore, according to OICA (Organisation Internationale des Constructeurs d'Automobiles), about 4,15,582 vehicles were sold in 2021, above 60% in volume compared to 2020.
- Moreover, in 2021, about 3,04,045 units of passenger vehicles were sold in the country, recording a growth rate of about 57% compared to 2020 and about 17% in 2019. The increasing sales of passenger vehicles in the country led to the growth of the maintenance and servicing sector. It increased the growth of aftermarket sales. This factor leads to the demand for lubricants in the country.
- Thus, the factors above are expected to impact the automotive industry, which, in turn, may affect the growth of the lubricant demand in the country.
Increasing Demand from Heavy Equipment
- In the heavy equipment end-use industry, various lubricants, such as engine oil, hydraulic oil, gear oil, greases, axle oil, and other lubricants, are used in the construction, agriculture, and mining sectors.
- In Chile, the demand for lubricants used in the heavy equipment from the mining sector is expected to be more prominent than the demand from the construction and agriculture industry.
- Chile includes a mature and well-established mining industry and is among the largest producers of copper globally. In terms of metallic reserves, the country consists of 22% of the world's copper reserves, 11% of the molybdenum reserves, 5% of the silver resources, 7% of gold, and 48% of the world's lithium reserves.
- Chile's mining sector contributed up to USD 315 billion, which equals 15% of the nation's GDP in 2021. Exports from the mining sector contributed up to 62% of the country's exports in 2021, with Peru, the United States, and Mexico, among others, as major export destinations. Additionally, according to Servicio Nacional de Aduanas, mining exports from Chile totaled USD 53.5 billion in November 2022, an increase of around 4% from November 2021.
- Moreover, Chile's demand for construction equipment ranks second. Post-pandemic, construction equipment sales in Chile have doubled. The need for backhoe loaders, crawler excavators, skid-steer loaders, wheeled loaders, and dump trucks witnessed high growth among all heavy equipment types.
- All the above factors are anticipated to impact the demand for lubricants from the country's construction, agriculture, and mining sectors during the forecast period.
Chile Lubricants Industry Overview
The Chile lubricants market is partially fragmented in nature. Some of the major players in the market include (not in a particular manner) Empresas Copec, Shell plc, TotalEnergies SE, Petrobras, and Valvoline Inc. (Saudi Arabian Oil Co.).
Chile Lubricants Market Leaders
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Empresas Copec
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Shell plc
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TotalEnergies SE
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Petrobras
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Valvoline Inc. (Saudi Arabian Oil Co.).
*Disclaimer: Major Players sorted in no particular order
Chile Lubricants Market News
- October 2022: TotalEnergies SE signed an agreement with MG Motor to develop a new range of lubricants in Chile. The new product is expected to be named MG Oil, the first MG Motor oil specially formulated for automobiles. This new product is expected to be manufactured entirely in Chile, which will likely help TotalEnergies strengthen its geographical presence.
- September 2022: AMSOIL Inc. launched two synthetic lubricants for UTV and ATV. AMSOIL Synthetic ATV and UTV motor oil is available in 5W-40 and SAE 10W-30 viscosity grades. AMSOIL 10W-30 Synthetic ATV and UTV motor oil is used in applications that require SAE 10W-30 viscosity grade oil. 5W-40 Synthetic ATV and UTV motor oil are used in applications that need an SAE 5W-40 viscosity grade oil. AMSOIL Synthetic ATV and UTV motor oil help fight corrosion and rust to extend equipment life. It is expected to help the company strengthen its product portfolio.
Chile Lubricants Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Increasing Demand for Lubricants from the Mining Industry
- 4.1.2 Growing Demand for Lubricants in the Automotive Aftermarket
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4.2 Restraints
- 4.2.1 Growing Adoption of Electric Vehicles
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size by Volume)
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5.1 Product Type
- 5.1.1 Engine Oil
- 5.1.2 Greases
- 5.1.3 Hydraulic Fluids
- 5.1.4 Metalworking Fluids
- 5.1.5 Transmission & Gear Oil
- 5.1.6 Other Product Types
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5.2 End-user Industry
- 5.2.1 Automotive
- 5.2.2 Heavy Equipment
- 5.2.3 Metallurgy and Metalworking
- 5.2.4 Power Generation
- 5.2.5 Other End-user Industries
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share(%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 AMSOIL INC.
- 6.4.2 BP PLC
- 6.4.3 Carl Bechem GmbH
- 6.4.4 Chevron Corporation (Esmax)
- 6.4.5 Empresas Copec
- 6.4.6 FUCHS
- 6.4.7 Kluber Lubrication
- 6.4.8 Motul
- 6.4.9 Petrobras
- 6.4.10 Shell PLC (ENEX)
- 6.4.11 TotalEnergies SE
- 6.4.12 Valvoline Inc. (Saudi Arabian Oil Co.)
- 6.4.13 YPF
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Growing Adoption of Recycled Lubricants
Chile Lubricants Industry Segmentation
Any substance physically integrated to reduce friction between two or more moving surfaces is called a lubricant. On metallic surfaces, lubricants aid in preventing material degradation, erosion, corrosion, and rust development. Lubricants are typically made up of 90% petroleum-based oil and various additives to give them desirable properties specific to a given purpose. The Chile lubricants market is segmented by product type and end-user industry. By product type, the market is segmented into engine oils, greases, hydraulic fluids, metalworking fluids, transmission and gear oils, and other product types. By end-user industry, the market is segmented into automotive, heavy equipment, metallurgy and metalworking, power generation, and other end-user industries. For each segment, the market sizing and forecasts have been done based on volume (million liters).
| Product Type | Engine Oil |
| Greases | |
| Hydraulic Fluids | |
| Metalworking Fluids | |
| Transmission & Gear Oil | |
| Other Product Types | |
| End-user Industry | Automotive |
| Heavy Equipment | |
| Metallurgy and Metalworking | |
| Power Generation | |
| Other End-user Industries |
Chile Lubricants Market Research FAQs
What is the current Chile Lubricants Market size?
The Chile Lubricants Market is projected to register a CAGR of greater than 3.88% during the forecast period (2024-2029)
Who are the key players in Chile Lubricants Market?
Empresas Copec, Shell plc, TotalEnergies SE, Petrobras and Valvoline Inc. (Saudi Arabian Oil Co.). are the major companies operating in the Chile Lubricants Market.
What years does this Chile Lubricants Market cover?
The report covers the Chile Lubricants Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Chile Lubricants Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Chile Lubricants Industry Report
Statistics for the 2024 Chile Lubricants market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Chile Lubricants analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
