Chile Lubricants Market Size (2024 - 2029)

The Chile lubricants market is experiencing a recovery and growth trajectory following the disruptions caused by the COVID-19 pandemic. The market size is being influenced by various factors, including the increasing demand from the mining industry, which is expected to drive expansion. However, the rise in electric vehicle adoption poses a challenge to market growth. Opportunities are emerging from the growing use of recycled lubricants. The automotive segment remains dominant and is anticipated to grow at a significant rate during the forecast period.

Market Size of Chile Lubricants Industry

Chile Lubricants Market Summary
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

Chile Lubricants Market 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 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
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Chile Lubricants Market Size Summary

The Chile lubricants market is experiencing a recovery and growth trajectory following the disruptions caused by the COVID-19 pandemic. The automotive segment remains the largest end-user, driven by the demand for various lubricants essential for vehicle manufacturing and maintenance. Despite the absence of local automotive production facilities, Chile's open economy and free trade agreements facilitate the import of automotive parts and lubricants, supporting market expansion. The increasing sales of passenger vehicles have bolstered the aftermarket sector, further driving lubricant demand. However, the rise in electric vehicle adoption poses a potential challenge to market growth. Meanwhile, the mining industry, a significant contributor to Chile's economy, is expected to be a major driver of lubricant demand, particularly for heavy equipment used in mining operations.

The heavy equipment sector, encompassing construction, agriculture, and mining, is another key area for lubricant consumption in Chile. The country's robust mining industry, a leading global copper producer, significantly influences lubricant demand, with exports playing a crucial role in the national economy. The construction sector has also seen a post-pandemic surge in equipment sales, contributing to increased lubricant demand. The market is characterized by partial fragmentation, with major players like Empresas Copec, Shell plc, TotalEnergies SE, Petrobras, and Valvoline Inc. actively participating. Recent developments, such as TotalEnergies SE's collaboration with MG Motor to produce a new range of lubricants in Chile, highlight ongoing efforts to strengthen market presence and product offerings.

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Chile Lubricants Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand for Lubricants from the Mining Industry

      2. 1.1.2 Growing Demand for Lubricants in the Automotive Aftermarket

    2. 1.2 Restraints

      1. 1.2.1 Growing Adoption of Electric Vehicles

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size by Volume)

    1. 2.1 Product Type

      1. 2.1.1 Engine Oil

      2. 2.1.2 Greases

      3. 2.1.3 Hydraulic Fluids

      4. 2.1.4 Metalworking Fluids

      5. 2.1.5 Transmission & Gear Oil

      6. 2.1.6 Other Product Types

    2. 2.2 End-user Industry

      1. 2.2.1 Automotive

      2. 2.2.2 Heavy Equipment

      3. 2.2.3 Metallurgy and Metalworking

      4. 2.2.4 Power Generation

      5. 2.2.5 Other End-user Industries

Chile Lubricants Market Size FAQs

The Chile Lubricants Market is projected to register a CAGR of greater than 3.88% during the forecast period (2024-2029)

Empresas Copec, Shell plc, TotalEnergies SE, Petrobras and Valvoline Inc. (Saudi Arabian Oil Co.). are the major companies operating in the Chile Lubricants Market.

Chile Lubricants Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)