Latin America Lubricant Additives Market Size & Outlook
Latin America lubricant additives market, 2018-2030 (US$M)
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Latin America lubricant additives market highlights
- The Latin America lubricant additives market generated a revenue of USD 1,527.5 million in 2023.
- The market is expected to grow at a CAGR of 4.1% from 2024 to 2030.
- In terms of segment, viscosity index improvers was the largest revenue generating product in 2023.
- Friction Modifiers is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, Argentina is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 1,527.5 million |
| Market revenue in 2030 | USD 2,025.1 million |
| Growth rate | 4.1% (CAGR from 2023 to 2030) |
| Largest segment | Viscosity index improvers |
| Fastest growing segment | Friction Modifiers |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Dispersants, Viscosity Index Improvers, Detergents, Anti-wear Additives, Antioxidants, Friction Modifiers |
| Key market players worldwide | Basf SE, Lanxess AG, Chevron Corp, Croda International PLC, Evonik Industries AG, Berkshire Hathaway Inc Class A, Brother Industries Ltd |
Other key industry trends
- In terms of revenue, Latin America region accounted for 8.6% of the global lubricant additives market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 8,732.7 million by 2030.
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Lubricant Additives Market Scope
Lubricant Additives Market Companies
| Name | Profile | # Employees | HQ | Website |
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Latin America lubricant additives market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to lubricant additives market will help companies and investors design strategic landscapes.
Viscosity index improvers was the largest segment with a revenue share of 22.88% in 2023. Horizon Databook has segmented the Latin America lubricant additives market based on dispersants, viscosity index improvers, detergents, anti-wear additives, antioxidants, friction modifiers covering the revenue growth of each sub-segment from 2018 to 2030.
Overall lubricants consumption in Latin America was affected to a significant extent by the economic downturn in the region between 2014 to 2016, along with the crash in crude oil prices. However, dynamic markets such as Costa Rica & Guatemala are expected to retain original growth levels, with even some recovery in the industry owing to innovation and technological advancements.
The automotive & manufacturing industries in this region are also flourishing owing to several government initiatives and investments in these sectors to encourage production levels. The vehicle parc is also based on secondhand imports where primarily low quality performance lubricants are used.
There is minor penetration of synthetic products, as well as a significant presence of counterfeit products, which is expected to hamper additives market to a certain extent. However, rising awareness regarding vehicle maintenance and performance is anticipated to drive lubricants & additives consumption in the automotive sector.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Latin America lubricant additives market , including forecasts for subscribers. This continent databook contains high-level insights into Latin America lubricant additives market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Latin America lubricant additives market size, by country, 2018-2030 (US$M)
Latin America Lubricant Additives Market Outlook Share, 2023 & 2030 (US$M)
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