Analysis of the Colombian lubricant market for textile and leather made with less than 70% petroleum oil reveals a downward trend in value per capita from 2013 to 2023, starting at $0.19 in 2013 and decreasing to $0.079 by 2023. Significant year-on-year declines were observed, especially between 2015 and 2016 with a 25% decrease, and from 2019 to 2020 with a 19% drop. From 2018 to 2023, the five-year compound annual growth rate (CAGR) showed an average yearly decrease of around 6.9%.
Future trends to watch out for include potential market stabilization or further decline driven by global economic conditions, changes in industrial activity, and shifts towards sustainable alternatives, which could influence demand and pricing strategies in the Colombian market. Market players should monitor technological advancements and regulatory developments that may impact product specifications and market dynamics.
