The market size value per capita for lubricants in Mexico (excluding textile and leather use, without petroleum oil) rose to $5.30 in 2023. Over the past two years, the market showed a notable recovery with a 6.3% increase from 2021. The five-year compound annual growth rate (CAGR) from 2018 to 2023 was approximately 1.2%, indicating moderate growth trends. Despite dips in 2020, presumably due to pandemic impacts, the market value has shown resilience, especially with a strong year-on-year recovery from 2021 to 2023.
Future trends to watch include the potential impact of sustainable technology and environmental regulations on non-petroleum lubricant demand. Emerging sectors exploring alternative energy and industrial applications could further invigorate market growth. Monitoring these advancements is key for anticipating shifts in market dynamics.
