The Colombian market for lubricants, excluding petroleum-based products, saw a decline in per capita market size from 2013 to 2016, reaching a low in 2016. This was followed by a modest recovery until 2019, but the value dropped again in 2020, likely due to COVID-19 impacts. By 2021, a recovery trend emerged, with gradual growth reaching $1.77 in 2023, though still below the 2013 peak. Year-over-year, the period from 2022 to 2023 showed a slight decrease of 1.12% compared to an increase of 4.64% from 2021 to 2022. Over five years, the market experienced an average annual compound decline of 0.56%.

Future trends to watch include:

Increased demand for eco-friendly and synthetic lubricants as sustainability becomes a priority.
Technological innovations in lubricant formulations that could drive market growth.
The impact of economic recovery post-pandemic and its influence on industrial activity.