The Mexican market for lubricants, excluding those for textile and leather use and without petroleum oil, has shown notable fluctuations. From 2013 to 2019, there was steady growth, peaking at 642.52 million USD before a substantial decline in 2020. However, the market quickly rebounded, reaching 680.51 million USD in 2023. The average annual growth rate from 2019-2023 was 1.58%, indicative of recovery and stabilization post-2020 dip. The last two years alone saw a 6.76% increase followed by a 1.37% rise.
Future trends to watch:
- Market adaptation to sustainable and renewable resources.
- Advancements in non-petroleum oil-based lubricant technology.
- Evolving regulations impacting product compositions and market dynamics.
