The petroleum-based lubricant market in Colombia experienced fluctuating growth over the past decade. By 2023, the market size reached approximately $264.42 million, showing a 1.62% growth over the previous year. The past five-year Compound Annual Growth Rate (CAGR) stands at 1.87%, indicating moderate growth.
Key trends:
- Market disruptions in 2016 and 2020, each reflecting significant downturns, were followed by rebound years.
- The highest annual growth rate during this period was in 2018, at 16.77%, marking a recovery phase.
- A consistent recovery is evident from 2021 onwards, with steady year-on-year growth in 2022 and 2023.
Future trends to watch for include increased demand driven by technological advancements in automotive sectors, environmental regulations potentially affecting petroleum-based lubricants, and ongoing economic factors influencing oil prices and supply chain dynamics globally.
| # | 43 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 8,304,600,000 | 2023 | -5.15% | -5.77% | View data |
| 2 | 2 Japan | 3,222,400,000 | 2023 | -0.53% | -0.65% | View data |
| 3 | 3 Germany | 2,383,500,000 | 2023 | +0.11% | -1.38% | View data |
| 4 | 4 France | 1,868,800,000 | 2023 | +0.13% | -0.45% | View data |
| 5 | 5 India | 1,796,200,000 | 2023 | +2.95% | +1.81% | View data |
| 19 | 19 Vietnam | 290,400,000 | 2023 | +3.24% | +2.31% | View data |
| 20 | 20 South Africa | 279,170,000 | 2023 | +0.26% | -0.15% | View data |
| 21 | 21 Colombia | 264,420,000 | 2023 | +1.62% | +1.87% | |
| 22 | 22 Malaysia | 261,410,000 | 2023 | +1.3% | +1.76% | View data |
| 23 | 23 Denmark | 247,580,000 | 2023 | +2.01% | +0.95% | View data |
