The Uruguayan lubricant market, excluding textile and leather uses and characterized by less than 70% petroleum oil content, had a value per capita of $2.08 in 2023. This market saw a return to its 2017 values following a dip in 2020 during the global pandemic. From 2022 to 2023, a minor rebound occurred with a year-on-year growth of about 0.97%. The five-year compound annual growth rate (CAGR) stands roughly at 1.0%, reflecting a stable but mild increase in value per capita.
Future trends to watch include:
- Technological advancements in lubricant formulations leading to shifts in consumer preferences.
- Regulatory changes impacting the composition and use of petroleum-based products.
- Potential growth in industrial sectors increasing lubricant demand.
