The Uruguayan market for lubricants (excluding those used for textiles and leather and containing less than 70% petroleum oil) reached a value of $7.2115 million USD in 2023, showcasing modest growth with a year-on-year rise of 0.85%. Over the past decade, the market has experienced fluctuations, with significant downturns in 2020 (-16.23%) and recoveries in subsequent years. Notably, the market has achieved an average annual growth rate (CAGR) of 1.12% over the last five years, indicating a stable, albeit slow, expansion.
Future trends to watch include:
- Technological advancements in lubricant formulations aimed at improving efficiency and environmental impact.
- Increased adoption of electric vehicles (EVs) potentially affecting lubricant demand.
- Regulatory changes impacting production and importation practices.
