The market for lubricants in Peru, excluding those used for textiles and leather and without petroleum oil, showed a growth trend from 2013 to 2023. By 2023, the value per capita reached $3.34, indicating a strong compound annual growth rate (CAGR) over the last five years. From 2021 to 2023, there was a notable year-on-year growth, with 2022 increasing by 7.6% over 2021, and 2023 showing a 2.1% rise from 2022.
Future trends to watch include the rising environmental regulations and increasing demand for eco-friendly lubricant alternatives, which may influence market dynamics and further drive innovation and adoption of non-petroleum-based lubricants in the coming years.
