The import of petroleum-based lubricating oil to Chile fluctuated significantly between 2013 and 2023. The value stood at 24.129 million USD in 2023, representing a 3.22% year-on-year increase compared to 2022. The five-year CAGR leading up to 2023 was 0.63%, indicating modest average annual growth. The series shows substantial year-to-year variation, largely driven by economic cycles and demand variations. However, from 2024 onwards, imports are forecasted to grow at a CAGR of 2.39%, with a cumulative growth rate of 12.55% by 2028.
Future trends to watch for:
- Impact of global oil prices on import values.
- Evolving environmental regulations influencing the lubricant market.
- Technological advancements in lubricant formulations.
