The lubricant market in Argentina, excluding textile and leather applications and comprised of less than 70% petroleum oil, reached a size of $111.87 million in 2023. The market has shown volatility over the last decade, with notable declines, such as a 16.39% drop in 2020, likely due to economic disruptions. However, recovery has been observed with a 15.28% increase in 2021 and steady growth leading to a year-on-year increase of 0.68% in 2023. Over the past five years, the market recorded a modest compound annual growth rate of 0.72%, indicating slow but consistent growth.
- Focus may be on factors like economic stability, industrial demand, and environmental regulations.
- Innovations in bio-based lubricants could gain traction.
- Monitoring geopolitical events and their impact on crude oil prices will be crucial.
