From 2013 to 2023, the market size value per capita of lubricants for textile and leather use in Peru, composed of less than 70% petroleum oil, has experienced a gradual decline. In 2023, this value stood at $0.077, down from $0.14 in 2013. Over the past two years, the market saw minor fluctuations, with a 9.6% decrease observed from 2021 to 2023. The compound annual growth rate (CAGR) over the last five years illustrates an average yearly decline, indicating a sustained downward trend.
Future trends to watch for:
- Potential innovations in sustainable and synthetic alternatives that could affect demand.
- Economic recovery post-2023 might invigorate the textile sector, influencing lubricant demand.
- Global market factors influencing import costs and consumer preferences in Peru.
