In 2023, Colombia's petroleum-based lubricant market stood at $5.17 per capita. This marks a 10.57% growth since 2021, with a year-on-year increase of 5.96% from 2022 to 2023. Analyzing the five-year compound annual growth rate (CAGR), the market saw an average annual increase of approximately 1.56% from 2019 to 2023. Despite fluctuations, the market depicts an overall growth trend, with recovering demand post-2020.
Future trends to watch for include:
- Environmental regulations potentially influencing lubricant formulations.
- Technological advances enhancing product efficiency.
- Growing industrialization and automotive sales driving demand in the region.
- Increased awareness and adoption of synthetic lubricants.
| # | 43 Countries | US Dollars Per Capita | Last Year | |||
|---|---|---|---|---|---|---|
| 1 | 1 Denmark | 40.43 | 2023 | View data | ||
| 2 | 2 Iceland | 40.38 | 2023 | View data | ||
| 3 | 3 Sweden | 39.21 | 2023 | View data | ||
| 4 | 4 Norway | 35.62 | 2023 | View data | ||
| 5 | 5 Canada | 32 | 2023 | View data | ||
| 28 | 28 Kazakhstan | 6.84 | 2023 | View data | ||
| 29 | 29 Malta | 5.46 | 2023 | View data | ||
| 30 | 30 Colombia | 5.17 | 2023 | |||
| 31 | 31 El Salvador | 4.7 | 2023 | View data | ||
| 32 | 32 South Africa | 4.63 | 2023 | View data | ||
