The Mexican lubricant market, excluding textile and leather use, with less than 70% petroleum oil, reached a market size of $571.59 million in 2023. Over the past decade, the market exhibited moderate growth with fluctuations. A notable decline in 2020 was followed by a rebound leading to a year-on-year growth of 17.05% in 2021. This growth continued but slowed to 2.08% in 2023. The average annual growth rate over the last five years (CAGR) stands at 1.95%.
Future trends to watch:
- Increasing demand for eco-friendly and sustainable lubricants.
- Technological advancements enhancing lubricant performance.
- Regulatory changes impacting product formulations and industry standards.
