Focus on rapid industrialization, trade agreements and foreign investment are major factor contributing towards development of lubricant market in Mexico.
Growing demand of lubricants in automotive sector: In automotive applications, lubricants are widely used in things like transmission and heavy-duty diesel engine oils for passenger cars. In certain auto processes, such as the movement of chains and pistons, lubricants are also used. The increase and rise in demand for autos around the world is predicted to be the main factor driving the need for lubricants. The strong heat resistance and high effectiveness of lubricants in high-temperature situations are projected to support the market’s expected growth rate.
Greater use of lubricants due to their good properties: Due to the lubricant’s distinct quality, which is mostly dependent on a number of characteristics including hydraulic stability, a high viscosity index, strong resistance to oxidation, a high boiling point, and thermal stability, demand for them is on the rise. These features help to reduce friction in many applications, which is also to blame for the increased need for lubricant on a global scale. The market growth rate has been predicted by the growing usage of lubricants due to their superior features.
Rising demand for hybrid vehicle or battery-operated vehicle: The need for IC engines in the automotive industry is steadily declining due to the rising popularity of battery-operated and hybrid vehicles, which has a significant impact on lubricant demand over the projection period. The expansion of the lubricants market in the projected period of 2023–2030 is being severely restrained by the high vehicle emission rules and measures to outlaw the use of diesel engines in some countries.
Increasing Industrialization: The expansion of industry is driving the growth of the lubricant market in Mexico, as lubricants are used in a wide range of applications in the petrochemical sector, such as in refining and production operations, and in equipment used in the transportation and storage of petrochemical products. Many companies have announced major investments to expand their business.
Analysts at Ken Research in their latest publication “Mexico Lubricants Market Outlook to 2027F- Segmented by Origin (Mineral, Synthetic & Semi-Synthetic), By Lubricant Type (Automotive & Industrial), By Automotive Lubricants (By Product Type, By End-Users & By Distribution Channels) and By Industrial Lubricants (By Product Type, By End-Users & By Distribution Channels)” by Ken Research observed the potential of Lubricant Market in Mexico at a rebounding stage from the economic crisis after pandemic. The rising government policies and rapid industrialization, trade agreements and foreign investment along with government initiatives is expected to contribute to the market growth over the forecast period. The market is expected to grow at a ~% CAGR during 2022-2027F owing to the rise in economy of the country and new government policies.
Key Segments Covered in the report:-
Mexico Lubricant Market
Mexico Lubricants Market Segmentations
By Type of Lubricant:
By Grade of Lubricant
Mexico Industrial Lubricants Market Segmentations
By Type of Industrial Lubricant
Others (Turbine Oil, Compressor Oil, etc.)
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By End Use of Industrial Lubricant
Construction and Mining
Others (Agriculture, Medical, etc.)
By Distribution Channel
Direct Sales Premium
Mexico Automotive Lubricants Market Segmentations
By Type of Automotive Lubricants
Heavy-Duty Diesel Engine Oil
Passenger Vehicle Motor Oil
By End Use of Automotive Lubricant
Others (Aviation, Railways, etc.)
By Distribution Channel
OEM Workshops/Service stations/Local Workshops
Key Target Audience:-
Lubricants Distributors Refining Companies
Construction and Mining Industry
General Manufacturing Industry
Metal Production Industry Base-oil Companies
Metal Production Industry
Power Generation Industry
Food Processing Industry
Consulting and Advisory Firms
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Time Period Captured in the Report:-
Historical Period: 2017-2022
Base Year: 2022
Forecast Period: 2022-2027F
BP PLC (Castrol)
Mexicana de Lubricantes S.A. de C.V.
Royal Dutch Shell Plc
Key Topics Covered in the Report
Mexico Industrial and Automotive Overview
Ecosystem, Business Cycle and Genesis Mexico Lubricants Market
Market Sizing Analysis and Segmentation of Mexico Lubricants Market, 2017-2022
Mexico Industrial Lubricants Market Segmentation, 2022
Mexico Automotive Lubricants Market Segmentation, 2022
Industry Analysis Mexico Lubricants Market
End User Analysis of Mexico Lubricants Market
Competitive Framework of Mexico Industrial and Automotive Lubricant Market
Future Market Size and Future Segmentation of Mexico Industrial and Automotive Lubricant Market, 2022-2027F
Market Opportunity and Analyst Recommendations
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