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The Colombia automotive lubricants market attained a value of USD 574.5 million in 2023. The market is estimated to grow at a CAGR of 6.9% during 2024-2032 to reach a value of USD 1,510.2 million by 2032.
Colombia is a significant automobile manufacturer, exporting vehicles to around 19 countries. Colombia’s automotive sector is specialised in the production and assembly of vehicles and motorcycles. The growth in demand for automotive lubricants in Colombia is primarily driven by the sales of lightweight vehicles in the country. Lubricants are used in automobiles to lessen wear and friction in the engine, gearbox, and other mechanical systems.
Additionally, low-conductivity coolants are gaining momentum with the rising popularity of electric vehicles, as these coolants improve the energy efficiency and general performance of EVs while also ensuring their safety and lifetime. Moreover, the increasing need for eco-friendly lubricants that are biodegradable and have a reduced environmental impact is influencing Colombia automotive lubricants market development.
Figure: Motor Vehicle Production in Colombia (Units), 2018-2023
Increasing use of commercial vehicles; growing demand for bio-lubricants; and rise of technologically advanced lubricants are factors impacting the Colombia automotive lubricant market growth
Apr 18, 2024
PETRONAS Lubricants International announced a collaboration with Mercedes-Benz Global Customer Service & Parts. They aim to develop technical solutions to enhance vehicle performance and efficiency, focusing on innovations in the automotive after-sales sector.
Feb 7, 2024
ELF, a brand under TotalEnergies renewed its partnership with Alpine Racing in the FIA World Endurance Championship (FIA WEC). The collaboration will see the Alpine A424 competing in the highly competitive Hypercar class across all eight races of the 2024 season.
Jun 27, 2023
Shell Lubricants (Shell) and Ducati Corse have collaborated to create a new high-performance motorbike oil, specifically designed for the new Ducati Panigale V4 R with dry clutch. Such advancements contribute to Colombia automotive lubricants market expansion.
Expanding automotive sales aids the demand for lubricants
Automotive lubricants reduce the friction between engine parts and enhance fuel efficiency. The country witnessed robust vehicle sales in 2022, with a total of 262,595 sales, a 4.8% increase from 2021. Further, it is expected that between 2022–2025 period, vehicle sales are expected to grow at an annual average of 4%, accelerating the market’s growth.
The growing application of commercial vehicles for industrial activities
In 2023, commercial vehicle sales in Colombia accounted for 24,425 units. Sectors such as mining, manufacturing, and logistics often require medium and heavy commercial vehicles. These vehicles are significant consumers of automotive lubricants due to their larger engine size compared to passenger vehicles.
Players are aiming to offer technologically advanced lubricant solutions
The market players in the Colombia automotive lubricants market are focusing on developing tailor-made, customer-specific, and highly efficient lubricant solutions.
Demand for bio-lubricants is increasing due to sustainability concerns
Rising environmental concerns is stimulating the demand for automotive bio-lubricants. Manufacturers can capitalise on this trend by incorporating more bio-based raw materials that are derived from renewable energy sources.
Government investments in infrastructure projects, particularly in transportation networks, stimulate demand for automobiles. For instance, by August 2026, the Colombian government aims to invest around USD 24.9 billion in its transport infrastructure to boost economic development. This includes investment in the country’s rail, port, river, and road infrastructure including the construction of 15 highway projects. As the road network is improved, consumers will invest in passenger and commercial vehicles to transport passengers and goods. This can shape the Colombia automotive lubricants market outlook positively.
Stringent environmental regulations concerning emissions and fuel efficiency in Colombia present a significant opportunity for the market. For instance, Colombia aims to reduce its greenhouse gas emissions by 51% by 2030 and achieve net zero by 2050. As vehicle manufacturers strive to meet these regulations, there is a growing demand for high-quality synthetic and bio-lubricants that can improve engine performance, enhance fuel efficiency, and reduce emissions.
“Colombia Automotive Lubricants Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Product Type
Market Breakup by Grade
Market Breakup by Vehicle Type
Based on product type, engine oil accounts for a significant share of the market
High-quality engine oil plays a crucial role in enhancing fuel economy. For instance, switching to a manufacturer-approved lower-viscosity heavy-duty engine oil can lower fuel consumption by 0.9-2.2% per year.
Synthetic gear oils have a longer service life than conventional mineral oils. This results in fewer oil changes and less maintenance for vehicle owners. As per Colombia automotive lubricants market analysis, synthetic gear oils can also maintain their viscosity and protective qualities in extreme hot and cold conditions.
Meanwhile, low electrical conductivity coolants are widely deployed in electric vehicles. These contribute to the extended lifespan of sensitive electrical components, ultimately reducing maintenance costs for EV owners.
Based on grade, mineral oil lubricants is a major contributor to the market revenue
Mineral-based gear oils are derived from crude oil and account for larger Colombia automotive lubricant market share as it is generally more budget-friendly for cost-conscious vehicle owners compared to synthetic gear oils. Mineral-oil-based lubricants are used for multifunctional lubrication of mechanical components, like bearings, chains, and gears, where operating temperatures range between -17°C and 150°C.
Bio-lubricants, on the other hand, are produced from renewable materials, such as vegetable oils, animal fat, and recycled industrial oils. Their biodegradability and non-toxicity are increasing their popularity in the automotive sector.
Market players are focusing on providing lubricants at competitive prices and high quality, with improved performance features
Exxon Mobil Corporation is involved in exploration, production, and manufacturing of crude oil, natural gas, petroleum products, petrochemicals, and a wide range of products. Founded in 1999 and headquartered in the Texas, United States, it sell their products under the brands including Exxon, Mobil, Esso and XTO Energy.
Chevron Corporation was founded in 1879 and is based in California, United States. It is multinational oil and gas company and operates through three main businesses: Upstream, Downstream, and Midstream. The company boasts a notable market share in automotive fuels and lubricants in Colombia.
TotalEnergies SE, a prominent multinational energy corporation, offers a wide spectrum of energy resources such as oil, biofuels, natural gas, renewables, and electricity. Founded in 1924 and headquartered in Paris, France, the company operates across more than 120 countries.
Repsol, S.A., founded in 1986, is engaged in oil and gas exploration and production to transformation, development, and energy marketing. Headquartered in Madrid, Spain, the company markets its wide range of products in more than 90 countries worldwide.
Other notable players operating in the automotive lubricants market in Colombia are BP PLC (Castrol), Shell plc, Motul S.A., Petroliam Nasional Berhad (PETRONAS), and Amsoil Inc, among others.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product Type |
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| Breakup by Grade |
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| Breakup by Vehicle Type |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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Colombia Automotive Lubricants Market Size
Colombia Automotive Lubricants Market Growth
Colombia Automotive Lubricants Market Trends
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The Colombia automotive lubricants market attained a value of USD 574.5 million in 2023.
The market is estimated to grow at a CAGR of 6.9% during 2024-2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of USD 1,510.2 million by 2032.
The factors driving the market growth are increasing vehicle sales, expansion of manufacturing, logistics, and construction sectors, and government's stringent emission standards.
Key trends aiding Colombia automotive lubricants market growth include the increasing adoption of synthetic and semi-synthetic lubricants, the rise of electric vehicles, and the growing emphasis on sustainability and environmentally friendly products.
Engine oil, gear oil, transmission fluids, brake fluids, coolants, and greases are the product types.
The vehicle types include passenger vehicles, commercial vehicles, and motorcycle.
The grades include mineral oil lubricants, synthetic lubricants, semi-synthetic lubricants, and bio-based lubricants.
The demand is highest for passenger cars, followed by commercial vehicles and two-wheelers. The growth in passenger car sales has been a significant contributor to the overall market expansion.
The key players in the market include BP PLC (Castrol), Exxon Mobil Corporation, Chevron Corporation, TotalEnergies SE, Repsol, S.A, Shell plc, Motul S.A., Petroliam Nasional Berhad (PETRONAS), and Amsoil Inc, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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