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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Colombia Automotive Lubricants Market Share
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.
Colombia Automotive Lubricants Market Report Snapshots
Colombia Automotive Lubricants Market Size
Colombia Automotive Lubricants Market Growth
Colombia Automotive Lubricants Market Trends
Colombia Automotive Lubricants Market Share
Colombia Automotive Lubricants Companies
*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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Key Questions Answered in the Report
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