Report : South America Lubricants Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Base Oil (Mineral Oil, Synthetic, Bio-Based Lubricants, and Others), Product Type (Engine Oil, Hydraulic Oil, Gear Oil, Grease, Compressor Oil, and Others), and End Use (Oil & Gas, Industrial, Chemical, Automotive, Marine, and Others)
Hydraulic Oil Segment is Expected to be Fastest Growing During the Forecast Period During SAM Region
According to a new market research study on “SAM Lubricants Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Base Oil, Product Type, and End Use” is expected to reach US$ 16.41 billion by 2028 from 14.79 US$ billion in 2021. The market is estimated to grow at a CAGR of 1.5% from 2021 to 2028. The report provides trends prevailing in the SAM lubricants market along with the drivers and restraints pertaining to the market growth. Surge in industrial growth is the major factor driving the growth of the SAM lubricants market. However, issues associated with frequently changing lubricants specifications hinders the growth of SAM lubricants market.
SAM lubricants market is segmented into base oil, product type, end use, and country. Based on base oil the SAM lubricants market is segmented into mineral oil, synthetic, bio-based lubricants, and others. Mineral oil segment held the largest market share in 2020. Based on product type the SAM lubricants market is segmented into engine oil, hydraulic oil, gear oil, gear oil, compressor oil and others. Engine oil segment held the largest market share in 2020. Based on end-use industries, the SAM lubricants market has been segmented into oil and gas, industrial, chemical, automotive, marine and others end-use industries. The automotive segment led the SAM lubricants market in 2020. Based on country, the SAM lubricants market is segmented into Brazil, Argentina, rest of SAM. Brazil held the largest market share in 2020.
Brazil reported the highest number of COVID-19 cases in SAM, followed by Argentina, Peru, Chile, and Ecuador. The government of SAM has taken an array of actions to protect its citizens and combat the spread of the COVID-19 virus through lockdowns, trade bans, and travel restrictions. These measures have negatively reflected the SAM lubricants market due to considerable disruptions in terms of sourcing of raw materials from suppliers and temporary closures of manufacturing base, caused by indefinite lockdowns and temporary quarantines. However, with recovering industries, the demand for lubricants is expected to increase in the region over the next couple of years.
Bp plc, Chevron Corporation, China Petrochemical Corporation (Sinopec), Exxon Mobil Corporation, Fuchs, Royal Dutch shell plc, Sinopec Lubricant Company, Total, and Valvoline LLC are among the leading companies in the SAM lubricants market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
SAM Lubricants Market, By Country, 2020 and 2028 (%)
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