Latin America and the Caribbean: Lubricant Additives Market 2024

Lubricant Additives Market Size in Latin America and the Caribbean

The Latin American lubricant additives market soared to $X in 2021, growing by 24% against the previous year. The market value increased at an average annual rate of +1.6% from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations in certain years. The level of consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Lubricant Additives Production in Latin America and the Caribbean

In value terms, lubricant additives production amounted to $X in 2021 estimated in export price. In general, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the production volume increased by 20% against the previous year. Over the period under review, production attained the maximum level at $X in 2015; however, from 2016 to 2021, production remained at a lower figure.

Lubricant Additives Exports

Exports in Latin America and the Caribbean

In 2021, overseas shipments of prepared additives for mineral oils increased by 37% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 41% against the previous year. The volume of export peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, lubricant additives exports skyrocketed to $X in 2021. In general, exports, however, saw a relatively flat trend pattern. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Mexico was the largest exporter of prepared additives for mineral oils in Latin America and the Caribbean, with the volume of exports resulting at X tons, which was near 66% of total exports in 2021. It was distantly followed by Brazil (X tons), comprising a 29% share of total exports. Colombia (X tons) took a relatively small share of total exports.

Mexico experienced a relatively flat trend pattern with regard to volume of exports of prepared additives for mineral oils. At the same time, Colombia (+9.7%) and Brazil (+1.8%) displayed positive paces of growth. Moreover, Colombia emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +9.7% from 2012-2021. From 2012 to 2021, the share of Brazil increased by +3.2 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest lubricant additives supplier in Latin America and the Caribbean, comprising 64% of total exports. The second position in the ranking was held by Brazil ($X), with a 30% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Mexico was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (+0.1% per year) and Colombia (+12.2% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, which is down by -12.7% against the previous year. Over the period under review, the export price showed a mild contraction. The pace of growth was the most pronounced in 2015 when the export price increased by 33%. Over the period under review, the export prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Colombia ($X per ton), while Mexico ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Colombia (+2.2%), while the other leaders experienced a decline in the export price figures.

Lubricant Additives Imports

Imports in Latin America and the Caribbean

In 2021, lubricant additives imports in Latin America and the Caribbean surged to X tons, growing by 41% on the previous year's figure. The total import volume increased at an average annual rate of +3.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, lubricant additives imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Mexico represented the largest importing country with an import of about X tons, which finished at 48% of total imports. It was distantly followed by Brazil (X tons) and Argentina (X tons), together achieving a 30% share of total imports. Colombia (X tons), Chile (X tons), Peru (X tons), Ecuador (X tons) and Cuba (X tons) followed a long way behind the leaders.

Mexico was also the fastest-growing in terms of the prepared additives for mineral oils imports, with a CAGR of +16.1% from 2012 to 2021. At the same time, Chile (+2.1%) and Brazil (+1.4%) displayed positive paces of growth. Cuba experienced a relatively flat trend pattern. By contrast, Peru (-1.3%), Argentina (-1.4%), Ecuador (-1.4%) and Colombia (-6.8%) illustrated a downward trend over the same period. While the share of Mexico (+31 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Argentina (-4.3 p.p.), Brazil (-4.4 p.p.) and Colombia (-6.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported prepared additives for mineral oils in Latin America and the Caribbean, comprising 46% of total imports. The second position in the ranking was held by Brazil ($X), with a 20% share of total imports. It was followed by Argentina, with an 8% share.

In Mexico, lubricant additives imports increased at an average annual rate of +13.9% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (+0.7% per year) and Argentina (-2.9% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, remaining constant against the previous year. Over the period under review, the import price, however, continues to indicate a slight slump. The pace of growth appeared the most rapid in 2018 when the import price increased by 4%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Cuba ($X per ton) and Ecuador ($X per ton), while Brazil ($X per ton) and Mexico ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Colombia (+0.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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