Latin America Automotive Lubricants Market Outlook

the latin america automotive lubricants market outlook for 2018 to 2032 is characterized by a steady growth in the demand for lubricants, driven primarily by an increase in use in passenger cars and light trucks. in particular, the growth in lubricants demand is driven by an increase in the number of vehicles in circulation, given the rising purchasing power among latin american country populations. this is enhanced by the ever-increasing trend in usage of motor oils; higher efficiency requirements from engine manufacturers; as well as the growing demand for higher-grade oils with better performance. in the forecast period, the demand for hydraulic fluids and industrial lubricants is expected to remain robust due to the expanding industrial sector. this is especially true for countries such as mexico, whom have seen great growth in recent years. another factor that is driving demand is the advancing regulatory standards, such as the implementation of the european-style motor oil classification system (acea 2016), which requires improved performance and lower emission levels from new vehicles. this is also applying to the north american market, too. in addition, latin american countries are focusing on renewable energy sources and renewable-based lubricant solutions. for instance, in 2016 peru declared a shift to biodiesel, and mexico has began investing in testing and utilizing bio-based lubricants for its machinery and engines. overall, the latin america automotive lubricants market outlook for 2018 to 2032 indicates an increased demand for lubricants, driven primarily by an increase in the use of vehicles. this includes passenger cars, industrial machinery, and light trucks, as well as a focus on renewable solutions in the lubricants sector.