Rise in Renovation and Remodeling Activities Boosts Central America Lubricants Market
According to our latest market study on “Central America Lubricants Market Forecast to 2030 – COVID-19 Impact and Regional Analysis – by Base Oil (Mineral Oil, Synthetic Oil, and Bio-Based), Product Type (Engine Oil, Hydraulic Oil, Gear Oil, Grease, Compressor Oil, and Others), and End Use (Oil and Gas, Industrial, Chemical, Automotive, Marine, and Others),” the Central America lubricants market was valued at US$ 188.95 million in 2022 and is projected to reach US$ 238.97 million by 2030; it is expected to record a CAGR of 3.0% from 2022 to 2030. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
In the industrial sector, lubricant is one of the key components that help an equipment operate with maximum reliability and at peak efficiency. Bio-based, mineral, and synthetic lubricants, greases, compressor oils, cutting fluids, and other lubricant types contain additives. The lubricant types are used across various industries, including automotive, oil & gas, textile, glass, power generation, paper & pulp, chemicals & petrochemicals, agriculture, manufacturing, food & beverages, and pharmaceuticals. Mineral and synthetic lubricants pollute the environment in small but extensive quantities. Most of these lubricants are nonaqueous liquids. Earlier, almost all lubricants were mineral oil-based products. Also, they can cause major environmental damage due to accidental spillage, improper disposal, leakages, and lost lubrication. Increasing environmental and climate-protection directives ensure robust demand for bio-based products in a handful of high-growth, specialty-product categories. Environmental compatibility, longer product life, and high performance have driven the shift from traditional mineral oil lubricants to synthetic and quasi-synthetic oils and biolubricants. Conventional mineral-based lubricants can adversely affect the operators' health and the environment. Also, several studies have proven that these lubricants may contain carcinogenic additives and impurities in their formulation, which causes dermatitis and skin cancer. Furthermore, mineral oil is inferior in biodegradability, with a range of 15–35% biodegradation. The said biodegradation values are below the accepted guideline for environmentally acceptable lubricant, i.e., 80%. Therefore, plant oil has been preferred over conventional mineral-based lubricants. In addition, the agricultural sector in Central America, which is a significant contributor to the region's economy, shows a keen interest in biolubricants. With the use of machinery in farming operations, there is a growing need for lubricants that perform effectively and align with sustainable agricultural practices. Biolubricants, being biodegradable and derived from renewable sources, offer a compelling solution to meet this demand while promoting a more environmentally conscious approach to agriculture. This surging demand from end-use industries propels the requirements for bio-based and sustainable biolubricants in various industries.
Central America Lubricants Market Breakdown – by Region
Central America Lubricants Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Base Oil (Mineral Oil, Synthetic Oil, and Bio-Based), Product Type (Engine Oil, Hydraulic Oil, Gear Oil, Grease, Compressor Oil, and Others), End Use (Oil and Gas, Industrial, Chemical, Automotive, Marine, and Others), and Country
Central America Lubricants Market to Grow at a CAGR of 3.0% to reach US$ 238.97 million from 2022 to 2030
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Shell Plc, Exxon Mobil Corp, TotalEnergies SE, BP Plc, Castrol Ltd, Lukoil, PETRONAS Lubricants International Sdn Bhd, Fuchs SE, Valvoline Inc, and Puma Energy Holdings Pte Ltd. are among the major players operating in the Central America lubricants market. Market players are highly focused on developing high-quality and innovative products to fulfill customers’ requirements.
Impact of COVID-19 Pandemic on Central America Lubricants Market
In 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. The COVID-19 pandemic disrupted the supply chain of key raw materials and hampered the growth of the lubricants market. The adverse effects of the pandemic on the manufacturing industry reduced the demand for lubricants from these industries across Central America.
Various economies have started reviving their operations post COVID-19. As a result, the demand for lubricants started increasing. The rising use of lubricants in oil & gas, mining, automotive, marine, and other industries is expected to offer opportunities for the Central America Lubricants market during the forecast period.
The report includes the segmentation of the Central America lubricants market as follows:
By base oil, the Central America lubricants market is segmented into mineral oil, synthetic oil, and bio-based. Based on product type, the market is segmented into engine oil, hydraulic oil, gear oil, grease, compressor oil, and others. Based on end use, the market is segmented into oil and gas, industrial, chemical, automotive, marine, and others. By country, the Central America lubricants market is segmented into Honduras, Nicaragua, Guatemala, Costa Rica, and the Rest of Central America.
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