Mexico Automotive Engine Oils Market - Size, Share, Covid-19 Impact & Forecasts Up To 2026

Mexico Automotive Engine Oils Market - Size, Share, Covid-19 Impact & Forecasts Up To 2026

The Mexico Automotive Engine Oils Market is at 280.44 million liters in 2021 and is projected to register a CAGR of 2.92% to reach 323.90 million liters in 2026. In 2020, the COVID-19 outbreak led to a decline in motorcycle sales by about 21%, primarily due to reduced traveling needs and risk-aversion behavior triggered due to lay-offs and job insecurity.

Key Highlights

• Largest Segment by Vehicle Type - Passenger Vehicles : The highest proportion of passenger vehicle population and their service requirements in Mexico is attributed to the highest engine oil consumption in the sector.
• Fastest Segment by Vehicle Type - Motorcycles : The meteoric rise in the sales of street and off-road motorcycles in Mexico after the COVID-19 outbreak may drive engine oil consumption in the motorcycles segment.

Key Market TrendsLargest Segment By Vehicle Type : Passenger Vehicles

• The engine oil consumption in Mexico increased by 10.19% during 2015-2017.
• This growth was driven by the growing vehicle parc and low drain intervals of mineral-based engine oils. During 2017-2019, the engine oil consumption saw a slight decline of 0.11% due to the increasing usage of the API SN and SM grade synthetic oils, which have high drain intervals. However, unlike Canada and the United States, the penetration of synthetic engine oils was significantly low during this period. The engine oil consumption further declined by 14.26% during 2019-2020, due to the COVID-19 pandemic.
• The Mexican government's expected publishment of new engine oil standards, combined with engine downsizing trends, may negatively affect the recovery of the country's engine oil consumption. As a result, engine oil consumption is likely to register a CAGR of 2.92% during 2021-2026.

Competitive Landscape

The Mexico Automotive Engine Oils Market is moderately consolidated, with the top five companies occupying 63.64%. The major players in this market are Bardahl, BP PLC (Castrol), ExxonMobil Corporation, Roshfrans and Royal Dutch Shell Plc (sorted alphabetically).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Bardahl
BP PLC (Castrol)
Chevron Corporation
ExxonMobil Corporation
Mexicana de Lubricantes S.A. de C.V.
Raloy
Roshfrans
Royal Dutch Shell Plc
TotalEnergies
Valvoline Inc.

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