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 En

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)

The lubricants market in SAM is expected to grow from US$ 14.79 billion in 2021 to US$ 16.41 billion by 2028; it is estimated to grow at a CAGR of 1.5% from 2021 to 2028. The SAM automotive sector has witnessed tremendous growth in the last decade i.e., from 2010-2020 and is expected to rise steadily during the forecast period. The COVID-19 pandemic significantly impacted the sector's growth in 2020 and 2021 due to several factors such as nationwide lockdowns and a decline in investments. However, the industry is expected to gradually gain its pre-COVID growth rate by FY 2022-2023. The automotive industry has been negatively impacted due to the pandemic. However, ease in the travel ban, rise in transportation activities, and mass vaccination programs in 2021 have aided the automotive industry, fueling automobile sales. Numerous companies operating in the automotive market are investing heavily in the automobile manufacturing sector to increase production and, eventually, sales for the company. The surge in automobile manufacturing is boosting the demand for lubricants, driving the SAM lubricants market.

Increase in population, rise in disposable income, and easy availability of credit and financing are the key factors boosting automobile sales. The increasing sales in the automotive industry are fueling the consumption of lubricants, thereby driving the market. The increasing investment in electric vehicles is also propelling the lubricants market substantially. Thus, the booming investment trend in the automotive industry is fueling the demand for lubricants.

Based on product type, the SAM lubricants market is segmented into engine oil, hydraulic oil, gear oil, gear oil, compressor oil, and others. The hydraulic oil segment is expected to be the fastest-growing segment during the forecast period. Hydraulic oil is a non-compressible fluid used to transfer power within hydraulic machinery and equipment. It is made of mineral oil, glycol, silicone, esters, ethers, and other chemicals. Hydraulic oil is non-compressible, fire-resistant, and non-corrosive. Hydraulic oil has thermal stability within operating temperature ranges, constant viscosity, anti-wearing to its system, and a low tendency to cavitate. It delivers optimal operations even under extreme working temperatures. Thus, due to the advantageous properties of hydraulic oil, it is used in various applications in hydraulic systems.

Heavy machinery bulldozers, excavators, cranes, snowplows, log splitters, skid steers, tractors, and lifts use hydraulic systems. Hydraulic oils are used in various types of equipment and machinery and across industries. Hydraulic systems and components are used in construction, agriculture, mining, aviation, steel, shipbuilding, aerospace industry, medicine, food, chemicals, and environmental technology, among other industries.

Brazil reported the highest number of COVID-19 cases in SAM, followed by Argentina, Peru, Chile, and Ecuador. Governments in SAM have taken an array of actions to protect their 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 sourcing raw materials from suppliers and temporary closures of the 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.

The SAM lubricants market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the SAM lubricants market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the SAM lubricants market. 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 key players operating in the market in this region.

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