Latin America Base Oil Market Size & Outlook, 2026-2033
Global Report
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Latin America base oil market highlights
- The Latin America base oil market generated a revenue of USD 671.7 million in 2025.
- The market is expected to grow at a CAGR of 4.8% from 2026 to 2033.
- In terms of segment, group i was the largest revenue generating product in 2025.
- Group III is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, Argentina is expected to register the highest CAGR from 2026 to 2033.
Latin America data book summary
| Market revenue in 2025 | USD 671.7 million |
| Market revenue in 2033 | USD 976.1 million |
| Growth rate | 4.8% (CAGR from 2026 to 2033) |
| Largest segment | Group i |
| Fastest growing segment | Group III |
| Historical data covered | 2021 - 2024 |
| Base year for estimation | 2025 |
| Forecast period covered | 2026 - 2033 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Group I, Group II, Group III, Group IV, Group V |
| Key market players worldwide | China Petroleum & Chemical Corp Class H, Petronas Chemicals Group Bhd, PetroChina Co Ltd Class H, Exxon Mobil Corp, Chevron Corp, Shell PLC, BP PLC, The Goldman Sachs Group Inc, Nestle SA, Repsol SA |
Other key industry trends
- In terms of revenue, Latin America region accounted for 3.0% of the base oil market in 2025.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2033.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 20,097.9 million by 2033.
Central & South America is a promising market for base oil due to the rising oil & gas industry coupled with the economic growth and presence of developing economies in the region. High crude oil exploration and production in South American countries are expected to contribute to the rise in the manufacturing and consumption of lubricants, thus supporting the overall growth of the base oil market in the region.
In addition, the growing automotive industry is expected to contribute to the growth in sales of lubricants and base oils in the region. Brazil largely imports base oil and finished lubricants from other countries, such as the U.S. The imports of finished lubricant products recorded an increase of 1.6% as per the Observatory of Economic Complexity (OEC) and the Ministry of Industry, Foreign Trade and Services, Brazil.
According to the U.S. Energy Information Administration (EIA), the imports accounted for 9 thousand barrels per day annually in 2018, from the U.S. Brazil mostly imports Group I and Group II base oils from the U.S. Apart from imports, oil companies in Brazil, such as Petrobras and Repsol, are increasing the production of rerefined oil products. This is expected to support the overall growth of the base oil market in Brazil.
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Publish Date: Jan 22, 2026
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Base Oil Market Scope
Base Oil Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Nestle SA | View profile | 270,000 | Avenue Nestle 55, Vevey, Switzerland, CH-1800 | www.nestle.com |
| Exxon Mobil Corp | View profile | 61,500 | 22777 Springwoods Village Parkway, Spring, TX, United States, 77389-1425 | www.exxonmobil.com |
| Chevron Corp | View profile | 45,600 | 6001 Bollinger Canyon Road, San Ramon, CA, United States, 94583-2324 | www.chevron.com |
| Shell PLC | View profile | 100,000 | Shell Centre, London, United Kingdom, SE1 7NA | www.shell.com |
| BP PLC | View profile | 87,800 | 1 St James's Square, London, United Kingdom, SW1Y 4PD | www.bp.com |
| PetroChina Co Ltd Class H | View profile | 375,803 | No. 9 Dongzhimen North Street, Dongcheng District, Beijing, China, People's Republic of, 100007 | www.petrochina.com.cn |
| China Petroleum & Chemical Corp Class H | View profile | 368,450 | No. 22 Chaoyangmen North Street, Chaoyang District, Beijing, China, People's Republic of, 100728 | www.sinopec.com |
| Repsol SA | View profile | 25,113 | Calle Mendez Alvaro, 44, Madrid, Spain, 28045 | www.repsol.com |
| Petronas Chemicals Group Bhd | View profile | 6,465 | Tower 1, Petronas Twin Towers, Kuala Lumpur City Centre, Kuala Lumpur, SGR, Malaysia, 50088 | www.petronas.com |
| The Goldman Sachs Group Inc | View profile | 45,300 | 200 West Street, New York, NY, United States, 10282 | www.goldmansachs.com |
Latin America Base Oil Market Outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to Base Oil Market Outlook will help companies and investors design strategic landscapes.
Group I was the largest segment with a revenue share of 47.95% in 2025.
Horizon Databook has segmented the Latin America base oil market based on group i, group ii, group iii, group iv, group v covering the revenue growth of each sub-segment from 2021 to 2033.
Central & South America is a promising market for base oil due to the rising oil & gas industry coupled with the economic growth and presence of developing economies in the region. High crude oil exploration and production in South American countries are expected to contribute to the rise in the manufacturing and consumption of lubricants, thus supporting the overall growth of the base oil market in the region.
In addition, the growing automotive industry is expected to contribute to the growth in sales of lubricants and base oils in the region. Brazil largely imports base oil and finished lubricants from other countries, such as the U.S. The imports of finished lubricant products recorded an increase of 1.6% as per the Observatory of Economic Complexity (OEC) and the Ministry of Industry, Foreign Trade and Services, Brazil.
According to the U.S. Energy Information Administration (EIA), the imports accounted for 9 thousand barrels per day annually in 2018, from the U.S. Brazil mostly imports Group I and Group II base oils from the U.S. Apart from imports, oil companies in Brazil, such as Petrobras and Repsol, are increasing the production of rerefined oil products. This is expected to support the overall growth of the base oil market in Brazil.
- Latin America Base Oil Market Product Outlook (Revenue, USD Million , 2021-2033)
- Group I
- Group II
- Group III
- Group IV
- Group V
- Latin America Base Oil Market Application Outlook (Revenue, USD Million , 2021-2033)
- Automotive Oils
- Process Oils
- Hydraulic Oils
- Metalworking Fluids
- Industrial Oils
- Others
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Horizon Databook provides a detailed overview of continent-level data and insights on the Latin America Base Oil Market Outlook, including forecasts for subscribers. This continent databook contains high-level insights into Latin America Base Oil Market Outlook from 2021 to 2033, including revenue numbers, major trends, and company profiles.
Latin America Base Oil Market, 2021-2033 (US$M)
Latin America base oil market statistics, by product, 2021-2033 (US$M)
