ICONIC Lubricants was Brazil’s largest lube supplier in 2023 for the sixth year in a row, with Moove the second largest.

ICONIC accounted for around 24pc of Brazil’s lube market in 2023, according to IBP. The share edged down from around 24.5pc in 2022.

Its total sales still increased by 6pc in 2023 amid an 8pc rise in Brazil’s total lube consumption to 1.15mn mᶟ (1.02mn t).

ICONIC's share of Brazil's total lube sales held relatively steady as it boosted its share of the country’s heavy-duty engine oil (HDEO) and industrial oils market.

The trend balanced out a drop in its share of Brazil’s passenger-car motor oil (PCMO) market to around 25pc of the total in 2023, from more than 26pc the previous year.

Brazil’s PCMO consumption rose by 13pc in 2023 from the previous year.

The rise in sales outpaced the 5pc rise in HDEO consumption and contrasted with a small drop in the country’s sales of industrial oils.

Moove was Brazil’s second-largest lube supplier in 2023 as it benefited more from the rise in the country’s PCMO sales.

It had been Brazil’s third-largest supplier in 2022.

The lube blender and distributor accounted for close to 22pc of Brazil’s total lube sales in 2023, up from around 20.6pc the previous year.

Its share of the country’s PCMO consumption rose to more than 24.5pc of the total, up from less than 23pc in 2022.

Vibra Energia was Brazil’s third-largest lube supplier with a share of less than 21pc of the total. The share fell from close to 22pc in 2022.

Raizen and Petronas were the fourth and fifth-largest suppliers even as their market share also edged down in 2023 from the previous year.