USD 36.1 billion
U.S. Lubricant Market Size, Share, Growth Analysis, By Application(Automotive, Industrial, Marine, Aerospace), By Product type(Engine oil, greases, hydraulic fluids, Transmission), By Region - Industry Forecast 2024-2031
Report ID:
SQMIC10G2036 |
Region:
Country |
Published Date: February, 2024
Pages:
287
|Tables:
66
|Figures:
75
U.S. Lubricant Market Insights
US Lubricant Market size was valued at USD 36.1 billion in 2019 and is poised to grow from USD 37.1 billion in 2023 to USD 45.8 billion by 2031, growing at a CAGR of 3% in the forecast period (2024-2031).
Lubricant is the substance used in various industries for varied purpose such as reducing friction, increasing efficiency, reducing wear, providing the cooling effect, and enhancing the service life of the machinery. The availability of raw material and increasing demand of the target audience have increases the use of lubricant in the US. Moreover, the US is the home for industrial machinery manufacturers and due to high innovation, rapid industrialization, growing automotive and technology used in US led to enhance the utilization of machinery and equipment which required lubricant, thus the demand for lubricants has increases in US. The main applications of lubricants are in automotive, industrial, marine and aerospace sector, which has effectively driven the US lubricant market. Also, due to technology expansion and advancement of the product line the US lubricant market competition has increases to greater extend.
The high volume sale of premium products is expected to drive the US lubricant market in the coming years. Automotive and industrial applications account for more than 90% of the lubricant market in the United States. The industrial sector's demand for lubricants is increasing due to increased production of chemicals, food, and electronics in the United States.
US Lubricant Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Automotive
Fastest Growth
Industrial
Growth Rate
3% CAGR
US Lubricant Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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U.S. Lubricant Market Segmental Analysis
The US lubricant market has segmented on the basis of application and product type. On the basis of application, US Lubricant Market has been classified such as automotive (engine oil, gear oil, transmission fluids, break fluids, coolants, greases, others), industrial (process oils, general industrial oils, metalworking fluids, industrial engine oils, greases, others), marine (engine oil, hydraulic oil, gear oil, turbine oil, greases, others) and aerospace (gas turbine oils, piston engine oils, hydraulic fluids, others). On the basis of product type, the US Lubricant Market is classified as engine oil, greases, hydraulic fluids, and transmission and gear oils.
US Lubricant Market Analysis by Application
The automotive industry had the largest global market share. The segment is expected to see rising demand in the coming years as customers acquire more passenger cars. Lubricating oils are used in the automotive industry to reduce friction between two vehicle components. They also aid in temperature control by absorbing the heat generated by the moving parts.
As the world becomes more industrialized, global demand for general industrial oils is expected to rise. They are designed to keep the machinery running smoothly at high speeds. They are widely utilized in various sectors, including manufacturing, oil and gas, and food processing. The other applications include marine, military, and aviation. These are also used in the aviation industry in various applications such as gears, piston rings, bearings, and others.
US Lubricant Market Analysis by Product Type
Industrial engine oil is expected to continue to be a major contributor to the growth of the overall lubricant market in the United States. This lubricant is used to reduce operating costs by significantly reducing wear and tear on the heavily moving mechanical components. It also helps to reduce fuel consumption because they have a low coefficient of friction, which helps to keep the engine parts clean, perform optimally, and deliver optimum combustion efficiency.
US Lubricant Market By Application 2021 (%)
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U.S. Lubricant Market Regional Insights
The construction industry in the United States is among the most successful in the world. Furthermore, the industry has shown consistent growth over the years and is expected to continue in the forecast years. Many industries in the United States are reshoring their manufacturing bases back to the country as a result of a variety of political factors, which has increased demand for and use of industrial lubricants. Furthermore, because of mandatory purchase requirements, strict environmental protection policies, and healthy levels of self-regulation through trade relations and business leadership, the country accounts for extensive bio lubricant consumption. The United States has also emerged as one of the world's dominant energy exporters. The government is taking steps to expand offshore oil drilling in the Arctic and Atlantic, including reviewing a five-year plan for auctioning off overseas drilling rights. The initiatives are being introduced with the intention of potentially including the remaining territories, thereby driving market growth in the country.
US Lubricant Market By Geography, 2021-2028
- Largest
- Fastest
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U.S. Lubricant Market Dynamics
US Lubricant Market Driver
- With the rising cost of energy to power industrial activities, the industrial sector is attempting to reduce energy consumption and operational costs. Engine parts that aren't lubricated are more prone to friction, requiring more fuel and contributing to pollution and emissions. A high-quality product contributes to this by reducing friction between parts and increasing machine efficiency. Because of their superior density, viscosity, and molecular weight, gears lubricated with synthetic lubes have less friction, according to independent testing conducted by 'The National Lubricating Grease Institute.' PAG and PAO-based gear lubricants also help reduce maintenance costs in cylindrical gears due to lower churning losses at lower temperatures and less gear erosion.
US Lubricant Market Restraint
- The automotive industry significantly contributes to global lubricant product consumption and growth. In traditional automobiles, various oils are used to maintain engine quality over time. However, as crude oil demand rises, so do environmental concerns. Electric vehicles are gaining popularity among consumers in both developed and developing countries. Furthermore, the advantages of electric vehicles become more apparent as technology advances. The adoption of electric vehicles is expected to slow the growth of the automobile industry.
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U.S. Lubricant Market Competitive Landscape
US lubricant market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. Moreover, strategic collaborations, new product line, new product launches and business expansions are the key strategies adopted by key players to retain their market share. The company’s focus on new product launches and agreements to remain competitive in the US lubricants market.
Top Players in the US Lubricant Market
- ExxonMobil Corporation
- Phillips 66 Lubricants
- Royal Dutch Shell Plc
- BP PLC (Castrol)
- Chevron
- Valvoline
- ConocoPhillips
- CITGO
- Ashland Inc.
- Total S.A.
- Fuchs Petrolub SE
- Quaker Chemical Corporation
- Petro-Canada Lubricants
- Warren Oil Company
- Pennzoil
- Kendall Motor Oil
- Royal Purple
- Amsoil
- Schaeffer Manufacturing Co.
- Lucas Oil Products, Inc.
US Lubricant Market Recent Developments
- In October 2021, the Valvoline and Cummins states their collaboration agreement in terms of marketing and technology for five years. Cummins will endorse and sell the valvoline’s product through various distribution channels.
- In March 2021, The Nissan Motor India signed an agreement with ExxonMobil to supply lubes for the passenger vehicle. The firm will make available a wide range of engine oils suited not just for BS6-compliant vehicles but also for BS3 and BS4 models from the automaker.
- In February 2021, Shell introduced carbon-neutral lubes for the various equipment like passenger automobiles, heavy-duty diesel engines, and industrial uses. Shell has a varied year plan to assist customers in fulfilling their sustainability needs. The company’s goal is to lower the carbon intensity of its products by preventing, reducing, and offsetting emissions.
U.S. Lubricant Key Market Trends
- The global market for synthetic lubricants for large-scale enterprises has grown due to increased awareness about alternatives to mineral oil-related products. During the forecast period, the rising automotive sector and industrial growth are expected to drive up demand for synthetic oils. Because synthetic mineral oils are more efficient than natural mineral oils, they have grown in popularity. They have gradually replaced natural mineral oils as the preferred choice in a variety of industries that require high levels of consistency. The most common synthetic base oil used in industrial and automotive applications is polyalphaolefin. They have lower volatility, a higher viscosity index, a lower pour point, and improved oxidative/thermal stability due to their inherent physical and chemical properties.
U.S. Lubricant Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our US lubricant market analysis, the automotive and industrial are the key applications of lubricants and the marine and aerospace sector will expand will grow exponentially during the forecast period. In terms of product type, engine oil is most demanded product in the US market. The advancement of engine has driven the US lubricant market. Moreover, implementation of emission standards has also extended the lubricant market to some extent. Synthetic lubricant can be become the greatest challenge for the market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 36.1 billion |
| Market size value in 2031 | USD 45.8 billion |
| Growth Rate | 3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on U.S. Lubricant Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on U.S. Lubricant Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the U.S. Lubricant Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the U.S. Lubricant Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the U.S. Lubricant Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the U.S. Lubricant Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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