US Lubricant Market

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 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.

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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).

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. '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.'

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.

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.

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.

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US Lubricant Market

Report ID: SQMIC10G2036

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