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

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.