The lubricants market in North America is expected to grow from US$ 34.47 billion in 2021 to US$ 40.03 billion by 2028; it is estimated to grow at a CAGR of 2.2% from 2021 to 2028.
The US, Canada, and Mexico are major economies in North America. The North America automotive sector has witnessed tremendous growth in the last decade and is expected to rise steadily during the forecast period. The COVID-19 pandemic significantly impacted the sector's growth in 2020 and 2021 due to several factors, such as nationwide lockdowns and a decline in investments. However, the industry is expected to gradually gain its pre-COVID growth rate by FY 2022–2023. The automotive industry has been negatively impacted due to the pandemic. However, ease in the travel ban, rise in transportation activities, and mass vaccination program in 2021 have aided the automotive industry, fueling automobile sales. Numerous companies operating in the automotive market are investing heavily in the automobile manufacturing sector to increase production and, eventually, sales for the company. The increasing population, rise in disposable income, and easy availability of credit and financing are the key factors boosting automobile sales. Thus, increasing sales in the automotive industry are fueling the consumption of lubricants, which helps drive the market. The increasing investment in electric vehicles is also propelling the lubricants market substantially. Thus, the booming investment trend in the automotive industry is fueling the growth in the market for lubricants.
The US has the highest number of confirmed COVID-19 cases among all key countries in the region. It has negatively impacted the overall production and end-use industries, limiting the market growth. Moreover, as per the data published by the US Government, approximately 60% of the total US population were fully vaccinated by November 2021.
Various industries in North America are also recovering now. For instance, as per the Statistics Canada, automobile sales increased by 25% in the first seven months of 2021. The recovering prospects from the automotive industry and the growth in the industrial sector are anticipated to propel the demand for lubricants in the upcoming years.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America lubricants market. The North America lubricants market is expected to grow at a good CAGR during the forecast period.
North America Lubricants Market Revenue and Forecast to 2028 (US$ Billion)
North America Lubricants Market Segmentation
North America Lubricants Market – By Base Oil
- Mineral Oil
- Synthetic
- Bio-Based Lubricants
- Others
North America Lubricants Market – By Product Type
- Engine Oil
- Hydraulic Oil
- Gear Oil
- Grease
- Compressor Oil
- Others
North America Lubricants Market – By End Use
- Oil and Gas
- Industrial
- Chemical
- Automotive
- Marine
- Others
North America Lubricants Market, by Country
- US
- Canada
- Mexico
North America Lubricants Market - Companies Mentioned
- BP plc
- Chevron Corporation
- China Petrochemical Corporation (Sinopec)
- Exxon Mobil Corporation
- Fuchs
- Lukoil
- Royal Dutch shell plc
- Total
- Valvoline LLC
North America Lubricants Market Strategic Insights
North America LubricantsMarket Report Highlights
| Report Attribute | Details |
| Market size in 2021 | US$ 34.47 Billion |
| Market Size by 2028 | US$ 40.03 Billion |
| CAGR (2021 - 2028) | 2.2% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Base Oil
|
|
Regions and Countries Covered
|
|
| North America | US, Canada, Mexico |
| Market leaders and key company profiles |
|
North America Lubricants Market Country and Regional Insights
