USD 36.1 billion
Report ID: SQMIG10G2016 | Region: Global | Published Date: October, 2022 | Pages: 287 | Tables: 66 | Figures: 75
US Lubricant Market size was valued at USD 36.1 billion in 2021 and is poised to grow from USD 37.1 billion in 2022 to USD 45.8 billion by 2030, growing at a CAGR of 3% in the forecast period (2023-2030).
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.
Global Market Size
USD 36.1 billion
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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.
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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 Driver
US Lubricant Market Restraint
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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
US Lubricant Market Recent Developments
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.
|Market size value in 2021||USD 36.1 billion|
|Market size value in 2030||USD 37.1 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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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.
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.
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