North America Lubricants Market Upcoming Trends and Regional Forecast by 2028

The North America Lubricants Market 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 North American automotive sector, encompassing the US, Canada, and Mexico, experienced substantial growth in the decade preceding the forecast period and is projected to continue its upward trajectory. The COVID-19 pandemic in 2020 and 2021 caused a significant setback due to nationwide lockdowns and reduced investment. However, the sector is anticipated to regain its pre-pandemic growth momentum by FY 2022-2023.

Despite the negative impact of the pandemic on the automotive industry, the easing of travel restrictions, increased transportation activities, and the widespread vaccination programs in 2021 have stimulated automobile sales. Numerous automotive companies are making significant investments in manufacturing to boost production and sales. Key drivers for increasing automobile sales include a growing population, rising disposable incomes, and the easy availability of credit and financing. This surge in automotive sales is consequently fueling the consumption of lubricants, thereby driving the North America Lubricants Market. Furthermore, the escalating investments in electric vehicles are also significantly contributing to the growth of the lubricants market. Thus, the robust investment trend within the automotive industry is a major catalyst for the expansion of the lubricants market.  

The US, while having the highest number of confirmed COVID-19 cases in the region, saw approximately 60% of its population fully vaccinated by November 2021, according to US government data.

The broader North American industrial landscape is also showing signs of recovery. Statistics Canada reported a 25% increase in automobile sales during the first seven months of 2021. The positive outlook for the automotive industry, coupled with growth in the industrial sector, is expected to drive demand for lubricants in the coming years.

The introduction of new features and technologies by vendors presents opportunities to attract new customers and expand their presence in emerging markets, which is likely to further propel the North America lubricants market. The market is projected to grow at a healthy Compound Annual Growth Rate (CAGR) during the forecast period.

North America Lubricants Strategic Insights:

Strategic insights for the North America lubricants market offer a data-driven analysis of the industry's landscape, encompassing current trends, key market participants, and regional specificities. These insights provide actionable recommendations that empower readers to differentiate themselves from competitors by identifying untapped market segments or developing unique value propositions. By leveraging data analytics, these insights enable industry players, including investors, manufacturers, and other stakeholders, to anticipate market shifts. Adopting a future-oriented perspective is crucial for stakeholders to foresee market changes and strategically position themselves for sustained success in this dynamic region. Ultimately, effective strategic insights facilitate informed decision-making, driving profitability and enabling the achievement of business objectives within the North America Lubricants Market.

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

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Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights