North America Lubricants Market Analysis, Size, Share, Growth, Trends and Forecast 2021 – 2028
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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... moreNorth America Lubricants Market Analysis, Size, Share, Growth, Trends and Forecast 2021 – 2028
Get Full Report: https://www.businessmarketinsights.com/reports/north-america-lubricants-market
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.
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
by Country
US
Canada
Mexico
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: Recovery and Growth
The automotive industry, a key driver of lubricant demand, experienced significant pandemic-related setbacks. However, the lifting of travel restrictions, increased transportation activity, and widespread vaccination efforts in 2021 have spurred a notable recovery. This resurgence, coupled with rising disposable incomes, accessible financing, and a growing population, has fueled automobile sales, consequently boosting lubricant consumption.
Key Drivers of Growth:
Automotive Industry Recovery: Increased vehicle sales directly correlate with higher lubricant demand.
Economic Rebound: The recovery of various industries in North America, including the automotive sector (e.g., a 25% increase in Canadian auto sales in early 2021), is driving industrial lubricant usage.
Electric Vehicle (EV) Investment: The burgeoning EV market, while potentially altering lubricant types, still contributes to overall market growth through specialized lubricant needs.
Technological Advancements: Innovation in lubricant technology allows vendors to attract new customers and expand into emerging markets.
Regional Context: The US and Canada
While the US faced significant COVID-19 challenges, including a high number of cases, the successful vaccination rollout (approximately 60% fully vaccinated by November 2021) has facilitated industrial recovery. Similarly, Canada's strong automotive sales rebound indicates a positive trend for lubricant demand across North America.
Strategic Insights and Future Outlook:
The North America lubricants market is poised for robust growth. Strategic insights, powered by data-driven analysis, are crucial for navigating this dynamic landscape. These insights provide:
Analysis of current trends, key players, and regional variations.
Actionable recommendations for identifying untapped market segments and developing unique value propositions.
Data analytics to anticipate market shifts and position for long-term success.
By leveraging these insights, manufacturers, investors, and other stakeholders can make informed decisions, drive profitability, and capitalize on the market's growth potential. The North American lubricants market is projected to expand at a healthy CAGR during the forecast period.
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About Us:
Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications
Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
