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 United States, Canada, and Mexico are the leading economies in North America and play a crucial role in the region's automotive industry. Over the past decade, the North American automotive sector has experienced substantial growth and is projected to continue expanding steadily throughout the forecast period. However, the COVID-19 pandemic had a significant adverse impact on the industry in 2020 and 2021, due to factors such as nationwide lockdowns and reduced investment. Despite these setbacks, the industry began to recover and was expected to return to its pre-pandemic growth trajectory by fiscal year 2022–2023.
While the automotive sector initially suffered due to the pandemic, improvements such as the easing of travel restrictions, increased transportation activities, and widespread vaccination efforts in 2021 supported a rebound in vehicle sales. Automotive companies responded by ramping up investment in manufacturing to boost production and drive sales growth. Key drivers contributing to the surge in automobile sales include population growth, rising disposable incomes, and the easy availability of credit and financing options.
This rise in vehicle sales is directly increasing the demand for lubricants, further fueling growth in the North America Lubricants Market. Additionally, growing investment in electric vehicles (EVs) is providing another significant boost to lubricant consumption, especially in specialized applications.
The United States, which recorded the highest number of confirmed COVID-19 cases in the region, saw a marked decline in industrial output and market activity. However, as of November 2021, approximately 60% of the US population was fully vaccinated, which helped to stabilize economic activity and support recovery in the automotive sector.
Other parts of North America also show strong signs of recovery. For instance, Statistics Canada reported a 25% increase in automobile sales during the first seven months of 2021. This resurgence, combined with broader industrial growth, is expected to drive continued demand for lubricants in the coming years.
Furthermore, with the introduction of advanced technologies and features, lubricant vendors have new opportunities to attract customers and expand into emerging markets. These developments are anticipated to significantly contribute to the expansion of the North America Lubricants Market, which is expected to grow at a healthy compound annual growth rate (CAGR) over the forecast period.
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
Strategic insights for the North America Lubricants Market provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the North America Lubricants Market.
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Author's Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
