North America Lubricants Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Base Oil (Mineral Oil, Synthetic, Bio-Based Lubricants, and Others), Product Type (Engine Oil, Hydraulic Oil, Gear Oil, Grease, Compressor Oil, and Others), and End Use (Oil and Gas, Industrial, Chemical, Automotive, Marine, and Others)
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)
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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
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection:
3.2.2 Primary Interviews:
3.2.3 Hypothesis formulation:
3.2.4 Macro-economic factor analysis:
3.2.5 Developing base number:
3.2.6 Data Triangulation:
3.2.7 Country level data:
4. North America Lubricants Market Landscape
4.1 Market Overview
4.2 Porter’s Five Forces Analysis
4.3 Expert Opinion
4.4 Value Chain Analysis
4.4.1 Raw Material:
4.4.2 Manufacturing/Process:
4.4.3 End Use:
5. North America Lubricants Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Automobile Sector
5.1.2 Fast Industrial Growth
5.2 Restraints
5.2.1 Lubricants Specifications Changing Frequently
5.3 Market Opportunities
5.3.1 Rising Need for Lubricants from Wind Energy Sector
5.4 Future Trend
5.4.1 Synthetic Lubricants Getting Popular
5.5 Impact Analysis of Drivers and Restraints
6. Lubricants Market – North America Analysis
6.1 Lubricants Market Overview
6.2 North America Lubricants Market –Revenue and Forecast to 2028 (US$ Billion)
7. North America Lubricants Market - By Base Oil
7.1 Market Overview
7.2 North America Lubricants Market, By Base Oil (2020 and 2028)
7.3 Mineral Oil
7.3.1 Mineral Oil: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
7.4 Synthetic
7.4.1 Synthetic: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
7.5 Bio Based Lubricants
7.5.1 Bio Based Lubricants: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
7.6 Others
7.6.1 Others: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
8. North America Lubricants Market - By Product Type
8.1 Market Overview
8.2 North America Lubricants Market, By Product Type (2020 and 2028)
8.3 Engine Oil
8.3.1 Engine Oil: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
8.4 Hydraulic Oil
8.4.1 Hydraulic Oil: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
8.5 Gear Oil
8.5.1 Gear Oil: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
8.6 Grease
8.6.1 Grease: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
8.7 Compressor Oil
8.7.1 Compressor Oil: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
8.8 Others
8.8.1 Others: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
9. North America Lubricants Market Analysis – By End-Use Industries
9.1 Overview
9.2 North America Lubricants Market, By End-Use Industries (2020 and 2028)
9.3 Oil and Gas
9.3.1 Oil and Gas: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
9.4 Industrial
9.4.1 Industrial: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
9.5 Chemical
9.5.1 Chemical: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
9.6 Automotive
9.6.1 Automotive: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
9.7 Marine
9.7.1 Marine: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
9.8 Others
9.8.1 Others: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
10. North America Lubricants Market – Country Analysis
10.1 Overview
10.1.1 North America: Lubricants Market, by Key Country
10.1.1.1 US: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
10.1.1.1.1 US: Lubricants Market, by Base Oil
10.1.1.1.2 US: Lubricants Market, by Product Type
10.1.1.1.3 US: Lubricants Market, by End User Industry Industry
10.1.1.2 Canada: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
10.1.1.2.1 Canada: Lubricants Market, by Base Oil
10.1.1.2.2 Canada: Lubricants Market, by Product Type
10.1.1.2.3 Canada: Lubricants Market, by End User Industry
10.1.1.3 Mexico: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
10.1.1.3.1 Mexico: Lubricants Market, by Base Oil
10.1.1.3.2 Mexico: Lubricants Market, by Product Type
10.1.1.3.3 Mexico: Lubricants Market, by End User Industry
11. Impact of COVID-19
11.1 North America: Impact Assessment of COVID-19 Pandemic
12. Industry Landscape
12.1 Overview
12.2 Merger & Acquisition
12.3 Business Planning and Strategy
12.4 Expansion & Collaboration
12.5 Product News
13. Company Profiles
13.1 Royal Dutch Shell plc
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 EXXON MOBIL CORPORATION
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4
13.2.5 Financial Overview
13.2.6 SWOT Analysis
13.2.7 Key Developments
13.3 Total
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Chevron Corporation
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 BP p.l.c.
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Lukoil
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 FUCHS
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Valvoline LLC
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 China Petrochemical Corporation (Sinopec)
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Glossary of Terms
LIST OF TABLES
Table 1. North America Lubricants Market –Revenue and Forecast to 2028 (US$ Billion)
Table 2. US Lubricants Market, by Base Oil – Revenue and Forecast to 2028 (USD Billion)
Table 3. US Lubricants Market, by Product Type – Revenue and Forecast to 2028 (USD Billion)
Table 4. US Lubricants Market, by End User Industry Industry – Revenue and Forecast to 2028 (USD Billion)
Table 5. Canada Lubricants Market, by Base Oil – Revenue and Forecast to 2028 (USD Billion)
Table 6. Canada Lubricants Market, by Product Type – Revenue and Forecast to 2028 (USD Billion)
Table 7. Canada Lubricants Market, by End User Industry – Revenue and Forecast to 2028 (USD Billion)
Table 8. Mexico Lubricants Market, by Base Oil – Revenue and Forecast to 2028 (USD Billion)
Table 9. Mexico Lubricants Market, by Product Type – Revenue and Forecast to 2028 (USD Billion)
Table 10. Mexico Lubricants Market, by End User Industry – Revenue and Forecast to 2028 (USD Billion)
Table 11. Glossary of Terms, North America Lubricants Market
LIST OF FIGURES
Figure 1. North America Lubricants Market Segmentation
Figure 2. North America Lubricants Market Segmentation – By Country
Figure 3. North America Lubricants Market Overview
Figure 4. Mineral Oil Segment Held the Largest Share of North America Lubricants Market
Figure 5. US Held the Largest Share of North America Lubricants Market
Figure 6. Expert Opinion
Figure 7. Value Chain Analysis: North America Lubricants Market
Figure 8. Composition of Raw Materials
Figure 9. North America Lubricants Market Impact Analysis of Drivers and Restraints
Figure 10. North America: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 11. North America Lubricants Market Revenue Share, By Base Oil (2020 and 2028)
Figure 12. North America Mineral Oil: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 13. North America Synthetic: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 14. North America Bio Based Lubricants : Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 15. North America Others: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 16. North America Lubricants Market Revenue Share, By Product Type (2020 and 2028)
Figure 17. North America Engine Oil: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 18. North America Hydraulic Oil: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 19. North America Gear Oil: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 20. North America Grease: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 21. North America Compressor Oil: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 22. North America Others: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 23. North America Lubricants Market Breakdown, by End-Use Industries (2020 and 2028)
Figure 24. North America Oil and Gas: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 25. North America Industrial: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 26. North America Chemical: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 27. North America Automotive: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 28. North America Marine: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 29. North America Others: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 30. North America: Lubricants Market, by Key Country – Revenue (2020) (US$ Billion)
Figure 31. North America: Lubricants Market Revenue Share, by Key Country (2020 and 2028)
Figure 32. US: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 33. Canada: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 34. Mexico: Lubricants Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 35. Impact of COVID-19 Pandemic on Lubricants Market in North America
- BP plc
- Chevron Corporation
- China Petrochemical Corporation (Sinopec)
- Exxon Mobil Corporation
- Fuchs
- Lukoil
- Royal Dutch shell plc
- Total
- Valvoline LLC
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America lubricants market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the North America lubricants market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth North America market trends and outlook coupled with the factors driving the lubricants market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution