US Lubricant Market is Expected to Cross USD 135.86 Billion by 2028 at a CAGR of 2.3% from 2022-2028; Growing Demand for Bio-Based and Synthetic Lubricants Fueling Significant Market Growth
SkyQuest’s latest research report on the US lubricant market offers valuable insights into recent industry developments and showcases case studies of leading companies in the market. As a result, the report is a valuable resource for decision-makers seeking to make informed strategic decisions for their organizations. In addition to analyzing key market factors, the report also identifies major market challenges and evaluates the competitive dynamics, expansion opportunities, and effective growth strategies.
Westford USA, Feb. 21, 2023 (GLOBE NEWSWIRE) — The US lubricant market is anticipated to witness substantial growth in the near future, primarily due to the rising demand for lubricants across diverse industries, including automotive, industrial, and marine. The market is also benefiting from the increasing popularity of bio-based lubricants, which offer a greener alternative to conventional lubricants by reducing their environmental impact. Moreover, the surging demand for synthetic lubricants is also a significant driver of market growth, as synthetic lubricants offer superior performance and have an extended lifespan compared to conventional lubricants. As a result, the market is poised to expand significantly in the coming years, driven by these key factors.
According to SkyQuest’s research insights, passenger vehicles constituted over 80% of the total on-road vehicles in the US market in 2022, making them the highest source of demand for lubricants. Furthermore, as passenger vehicles continue to be the primary mode of transportation for most Americans, the demand for lubricants is expected to remain strong in the coming years.
Browse in-depth TOC on “US Lubricant Market”
- Pages – 287
- Tables – 66
- Figures – 59
A lubricant is a substance that reduces friction between two surfaces in contact, minimizing the amount of heat generated during operation. Depending on the application, it can transfer forces, remove foreign particles, and cool or heat surfaces. Lubricity is a critical characteristic that helps to reduce friction, ensuring that the surfaces remain protected and operate efficiently. Lubricants are widely used for various purposes, including industrial applications, cooking, and human bio-applications.
Prominent Players in US Lubricant Market
- ExxonMobil Corporation
- Valvoline Inc.
- Royal Dutch Shell Plc. and Valvoline Inc.
- Chevron Corporation
- Twin Specialties
- Phillips 66 Lubricants
- Amsoil Inc.
- TRInternational, Inc.
- BP PLC (Castrol)
- TMC Industries, Inc.
- HF Sinclair Corporation
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Engine Oil Segment Drives Higher Sales owing to the Rising Development of Advanced lubricants that Minimize Friction and Maximize Fuel Efficiency
The engine oil segment held a significant share of the US lubricant market in 2022 and is projected to continue contributing to the market’s growth from 2023 to 2028. Industrial engine oils are vital for reducing operating costs by significantly reducing wear and tear on heavily moving mechanical components. These lubricants also play a critical role in reducing fuel consumption, as they have a low coefficient of friction that keeps the engine parts clean and operating optimally, resulting in optimum combustion efficiency.
The United States is the largest market for industrial machinery in North America and is home to several leading industrial machinery manufacturers. In 2021, motor vehicle production in the US increased by more than 4.6% compared to the previous year. This increase in motor vehicle production has resulted in a significant surge in demand for lubricants, which play a critical role in the efficient functioning of machinery. The growth of the motor vehicle industry in the US has contributed to the overall growth of the lubricant market, making the United States a key player in the global lubricant industry.
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Automotive Industry Segment to Generate Higher Revenues Thanks to Rising Vehicle Electrification Driving Demand for Lubricants with Superior Performance
In 2022, the automotive industry held the largest share of the US lubricant market, and it is expected to maintain its dominance from 2023 to 2028. The sector is anticipated to experience a surge in demand as customers continue to purchase more passenger cars. Lubricating oils play a crucial role in the automotive industry by minimizing friction between two vehicle components. Additionally, they help regulate the temperature by absorbing the heat the moving parts produce. With the increasing demand for passenger cars, lubricating oils are set to rise in tandem, making the automotive industry a key driver of growth in the lubricant market.
In today’s highly competitive market, companies are constantly seeking ways to gain an edge over their rivals. This often involves forming strategic partnerships, making acquisitions, engaging in mergers, and pursuing joint ventures to increase their market share and solidify their position in the industry. SkyQuest’s latest research report provides invaluable insights for new entrants and established brands looking to establish a foothold in the US lubricant market. In addition, the report offers guidance on effective strategies to succeed in this highly competitive industry, helping businesses make informed decisions to achieve long-term success.
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Key Developments in US Lubricant Market
- Pennzoil-Quaker State Company, a subsidiary of Shell plc, has announced the acquisition of a 49% stake in Blue Tide Environmental LLC. Blue Tide is a company dedicated to establishing a global network of lubricant recycling facilities, and the acquisition demonstrates Shell’s commitment to sustainability and environmental responsibility. The partnership between Pennzoil-Quaker State Company and Blue Tide will enable the companies to develop innovative solutions for lubricant recycling and waste reduction.
- Mighty Distributing System, a leading name in the automotive aftermarket products and services industry, has announced a new partnership with Total Specialties USA. The partnership will focus on targeting the Quartz Ineo and Quartz 9000 sub-ranges of engine oils, which are specifically designed for light vehicles and meet the most stringent criteria of European original equipment manufacturers (OEMs).
- Valvoline and Cummins, two of the most prominent names in the automotive industry, have extended their marketing and technology collaboration agreement for another five years. Under the terms of the agreement, Cummins will recommend and market Valvoline’s Premium Blue engine oil for its heavy-duty diesel engines and generators. Additionally, Cummins will distribute Valvoline products through its worldwide distribution networks.
Key Questions Answered in US Lubricant Market Report
- What are the current and projected size and growth rate for the US lubricant market?
- What factors are driving the growth of the global market, and what are the major challenges hindering its growth?
- How has the market in the United States performed in the past, and what are the growth prospects for the future?
- Who are the leading players in the market, and how intense is the competition in the industry?
- What trends are shaping the market, and what impact will they have on future growth and development?
Related Reports in SkyQuest’s Library:
Global Automotive Engine Oil Market
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Global Industrial Gases Market
Global Synthetic Fuel Market
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