Lubricant Oil Manufacturing in Canada - Industry Market Research Report

Lubricant Oil Manufacturing in Canada - Industry Market Research Report

Lubricant Oil Manufacturing in Canada

The Lubricant Oil Manufacturing industry in Canada produces industrial and automotive lubricants for manufacturers and consumers, including motor oil, transmission fluid, rust inhibitors and machine oils. Most industry goods are based on petroleum products and industry revenue tends to track the price of crude oil. The industry has experienced mixed results, which is in line with volatility in the price of crude oil. The COVID-19 pandemic initially led to a steep decline in demand for oil as manufacturers reduced their production and drivers reduced travel. Downstream demand for oil was weaker than expected despite increased overall economic activity. Revenue has been growing at a CAGR of 2.1% over the past five years and is expected to reach $3.4 billion through the end of 2023. This includes a decrease of 5.5% in 2023 alone. Profit is expected to expand during the period as restricted supply and distribution drive up demand.

This industry manufactures petroleum products (except for asphalt paving, roofing and saturated materials) such as blended motor oils, brake fluids, lubricating greases and other oil-based additives. Key buyers include downstream automobile manufacturers, wholesalers and automotive retail chains.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.