North America Lubricants - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2015 - 2026

North America Lubricants - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2015 - 2026

The North America Lubricants Market size is estimated at 8.96 Billion Liters in 2024, and is expected to reach 9.24 Billion Liters by 2026, growing at a CAGR of 1.55% during the forecast period (2024-2026).

Key Highlights

• Largest Segment by End-user Industry - Automotive : Automotive was the largest end-user segment of lubricants, owing to the higher proportion of engine and gear oils used in motor vehicles than in industrial applications.
• Fastest Segment by End-user Industry - Automotive : Automotive is likely to be the fastest-growing end user in the region, owing to expanding car and pickup-truck ownership in countries, like Mexico and the United States.
• Largest Country Market - United States : The United States is the largest lubricant market in North America, with a higher number of active vehicles and industrial machinery than any other country in the region.
• Fastest Growing Country Market - Mexico : Due to its rising manufacturing capabilities and vehicle ownership at a higher pace than Canada and the United States, Mexico is projected to witness the fastest growth.

North America Lubricants Market Trends

Largest Segment By End User : Automotive

• In 2020, the automotive industry dominated the North American lubricants market, accounting for around 47.6% of the total lubricant consumption in the country. During 2015-2019, lubricant consumption in the automotive industry increased at a CAGR of 0.22%.
• In 2020, COVID-19-related restrictions led to a decline in the maintenance requirements from several industries. The major impact was observed in the automotive industry, which recorded a dip of 17.3% during the year, followed by heavy equipment (13.56%).
• Automotive is likely to be the fastest-growing end-user industry of the North American lubricants market during 2021-2026, with a CAGR of 2.84%, followed by metallurgy and metalworking. A recovery in the average mileage of vehicles and new vehicle sales is likely to drive lubricant consumption in the automotive industry during the forecast period.

Largest Country : United States

• In 2020, the United States was the leading consumer of lubricants in the North American region, accounting for around 79.2% of the total lubricant consumption. During 2015-2019, lubricant consumption in the United States increased by a CAGR of 0.67%.
• In 2020, the COVID-19 outbreak restrained the operations of several industries, thereby restraining lubricant consumption across the North American region. The United States was the most affected, with a 13.7% drop in its lubricant consumption, followed by Mexico with a 13.1% drop.
• Mexico is likely to be the fastest-growing lubricant market during the forecast period, registering a CAGR of 3.5%, followed by the United States (2.5%). The expected recovery in automotive production and sales in Mexico is likely to drive lubricant consumption.

North America Lubricants Industry Overview

The North America Lubricants Market is moderately consolidated, with the top five companies occupying 49.28%. The major players in this market are BP Plc (Castrol), Chevron Corporation, ExxonMobil Corporation, Royal Dutch Shell Plc and Valvoline Inc. (sorted alphabetically).

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• The market estimate (ME) sheet in Excel format
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