North America Oil & Gas Lubricants Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North America Oil & Gas Lubricants Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The North American oil & gas lubricants market is expected to register a CAGR over 1% during the forecast period, 2019 - 2024. Certain factors, such as growing interest toward unconventional reserves, have been driving the oil and gas lubricants market in North America.

Key Highlights

• Technological advancement leading to higher well production rates is expected to drive the demand for the market during the forecast period.
• Volatile prices of crude oil is likely to hinder the market’s growth.
• Increasing offshore deepwater exploration is projected to act as an opportunity for the market in future.

Key Market TrendsOffshore Exploration is Expected to Experience the Highest Growth

• Most of North American land-based and shallow water oil fields have reached their maturity, and there is little scope for a new field discovery in these areas. However, prospects are bright for offshore deepwater oil field exploration and production.
• To meet the global demand for oil in future, opportunities lie in offshore deep seabed, where oil and gas operators continue to discover new reserves in the North American region.
• The requirement for maintaining and boosting recovery rates from these subsea wells has increased, and it is expected to grow further, resulting in increased demand for lubricants.
• Governmental rules and regulation policies related to the usage of different types of lubricant technologies for subsea operations are getting stringent day-by-day, which raises the need for better technological innovations in the lubricant business to increase the efficiency of production systems, and opens the doors for regional players to increase their market share.
• With the increase of oil prices to a sustainable level, several offshore exploration and production projects are expected to be commissioned in the North American offshore waters, which in turn, present an excellent growth opportunity for companies involved in the lubricants business during the forecast period.

The United States is Expected to Aid Demand for Oil and Gas Lubricants

• The exploration and production activities for unconventional resources, such as shale oil/gas and tight gas, are expected to remain high during the forecast period.
• As market conditions are improving significantly amid rising oil prices, coupled with the support of a new and favorable administration with pro-energy policies that understand the strategic importance of a healthy oil and gas industry, the exploration and production activities are expected to further increase in the United States.
• The shale revolution in the North American region has led to an unparalleled growth in oil and gas production. Technological advancements in drilling and fracking technologies have unlocked vast reserves of gas and oil trapped in shale rock, and redrawn the energy landscape of the region
• The International Energy Agency (IEA) expects a further increase in oil and gas production, with the United States emerging as a net oil exporter by 2027, the first time since 1953.
• At every stage, from oil exploration and production to its transportation, storage, and processing, the industry faces critical issues and operates at extreme temperatures. Moreover, the equipment and machines used in the oil and gas industry are expensive, which creates the need for regular maintenance and lubricants, to ensure long life. This is expected to increase the demand for lubricants in the US oil and gas industry during the forecast period.

Competitive Landscape

The North American oil and gas lubricants market is fragmented. Key players in the North American oil and gas lubricants market include Exxon Mobil Corporation, Schlumberger Limited, LUKOIL, Lubrication Engineers Inc., and Chevron Corporation.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.