Engine Oil Segment to Dominate North America Lubricants Market during 2020–2028
According to The Insight Partners market research study on “North America Lubricants Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Base Oil, Product Type, and End Use” is expected to reach US$ 40.03 billion by 2028 from 34.47 US$ billion in 2021. The market is estimated to grow at a CAGR of 2.2% from 2021 to 2028. The report provides trends prevailing in the North America lubricants market along with the drivers and restraints pertaining to the market growth. Rising automobile sector is the major factor driving the growth of the North America lubricants market. However, issues associated with lubricants specifications changing frequently hinders the growth of North America lubricants market.
North America lubricants market is segmented into base oil, product type, end use, and country. Based on base oil the North America lubricants market is segmented into mineral oil, synthetic, bio-based lubricants, and others. Mineral oil segment held the largest market share in 2020. Based on product type the North America lubricants market is segmented into engine oil, hydraulic oil, gear oil, gear oil, compressor oil and others. Engine oil segment held the largest market share in 2020. Based on end-use industries, the North America lubricants market has been segmented into oil and gas, industrial, chemical, automotive, marine and others end-use industries. The automotive segment led the North America lubricants market in 2020. Based on country, the North America lubricants market is segmented into US, Canada, and Mexico. US held the largest market share in 2020.
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.
Bp plc, Chevron Corporation, China Petrochemical Corporation (Sinopec), Exxon Mobil Corporation, Fuchs, Lukoil, Royal Dutch shell plc, Sinopec Lubricant Company, Total, and Valvoline LLC are among the leading companies in the North America lubricants market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, FUCHS completed the acquisition of the lubricants business of Gleitmo Technik AB, Sweden.
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