Press release
North America Lubricants Market Latest Growth and Key Insights 2024-2031 - ExxonMobil Corp, Chevron Corporation, Shell Oil Company
North America Lubricants Market - DataM Intelligence
The North America lubricants market is estimated to grow at a CAGR of 2.52% during the forecast period 2024-2031.
The North American lubricants market is projected to witness significant growth, driven by increasing industrialization and technological advancements. Lubricants are crucial for machinery efficiency and are heavily utilized across various sectors such as automotive, manufacturing, and aerospace.
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Market Dynamics:
Automotive Industry Resilience Drives the Market
The resilience of the North American automobile industry remains a key factor driving growth in the lubricants market. While the industry is steadily transitioning toward electric vehicles (EVs), the production and sale of internal combustion engine (ICE) vehicles continue to demand a consistent supply of lubricants. Additionally, maintaining the existing fleet of ICE vehicles and producing hybrid models further reinforces the long-term demand for automotive lubricants.
Technological Advancements and Industry 4.0 Integration
Technological advancements and the adoption of Industry 4.0 technologies are crucial to the growth of the lubricant market. Automation, IoT sensors, and predictive maintenance systems depend on high-performance lubricants to ensure machinery runs smoothly. In response, the lubricants industry is evolving, providing specialized products that boost equipment reliability, minimize downtime, and enhance overall productivity.
Key players of the market:
• ExxonMobil Corporation
• Chevron Corporation
• Shell Oil Company
• Phillips 66
• Valvoline Inc.
• Petro-Canada Lubricants
• TotalEnergies
• Fuchs Lubricants Co
• Warren Oil Company, Inc
• Calumet Specialty Products Partners, L.P.
**The full version of the report includes an in-depth analysis of emerging players and startups, which will provide valuable insights into the evolving market landscape and key strategies being adopted**
Have any query? Ask our analyst@ https://www.datamintelligence.com/customize/north-america-lubricants-market
Market Segments:
By Type
• Industrial Oils
• Automotive Lubricants
• Marine Oils
• Aerospace Oils
By Grade
• Mineral
• Synthetic
• Semi-Synthetic
By End-User
• Transportation
• Industrial
By Country
• US
• Canada
• Mexico
This Report Covers:
✔ Go-to-market Strategy.
✔ Neutral perspective on the
market performance.
✔Development trends, competitive
landscape analysis, supply side analysis, demand side analysis, year-on-year
growth, competitive benchmarking, vendor identification, and other significant
analysis, as well as development status.
✔Customized regional/country
reports as per request and country level analysis.
✔ Potential & niche segments
and regions exhibiting promising growth covered.
Regional Analysis for Market:
- The North American lubricants market is segmented into the US, Canada, and Mexico.
- The United States holds the largest share, accounting for around 79.2% of total lubricant consumption in the region.
- The COVID-19 pandemic significantly reduced lubricant demand, with:
- The US seeing a 13.7% decline.
- Mexico experiencing a 13.1% drop.
- Mexico is expected to be the fastest-growing market, with a projected CAGR of 3.5% during the forecast period.
- The recovery in Mexico's automotive production and sales is likely to drive increased lubricant consumption.
- The United States is forecast to grow at a CAGR of 2.5%.
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