Embedded Files
The lubricants market in North America is expected to grow from US$ 34.47 billion in 2021 to US$ 40.03 billion by 2028; it is estimated to grow at a CAGR of 2.2% from 2021 to 2028.
The North American automotive sector, a cornerstone of the region's major economies (US, Canada, and Mexico), is poised for substantial growth after navigating the challenges of the COVID-19 pandemic. While 2020 and 2021 saw a dip in sector growth due to lockdowns and reduced investments, the industry is projected to regain its pre-pandemic momentum by fiscal years 2022–2023.
Factors Fueling Recovery and Growth
The rebound in the automotive industry is a key driver for the North America Lubricants Market. The easing of travel restrictions, increased transportation activities, and widespread vaccination programs in 2021 significantly boosted automobile sales. This upward trend is further supported by:
Growing Investments: Numerous automotive companies are heavily investing in manufacturing to ramp up production and sales.
Demographic and Economic Shifts: An expanding population, rising disposable incomes, and the easy availability of credit and financing are all contributing to increased automobile purchases.
These factors are directly fueling the consumption of lubricants, which are essential for vehicle operation and maintenance. The growing investment in electric vehicles is also significantly propelling the lubricants market, highlighting a shift in the industry's landscape.
Regional Impact and Recovery
The US, despite having the highest number of COVID-19 cases in the region, is showing signs of recovery. By November 2021, approximately 60% of its population was fully vaccinated, aiding the revitalization of production and end-use industries.
Canada is also experiencing a strong rebound in its automotive sector. Statistics Canada reported a 25% increase in automobile sales during the first seven months of 2021. This recovery in the automotive industry, coupled with overall industrial growth, is expected to significantly boost the demand for lubricants across North America in the coming years.
Market Outlook
The North America lubricants market is anticipated to experience good Compound Annual Growth Rate (CAGR) during the forecast period. The introduction of new features and technologies by vendors is expected to attract new customers and facilitate market expansion into emerging areas, further driving this growth.
North America Lubricants Market Segmentation
North America Lubricants Market – By Base Oil
Mineral Oil
Synthetic
Bio-Based Lubricants
Others
North America Lubricants Market – By
Product Type
Engine Oil
Hydraulic Oil
Gear Oil
Grease
Compressor Oil
Others
North America Lubricants Market – By End Use
Oil and Gas
Industrial
Chemical
Automotive
Marine
Others
North America Lubricants Market, by Country
US
Canada
Mexico
North America Lubricants Market - Companies Mentioned
BP plc
Chevron Corporation
China Petrochemical Corporation (Sinopec)
Exxon Mobil Corporation
Fuchs
Lukoil
Royal Dutch shell plc
Total
Valvoline LLC
North America Lubricants Market Strategic Insights
Strategic insights for the North America Lubricants Market provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the North America Lubricants Market.
Other Reports:
North America Urinalysis Market: https://write.as/ujya5xnychlvf5id.md
North America Medical Aesthetics Market: https://medium.com/@kharadjayram2/north-america-medical-aesthetics-market-size-share-development-status-type-2028-f9150cc46559
North America Automotive Lead Acid Battery Market: https://sites.google.com/view/automotive-lead-acid-battery-/home
North America Electronic Health Record (EHR) Market: https://business-news-insights.blogspot.com/2025/05/north-america-electronic-health-record.html
About Us:
Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications.
Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
Page updated
Google Sites
Report abuse