Growing Industrialization Fuels Lubricant Usage in Machinery and Equipment is Expected to Drive the Growth for the U.S. Lubricants Market

Lubricants are organic compounds employed to minimize friction and heat generation between interacting surfaces. They may also possess properties for conveying forces and particles, or regulating temperature, with the expectation of maintaining their effectiveness at elevated temperatures. Growing industrialization is a pivotal driver for the market, significantly impacting lubricant consumption and the overall industry landscape. This driver encompasses a wide range of factors that underscore the symbiotic relationship between industrialization and lubricants.

Growing industrialization is a dynamic and multifaceted driver for the market. It encompasses various industries, sectors, and applications, all of which rely on lubricants for smooth, efficient, and environmentally responsible operations. The lubricants market will remain an essential component of industrial growth and sustainability, ensuring the seamless operation of machinery and equipment across diverse sectors, as industrialization continues to advance. Thus, growing industrialization fuels lubricant usage in machinery and equipment and is expected to drive market growth.

Access Full Report @ https://www.databridgemarketresearch.com/zh/reports/us-lubricants-market

Data Bridge Market Research analyzes that the U.S. Lubricants Market is expected to reach USD 28.02 billion by 2031 from USD 22.25 billion in 2023, growing at a CAGR of 2.95% in the forecast period of 2024 to 2031.

Key Findings of the Study

The Surge in Vehicle Manufacturing and Sales

The surge in vehicle manufacturing and sales has emerged as a significant driver for the market. This surge has several interrelated factors that contribute to its impact on the lubricants industry. The U.S. automotive industry has witnessed remarkable growth, driven by rising consumer demand, expanding middle-class populations in emerging economies, and increasing urbanization. There has been a surge in vehicle manufacturing to meet this demand, as more people aspire to own vehicles. This, in turn, leads to higher lubricant consumption, as vehicles require lubricants for engine performance and maintenance.

The proliferation of vehicles worldwide has led to a substantial increase in vehicle ownership. This includes not only passenger cars but also commercial vehicles, such as trucks and buses. These vehicles form the backbone of transportation systems in many regions, necessitating regular lubricant usage for engine efficiency and longevity.

Report Scope and Market Segmentation

Segment Analysis

U.S. lubricants market is segmented into six notable segments based on product, base oil, grade, format, sales channel, and end-use.

• On the basis of product, the U.S. lubricants market is segmented into engine oils, hydraulic oils, circulation fluids, gear oil, grease, metalworking fluids, wind turbine oils, compressor oils, gas turbine oils, heat transfer oils, rust preventive oils, penetrants, and others

In 2024, the engine oils segment is expected to dominate the U.S. lubricants market

In 2024, the engine oils segment is expected to dominate the market with a 31.83% market share due to its pivotal role in various automotive and industrial applications.

• On the basis of base oil, the U.S. lubricants market is segmented into mineral oil, synthetic oil, semi-synthetic oil, and bio-based oil

In 2024, the mineral oil segment is expected to dominate the U.S. lubricants market

In 2024, the mineral oil segment is expected to dominate the market with a 60.07% market share due to its growing industrialization fuels lubricants usage in machinery and equipment.

• On the basis of grade, the U.S. lubricants market is segmented into industrial and food grade. In 2024, the industrial segment is expected to dominate the market with a 97.53% market share
• On the basis of format, the U.S. lubricants market is segmented into bulk, mini-bulk, small pack, and others. In 2024, the bulk segment is expected to dominate the market with a 43.98% market share
• On the basis of sales channel, the U.S. lubricants market is segmented into distributors, retail, e-commerce, and direct to end users. In 2024, the distributors segment is expected to dominate the market with a 74.89% market share
• On the basis of end-use, the U.S. lubricants market is segmented into automobile & transportation, marine, energy & power generation, metallurgy & metal working, chemical manufacturing, construction machinery/ earthmoving, heavy equipment, mining, industrial, aerospace & aviation, railways, agriculture, electrical/utility, manufacturing plants, oil & gas, food & beverage, cement, plastics & rubber processing, textile, pulp & paper, consumer/DIY, and others. In 2024, the automobile & transportation segment is expected to dominate the market with a 12.80% market share

Major Players

Data Bridge Market Research recognizes the following companies as the major players in the U.S. lubricants market that includes Shell (U.K.), Exxon Mobil Corporation (U.S.), BP p.l.c. (U.K.), Chevron Corporation (U.S.), DuPont (U.S.), and LUKOIL (Russia), among others in the U.S. lubricants market.

Market Developments

• In June 2024, Shell Eastern Trading Pte. Ltd. has signed an agreement to acquire Pavilion Energy Pte. Ltd., enhancing Shell’s LNG trading capabilities with 6.5 million tons per annum. The deal, expected by Q1 2025, aims to strengthen Shell’s global energy portfolio
• In May 2024, Exxon Mobil Corporation announced the completion of its acquisition of Pioneer Natural Resources, significantly expanding its Permian footprint. This merger enhances ExxonMobil's production capacity to 1.3 million barrels of oil equivalent per day, with plans to reach approximately 2 million by 2027. The partnership aims to improve efficiency and reduce environmental impact while advancing a net-zero goal to 2035
• In December 2023, BASF's Irgastab PUR 71 is an innovative, aromatic amine-free antioxidant that enhances regulatory compliance and performance in polyols and polyurethane foams. It reduces emissions, improves air quality in vehicles, and provides a sustainable alternative for producers, supporting environmental certifications and maintaining product confidentiality
• In September 2024, Chevron Corporation marks 70 years of partnership in Angola, highlighting significant contributions to the nation’s development and energy sector. The collaboration has fostered economic growth, job creation, and investment in local communities. For Chevron, this enduring relationship strengthens its position in Africa and reinforces its commitment to sustainable practices while enhancing its operational footprint in the region
• In June 2023, ExxonMobil signed a carbon capture agreement with Nucor Corporation, enabling the capture, transport, and storage of up to 800,000 metric tons of CO2 annually from Nucor's Convent, Louisiana site. This marked a milestone, bringing total CO2 agreements to 5 million metric tons per year. The project, set to start in 2026, supports Louisiana's net-zero emissions goal by 2050

For more detailed information about the U.S. lubricants market report, click here – https://www.databridgemarketresearch.com/zh/reports/us-lubricants-market