U.S. Lubricants Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2031

Lubricants Market Analysis

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. 

Lubricants Market Size

U.S. Lubricants market size was valued at 22.25 billion in 2023 and is projected to reach USD 28.02 billion by 2031, with a CAGR of 2.95% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include import export analysis, production capacity overview, production consumption analysis, price trend analysis, climate change scenario, supply chain analysis, value chain analysis, raw material/consumables overview, vendor selection criteria, PESTLE Analysis, Porter Analysis, and regulatory framework.

Lubricants Market Trends

“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.

Rapid Expansion of the Automotive 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.

Increased Vehicle Ownership: 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.

The market is driven by a variety of factors, including the spike in vehicle production and sales around the world. This growing trend is supported by rising vehicle ownership, technical development, rising maintenance costs, increased global trade, and its knock-on impacts on economic expansion. The lubricants market will be essential in guaranteeing the best performance and sustainability of cars around the world as the automotive industry develops further. Thus, a worldwide surge in vehicle manufacturing and sales is expected to drive market growth.

Report Scope and Market Segmentation       

Lubricants Market Definition

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.

Lubricants Market Dynamics

Drivers

• The Expansion of Transportation Networks Contributes to Higher Lubricant Consumption

The expansion of transportation networks is a compelling driver for the market, exerting a substantial influence on lubricant consumption. This driver encompasses a wide spectrum of factors that highlight the intricate relationship between transportation infrastructure development and the demand for lubricants.

The expansion of transportation networks is a multifaceted driver that significantly influences the market. Lubricants continue to be indispensable for ensuring the smooth, safe, and sustainable operation of vehicles, machinery, and equipment across all modes of transportation as transportation infrastructure grows and diversifies. The synergy between transportation expansion and lubricant consumption underscores the critical role lubricants play in facilitating the movement of people and goods worldwide. It is projected that the expansion of transportation networks contributes to higher lubricant consumption and is expected to drive market growth.

For instance,

In May 2023, as per Forbes High-speed rail is finally gaining momentum in the U.S., with federal funding allocated to Amtrak's Northeast Corridor and potential projects in California and Las Vegas-to-L.A. decision-making on these projects is expected in the coming months, signaling a shift towards modernizing passenger rail infrastructure.

• The Expanding Aerospace and Defense Sectors Demand High-Performance Lubricant

The expanding aerospace and defense sectors are compelling drivers for the market, primarily due to the demanding and critical nature of these industries. The aerospace and defense sectors rely on high-performance lubricants to ensure the reliability, efficiency, and safety of their complex and mission-critical equipment. The rapidly expanding aerospace and defense sectors demand high-performance lubricants to meet the rigorous demands of their equipment and operations. The critical nature of these industries, combined with technological advancements and evolving regulations, underscores the significance of lubricants in ensuring the safety, efficiency, and reliability of aircraft, military machinery, and space exploration vehicles. The aerospace and defense sectors are poised to continue driving the growth of the market.

Opportunities

• Escalating Demand for Sustainable and Bio-Based Lubricants

Escalating demand for sustainable and bio-based lubricants presents a significant opportunity for the market. Industries and consumers are actively seeking lubricant solutions that are not only effective but also environmentally friendly, as environmental concerns continue to gain momentum. This shift in demand has opened up several avenues for growth and innovation within the lubricants industry.

One of the key opportunities lies in the development and production of bio-based lubricants. These lubricants are derived from renewable resources such as plant oils, animal fats, and even microbial sources. Unlike traditional mineral oil-based lubricants, bio-based lubricants have the advantage of being biodegradable and less harmful to the environment. They also offer improved biodegradability and reduced toxicity, making them a preferred choice in applications where environmental impact is a concern.

For instance,

In the article by STLE org, Biobased lubricants, such as soy-based hydraulic fluid and vegetable oil-derived additives, show promise in various applications, from elevators to farm equipment. They offer advantages such as biodegradability, lower toxicity, and enhanced lubricity, though challenges such as poor oxidation stability and high pour points persist. Innovations aim to overcome these limitations, making biobased lubricants competitive with synthetic counterparts. Recycling remains a challenge, with mixed opinions on its feasibility.

• Continued Industrial Expansion Offers a Substantial Market Growth Opportunity

Continued industrial expansion presents a substantial growth opportunity for the market. As economies evolve and industrialization remains a driving force, the demand for lubricants across various sectors is expected to surge. This opportunity arises from the indispensable role lubricants play in maintaining the efficiency, performance, and longevity of industrial machinery and equipment.

The rapid urbanization and infrastructure development witnessed in emerging economies. The need for heavy machinery and equipment increases significantly, as these countries invest in building and upgrading infrastructure, such as roads, bridges, airports, and manufacturing facilities. Lubricants are critical for ensuring the smooth operation of these machines, reducing friction, and preventing wear and tear. Moreover, the expansion of construction and infrastructure projects often requires specialized lubricants designed to withstand extreme conditions, further driving demand.

Restraints/ Challenges

• Fluctuations in Crude Oil Prices Affect the Cost of Lubricant Production

Fluctuations in crude oil prices act as a significant restraint for the market. Crude oil serves as the primary raw material for lubricant production, and its price volatility can have profound implications for the industry. Several factors contribute to the restraint posed by crude oil price fluctuations.

Firstly, these fluctuations introduce variability in input costs. The cost of crude oil directly affects the manufacturing costs of base oils, additives, and other raw materials used in lubricant formulations. Such cost fluctuations can be sudden and unpredictable, challenging manufacturers to manage production expenses effectively. The uncertainty in crude oil prices creates pricing challenges. The lubricants market operates in a competitive environment, and rapid price changes in crude oil can disrupt pricing strategies. Manufacturers may find it challenging to pass on increased costs to customers promptly, potentially eroding profit margins during periods of rising crude oil prices.

For instance,

Oil prices rose by USD 1 after Russia announced a ban on most fuel exports. Morgan Stanley increased its Brent forecast due to Saudi-Russia production cuts but cautioned that USD 100 per barrel was a "stretched" target.

• Highly Competitive Lubricant Industry Manufacturers Requires Constant Innovation and Differentiation

The market faces a formidable challenge driven by the highly competitive nature of the industry. Lubricant manufacturers operate in a dynamic environment where innovation and differentiation are essential for survival and success. This challenge is multi-faceted and demands continuous efforts to stay ahead in the fiercely competitive landscape.

The primary challenge in the market is the need for constant innovation. Lubricants play a critical role in machinery and equipment maintenance, and their performance directly impacts the efficiency, reliability, and lifespan of these assets. Lubricant manufacturers must continually innovate to develop formulations that address specific challenges and requirements, as industries and applications become more demanding and diverse.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Lubricants Market Scope

The market is segmented on the basis of product, base oil, grade, format, sales channel, and end-use. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Engine Oils
  • Engine Oils, By Base Oil
    • Mineral Oil
      • Mineral Oil, By Type
        • Paraffinic Oils
        • Naphthenic Oils
        • Aromatic Oils
    • Synthetic Oil
      • Synthetic Oil, By Type
        • Synthetic Blend Oil
        • Full Synthetic Oil
    • Semi-Synthetic Oil
    • Bio-Based Oil
      • Engine Oils, By Grade
        • Industrial
        • Food Grade
• Hydraulic Oils
  • Hydraulic Oils, By Base Oil
    • Mineral Oil
      • Mineral Oil, By Type
        • Paraffinic Oils
        • Naphthenic Oils
        • Aromatic Oils
    • Synthetic Oil
      • Synthetic Oil, By Type
        • Synthetic Blend Oil
        • Full Synthetic Oil
    • Semi-Synthetic Oil
    • Bio-Based Oil
      • Hydraulic Oils, By Grade
        • Industrial
        • Food Grade
• Circulation Fluids
  • Circulation Fluids, By Base Oil
    • Mineral Oil
      • Mineral Oil, By Type
        • Paraffinic Oils
        • Naphthenic Oils
        • Aromatic Oils
    • Synthetic Oil
      • Synthetic Oil, By Type
        • Synthetic Blend Oil
        • Full Synthetic Oil
    • Semi-Synthetic Oil
    • Bio-Based Oil
      • Circulation Fluids, By Grade
        • Industrial
        • Food Grade
• Gear Oil
  • Gear Oil, By Base Oil
    • Mineral Oil
      • Mineral Oil, By Type
        • Paraffinic Oils
        • Naphthenic Oils
        • Aromatic Oils
    • Synthetic Oil
      • Synthetic Oil, By Type
        • Synthetic Blend Oil
        • Full Synthetic Oil
    • Semi-Synthetic Oil
    • Bio-Based Oil
      • Gear Oils, By Grade
        • Industrial
        • Food Grade
• Grease
  • Grease, By Type
    • Lithium-Based
    • Calcium-Based
    • Bentone-Based
    • Barium Complex
    • Others
      • Grease, By Base Oil
        • Mineral Oil
          • Mineral Oil, By Type
          • Paraffinic Oils
          • Naphthenic Oils
          • Aromatic Oils
    • Synthetic Oil
      • Synthetic Oil, By Type
        • Synthetic Blend Oil
        • Full Synthetic Oil
    • Semi-Synthetic Oil
    • Bio-Based Oil
      • Grease, By Grade
        • Industrial
        • Food Grade
• Metalworking Fluids
  • Metalworking Fluids, By Base Oil
    • Mineral Oil
      • Mineral Oil, By Type
        • Paraffinic Oils
        • Naphthenic Oils
        • Aromatic Oils
    • Synthetic Oil
      • Synthetic Oil, By Type
        • Synthetic Blend Oil
        • Full Synthetic Oil
    • Semi-Synthetic Oil
    • Bio-Based Oil
      • Metalworking Fluids, By Grade
        • Industrial
        • Food Grade
• Wind Turbine Oils
  • Wind Turbine Oils, By Base Oil
    • Mineral Oil
      • Mineral Oil, By Type
        • Paraffinic Oils
        • Naphthenic Oils
        • Aromatic Oils
    • Synthetic Oil
      • Synthetic Oil, By Type
        • Synthetic Blend Oil
        • Full Synthetic Oil
    • Semi-Synthetic Oil
    • Bio-Based Oil
      • Wind Turbine Oils, By Grade
        • Industrial
        • Food Grade
• Compressor Oils
  • Compressor Oils, By Base Oil
    • Mineral Oil
      • Mineral Oil, By Type
        • Paraffinic Oils
        • Naphthenic Oils
        • Aromatic Oils
    • Synthetic Oil
      • Synthetic Oil, By Type
        • Synthetic Blend Oil
        • Full Synthetic Oil
    • Semi-Synthetic Oil
    • Bio-Based Oil
      • Compressor Oils, By Grade
        • Industrial
        • Food Grade
• Gas Turbine Oils
  • Gas Turbine Oils, By Base Oil
    • Mineral Oil
      • Mineral Oil, By Type
        • Paraffinic Oils
        • Naphthenic Oils
        • Aromatic Oils
    • Synthetic Oil
      • Synthetic Oil, By Type
        • Synthetic Blend Oil
        • Full Synthetic Oil
    • Semi-Synthetic Oil
    • Bio-Based Oil
      • Gas Turbine Oils, By Grade
        • Industrial
        • Food Grade
• Heat Transfer Oils
  • Heat Transfer Oils, By Base Oil
    • Mineral Oil
      • Mineral Oil, By Type
        • Paraffinic Oils
        • Naphthenic Oils
        • Aromatic Oils
    • Synthetic Oil
      • Synthetic Oil, By Type
        • Synthetic Blend Oil
        • Full Synthetic Oil
    • Semi-Synthetic Oil
    • Bio-Based Oil
      • Heat Transfer Oils, By Grade
        • Industrial
        • Food Grade
• Rust Preventive Oils
  • Rust Preventive Oils, By Base Oil
    • Mineral Oil
      • Mineral Oil, By Type
        • Paraffinic Oils
        • Naphthenic Oils
        • Aromatic Oils
    • Synthetic Oil
      • Synthetic Oil, By Type
        • Synthetic Blend Oil
        • Full Synthetic Oil
    • Semi-Synthetic Oil
    • Bio-Based Oil
      • Rust Preventive Oils, By Grade
        • Industrial
        • Food Grade
• Penetrants
  • Penetrants, By Base Oil
    • Mineral Oil
      • Mineral Oil, By Type
        • Paraffinic Oils
        • Naphthenic Oils
        • Aromatic Oils
    • Synthetic Oil
      • Synthetic Oil, By Type
        • Synthetic Blend Oil
        • Full Synthetic Oil
    • Semi-Synthetic Oil
    • Bio-Based Oil
      • Penetrants Oils, By Grade
        • Industrial
        • Food Grade
• Others
  • Others, By Base Oil
    • Mineral Oil
      • Mineral Oil, By Type
        • Paraffinic Oils
        • Naphthenic Oils
        • Aromatic Oils
    • Synthetic Oil
      • Synthetic Oil, By Type
        • Synthetic Blend Oil
        • Full Synthetic Oil
    • Semi-Synthetic Oil
    • Bio-Based Oil
      • Others, By Grade
        • Industrial
        • Food Grade

Base Oil

• Mineral Oil
  • Mineral Oil, By Type
    • Paraffinic Oils
    • Naphthenic Oils
    • Aromatic Oils
  • Synthetic Oil
    • Synthetic Oil, By Type
      • Synthetic Blend Oil
      • Full Synthetic Oil
  • Semi-Synthetic Oil
  • Bio-Based Oil

Grade

• Industrial
• Food Grade

Format

• Bulk
• Mini-Bulk
• Small Pack
• Others

Sales Channel

• Distributors
• Retail
• E-Commerce
• Direct to End Users

End-Use

• Automobile & Transportation
  • Automobile & Transportation, By Vehicle Type
    • Commercial Vehicles
      • Commercial Vehicles, By Type
        • Trucks
          • Trucks, By Type
            • Heavy Weight Trucks
            • Light Weight Trucks
        • Buses
        • Others
    • Passenger Vehicles
      • Passenger Vehicles, By Type
        • Cars
        • Motorcycles
        • Three Wheelers
        • Others
• 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
  • Consumer/DIY, By Type
    • Personal Vehicle Maintenance
    • Household/DIY
    • Others
• Others

Lubricants Market Share

The market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, U.S. presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.

Lubricants Market Leaders Operating in the Market Are:

• Shell (U.K.)
• Exxon Mobil Corporation (U.S.)
• FUCHS (Germany)
• U.S. Venture, Inc. (U.S.)
• BASF (Germany)
• BP p.l.c. (U.K.)
• Chevron Corporation (U.S.)
• DuPont (U.S.)
• ENEOS Corporation (Japan)
• LUKOIL (Russia)
• Motul (France)
• Petroliam Nasional Berhad (PETRONAS) (Malaysia)
• Phillips 66 Company (U.S.)
• TotalEnergies (France)
• Quaker Chemical Corporation d/b/a Quaker Houghton (U.S.)

Latest Developments in Lubricants Market

• In November 2023, ExxonMobil Corporation announced the completion of its acquisition of Denbury Inc. for USD 4.9 billion in an all-stock transaction. This move strengthened ExxonMobil's Low Carbon Solutions business, expanding its CO2 pipeline network by over 1,300 miles. The acquisition included oil and gas operations with proved reserves of more than 200 million barrels, aimed at significantly reducing CO2 emissions
• 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 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 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 tonnes per annum. The deal, expected by Q1 2025, aims to strengthen Shell’s global energy portfolio
• In October 2024, DuPont is expanding its photoresist manufacturing capacity at the Sasakami site in Japan to support the growing demand for advanced semiconductor technologies, enhancing production capabilities and innovation in the industry

SKU-72984