America Lubricants Market Size Is Poised To Reach $45.8 Billion By 2030: Grand View Research Inc.

 

The America lubricants market is expected to reach USD 45.8 billion by 2030, registering a CAGR of 3.0% during the forecast period, as per the new report by Grand View Research, Inc. The growth is attributed to the increase in demand for the automotive and industrial segments within the region.

The lubricants market in America is expected to increase significantly, during the forecast period. The region's fast growth in the automotive and industrial end-use categories will bolster the enlargement. The major application markets, which account for more than 90.0% of the market share, are automotive and industrial manufacturing. The need for industrial applications is likely to be the largest contributor, owing to rising disposable incomes and strong employment figures. As a result of the changing pollution standards and the introduction of electric vehicles, the growth within the automobile industry is expected to be restrained. Top producers in the industry at present cater to the high-margin application sectors of aerospace and marine.

The development of better infrastructure and public transportation networks in emerging economies such as Argentina and Brazil has resulted in improving economic situations. Apart from that, people in the U.S. are increasingly choosing personal vehicles. This is likely to drive demand for the high-performance oil used in automobiles within the region during the forecast period.

Companies are strategically divesting assets and investing in upstream facilities, making the industry extremely competitive. Premium lubricants are projected to be the main driver of industry growth in the future. Companies are also seeking strategic alliances and collaborations, in order to enhance their brand image and invest in new product development. Demand for the product is anticipated to be driven by an increase in requirement for automotive and end-use segments within the region.

Automotive and industrial are the major application accounting for 90% share of the market. Growth in automotive is expected to remain subdued due to the changing emission norms and introduction of the electric vehicles. Aerospace and marine are the high-margin application segments that are currently catered by top manufacturers in the market.

Companies are strategically divesting assets and investing in upstream facilities, making the market extremely competitive. Premium lubricants are projected to be the main driver of market growth in the future. Companies are also seeking strategic alliances and collaborations in order to enhance their brand image and invest in new product development

The primary items driving market expansion are automotive and industrial engine oils. Demand for high-value engine oils and synthetic formulations is likely to increase as new standards and regulations are implemented. Because of the vast number of market competitors, the automotive and industrial segments are likely to reach saturation. Despite being minor segments, aviation and marine are likely to grow significantly due to the strong margins given by the products.

To Request Sample Copy of this report, click the link:

https://www.grandviewresearch.com/industry-analysis/america-lubricants-market-report/request/rs1

Because of the growing demand for bio-based lubricants, the global lubricant industry dynamics are shifting in terms of raw ingredients. The expanding commerce in automobiles and their parts is expected to boost demand for automotive lubricants and grease even further. The need for bio-based lubricants is rapidly increasing. Because of strict environmental protection legislation and increased awareness among regional customers, North America has emerged as one of the main consumers of these lubricants.

America Lubricants Market Report Highlights

• Automotive segment accounted for 56.0% of revenue share in 2021. The growth is attributed to the increase in demand for passenger vehicles, commercial vehicles, and scooters. Growth in the consumption of personal vehicles is driving demand for the lubricant oil, used for maintaining vehicle
• Industrial segment is anticipated to grow at a CAGR of 3.1% from 2022 to 2030 in terms of revenue as there is a rising need for industrial vehicles owing to the infrastructural development, which in turn will drive demand for the product in the region
• Motorcycle vehicle type dominated the industry with USD 6.8 billion in 2021. The demand is anticipated to grow with an increase in consumption of the latest type of motorcycle by the young population of the region
• Aerospace segment is anticipated to witness a CAGR of 3.8% during the forecast period. The growth is anticipated due to the increase in the use of oil in aircraft. Aerospace lubricants are used to ensure reliability and provide long-lasting lubrication
• Companies have integrated throughout the value chain, to gain the competitive advantage

Electric vehicles are projected to have a detrimental influence on lubricant after-sales in the near future. OEM components and after-sales services are now being developed by the manufacturers, which is expected to offer new growth opportunities in the future. Consumers' increasing focus on improving vehicle performance, combined with the introduction of novel and premium product choices, is driving lubricant growth in the region. The production of automobiles and the number of kilometers driven by each car will have a significant impact on future growth.

Vehicle Type Insights

Motorcycle segment dominated the market with 34.1% of the revenue share in 2021. The higher share is attributed because of increase in demand for motorcycles among the young population of the region. Motorcycles are available with engines ranging from 500cc to 250cc to 125cc. The lubricants used to boost performance are evolving in lockstep with the rapidly changing capabilities and technologies of internal combustion engines. Furthermore, four-stroke engine oils have recently gained popularity due to their ability to prevent leaks and reduce oil usage.

All across the world, synthetic engine oils have been in high demand. Because of their great temperature tolerance and excellent lubrication, synthetic engine oils are utilized in most high-performance motorcycles (>500cc). Engine oils accounted for about 85.0% of the two-wheeler lubricant market. This is due to a greater public awareness of the importance of proper bike maintenance, regular oil changes, and customer assistance in order to save and lengthen engine life.

Others segments is anticipated to witness a CAGR of 2.3% during the forecast period. The growth is attributed to the increase in demand for passenger vehicles, scooters, and commercial vehicles. In 2022, approximately 15.4 million light commercial vehicles were produced globally, compared to 11.8 million in 2020, a decrease of nearly 23.2%. As a result, there was a decrease in demand for engine oils, which hampered the growth of the automotive lubricant market.

The America lubricants market is highly competitive with the big international brands focusing on the development of long-term relationships with the end users. With further enlargement in the automotive, industrial, aerospace, and marine industries the competition is anticipated to increase in the coming years.

Companies such as BASF SE, BP p.l.c, Chevron Corporation, and Shell Plc have a high degree of integration across the value chain as they are also engaged in the production of lubricants. These companies have established themselves as key manufacturers and focus on research and development for novel uses of the product.

Some prominent players in the America lubricants market include:

• BASF SE
• BP p.l.c
• Chevron Corporation
• Exxon Mobil Corporation
• Petro China Company Limited
• Petroliam Nasional Berhad (PETRONAS)
• Shell Plc
• Lukoil
• Petro bras