U.S. Lubricants Market Analysis, COVID-19 Impact,Outlook, Opportunities, Size, Share Forecast and Supply Demand 2021-2027|Trusted Business Insights

Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the U.S. Lubricants market.

Trusted Business Insights presents an updated and Latest Study on U.S. Lubricants Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the U.S. Lubricants market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.

Get Sample Copy of this Report @ U.S. Lubricants Market 2020 and Forecast 2021-2027 Includes Business Impact Analysis of COVID-19

Report Overview: U.S. Lubricants Market

The U.S. lubricants market size was valued at USD 08.07 billion in 2020 and is anticipated to expand at a moderate CAGR of 2.0% from 2021 to 2027. High volume sale of premium products is projected to drive the U.S. market for lubricants in the future. Automotive and industrial are the major applications of lubricants accounting for over 90% share in the U.S. market. Demand for lubricants is increasing from the industrial sector owing to the rising production of chemicals, food, and electronics in the U.S.

Industrial engine oil is anticipated to remain a major contributor to the growth of the overall lubricant market in the U.S. This lubricant is utilized to offset operating costs by substantially decreasing wear and tear of the heavily moving mechanical components. It also aids in reducing the consumption of fuel since they have a low coefficient of friction, which eventually helps to keep the engine parts clean, perform optimally, and deliver optimum combustion efficiency.

Since the automotive and industrial sectors are the key application areas of lubricants in U.S., there have been multiple developments in the ecosystem revolving around product development, strategic product placement, value chain optimization, and others. Introduction of new standards and regulations is expected to increase the demand for high-value engine lubricants and synthetic formulations. However, the automotive and industrial segments are expected to witness saturation owing to the presence of a large number of market players in U.S. The aviation and marine industries are expected to witness rapid growth over the coming years. These segments provide an opportunity for U.S. manufacturers to offer high margin lubricants.

Several innovative players such as ExxonMobil Corporation, Royal Dutch Shell, and Chevron Corporation are present in the U.S. lubricants industry. The market has been characterized by intense competition since all the key industry participants are engaged in expanding the customer base to gain a competitive advantage over other players in the ecosystem. Companies in the U.S. are increasingly adopting collaborative business strategies in order to provide highly regarded lubricants to their consumers, enhance productivity, as well as expand their presence across U.S.
The market structure is highly fragmented with a large number of small, medium, and large players. The major differentiating factor is the depth of the product mix. Major companies are investing in upstream facilities to support their high margin downstream operations. Tie-ups with distribution companies and increasing territorial expanse are expected to influence the lubricants market growth over the forecast period 2021-2027.

The U.S. lubricants market is currently undergoing a transition phase that involves coping with changing fuel requirements, decreasing demand for fossil fuels, and an influx of bio-based counterparts. Manufacturers are majorly focusing on improving their product portfolio with new product introduction aimed at keeping pace with future requirements. Oils that are used in the renewable sector, such as the Mobil SHC series by ExxonMobil, are expected to be the major area of innovation for a large number of manufacturers.

Application Insights: U.S. Lubricants Market

U.S. is the largest market for industrial machinery in North America. U.S. is home to major industrial machinery manufacturers, such as Caterpillar, Inc.; Deere & Co.; Baker Hughes, Inc.; AGCO Corp.; and Veritiv Corp., who cater to the growing demand for heavy machinery used in construction, agriculture, mining, and other industrial products. In addition, the agriculture industry in the U.S. has witnessed significant technological innovations that led to the increasing utilization of farm machinery and equipment, thus driving the demand for lubricants. The industrial lubricants segment is expected to expand at a CAGR of 1.3% from 2021 to 2027.

Currently, automotive is one of the most innovative industries in the U.S. The use of lubricants and greases in vehicle manufacturing is expected to witness continuous growth. Consumers are looking for standard and specialized lubricants for their vehicles to ensure smooth functioning and reduce long-term maintenance costs. Automotive lubricant producers are focusing on formulating products to enhance the performance of the engine components while simultaneously reducing environmental degradation by minimizing carbon emissions. Among the automotive lubricants, transmission fluids are projected to register a CAGR of 1.3% from 2020 to 2027, followed by engine oils expanding at a CAGR of 1.0%.

Furthermore, economic stability has facilitated a rise in the demand for improved infrastructure and enhanced public transportation systems in the U.S. The number of on-road vehicles has increased steadily from 2007 to 2018 by around 4% due to improved economic conditions post-recession, which, in turn, is projected to boost the demand for lubricants for vehicle maintenance.
Healthy trade relations of U.S. with neighboring countries and certain parts of Asia Pacific have boosted the demand for marine vessels and aircraft. Furthermore, increased defense spending globally has resulted in an ascending demand for defense aircraft and U.S. is one of the prominent manufacturers and exporters of aircraft globally. These factors are cumulatively projected to generate the demand for aerospace lubricants in the U.S. over the coming years.

U.S. Lubricants Market Share Insights: U.S. Lubricants Market

U.S. has registered multiple mergers & acquisitions, joint ventures, and new product developments over the past years. For instance, in January 2019, Petrobras sold its Pasadena refinery to Chevron Inc. in a deal, worth USD 350 million. Pasadena Refining System Inc. (PRSI) is engaged in the production and processing of oil & oil products and has a capacity to produce 110,000 barrels per day.

In July 2018, ExxonMobil completely acquired PT Federal Karyatama (FKT) company for USD 436 million to facilitate its expansion at the global level. The acquisition included a 700,000 barrel per annum blending plant in Cilegon, Indonesia, and the Federal Oil brand. Additionally, in June 2019, management of SABIC and ExxonMobil Corporation agreed to conduct a thorough study of the proposed project of Gulf Coast Growth Ventures in Texas, U.S., and subsequently plan for design work and front-end engineering. They also proposed to build a multi-billion dollar worth facility for producing plastics and chemicals in Texas.

In August 2018, Ryze Renewables and Philips 66 signed a partnership to start two next-gen renewable diesel fuel plants in Nevada with a total production capacity of 11,000 barrels per day. These plants serve renewable fuel to U.S. and Canada marketspace. Industry leaders have a robust business structure, which helps customers to get a stable supply of the products. Increasing consumption of innovative engine lubricants for hybrid electric vehicles has created a lucrative opportunity for the industry participants.
This report forecasts revenue growth at the country level and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2007 to 2027. For the purpose of this study, Trusted Business Insights has segmented the U.S. lubricants market report on the basis of application:

Application Outlook (Volume, Kilotons; Revenue, USD Million, 2007 – 2027)

  • Industrial
  • Process Oils
  • General Industrial Oils
  • Metalworking Fluids
  • Industrial Engine Oils
  • Greases
  • Others
  • Automotive
  • Engine Oil
  • Gear Oil
  • Transmission Fluids
  • Break Fluids
  • Coolants
  • Greases
  • Others
  • Marine
  • Engine Oil
  • Hydraulic Oil
  • Gear Oil
  • Turbine Oil
  • Greases
  • Others
  • Aerospace
  • Gas Turbine Oils
  • Piston Engine Oils
  • Hydraulic Fluids
  • Others

 

Looking for more? Check out our repository for all available reports on U.S. Lubricants in related sectors.

Quick Read Table of Contents of this Report @ U.S. Lubricants Market 2020 and Forecast 2021-2027 Includes Business Impact Analysis of COVID-19

Contacts

Trusted Business Insights
Shelly Arnold
Media & Marketing Executive
Email Me For Any Clarifications
Connect on LinkedIn
Click to follow Trusted Business Insights LinkedIn for Market Data and Updates.
US: +1 646 568 9797
UK: +44 330 808 0580

Next Post

Hydrogen-Cooled Turbine Generators Set Market Size And Forecast (2020-2026)| With Post Impact Of Covid-19 By Top Leading Players-GE,Alstom,Siemens,Mitsubishi,Hitachi

This report studies the Hydrogen-Cooled Turbine Generators Set Market with many aspects of the industry like the market size, market status, market trends and forecast, the report also provides brief information of the competitors and the specific growth opportunities with key market drivers. Find the complete Hydrogen-Cooled Turbine Generators Set […]

You May Like

Subscribe US Now