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North America Oil and Gas Lubricants Market Size, Analysis: By Product Type: Coolant/Anti-Freezer, Engine Oils, Grease, Hydraulic Fluids, Others; By Location: Onshore, Offshore; By Sector: Upstream, Midstream, Downstream; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032
North America Oil and Gas Lubricants Market Outlook
The North America oil and gas lubricants market size reached USD 33.2 billion in 2023. The market is expected to grow at a CAGR of 1.80% between 2024 and 2032, reaching almost USD 39.24 billion by 2032.
Key Takeaways:
- The aerospace sector in the United States maintains its prominent position, boasting the highest trade balance of USD 77.6 billion in 2019, along with the second-highest level of exports at USD 148 billion among all manufacturing industries.
- The enduring dominance has persisted for decades, with aerospace exports experiencing an average growth rate of 5.31% over the past decade, while the aerospace trade balance has seen an average increase of 4.64 percent since 2010.
- In the automotive industry, U.S. sales volumes are anticipated to reach 15.9 million units in 2024, reflecting an approximate 2.0% rise from the projected level of 15.5 million units in 2023.
North America’s demand for lubricants is expected to surge, primarily driven by the automotive and industrial sectors, which collectively hold a substantial 90% market share. However, growth in the automotive sector may face constraints due to evolving emission regulations and the rise of electric vehicles. Nevertheless, aerospace and marine applications present lucrative opportunities, attracting leading manufacturers and presenting growth opportunities for the oil and gas lubricants market in North America.
Intense competition has spurred strategic asset divestments and investments in upstream operations. Premium lubricants are forecasted to steer market expansion, with companies forging alliances and investing in product innovation to bolster their market presence. High-value engine oils and synthetic formulations are anticipated to witness increased demand owing to evolving standards and regulations. Aviation and marine segments, though smaller, are expected to grow robustly due to their high-profit margins.
The lubricant industry is experiencing a shift towards bio-based products, driven by environmental regulations and consumer awareness, particularly in North America. The rise of electric vehicles may impact aftermarket lubricant sales, prompting manufacturers to explore OEM components and services for new growth avenues. Consumer emphasis on vehicle performance and the introduction of premium products are fuelling lubricant consumption.
The North America oil and gas lubricants market is expected to witness revival, buoyed by growing interest in unconventional reserves and technological advancements enhancing well production rates. However, volatile crude oil prices pose a challenge, albeit offset by opportunities in offshore exploration and the shale revolution in North America, which has transformed the region's energy landscape through technological innovations in drilling and fracking.
Market Segmentation
North America Oil and Gas Lubricants Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Product Type
- Coolant/Anti-Freezer
- Engine Oils
- Grease
- Hydraulic Fluids
- Others
Market Breakup by Location
- Onshore
- Offshore
Market Breakup by Sector
- Upstream
- Midstream
- Downstream
Market Breakup by Country
- United States of America
- Canada
Competitive Landscape
The automotive, industrial, aerospace, and marine sectors are expected to continue expanding, which will lead to more competition in the upcoming years.
- BP Plc (Castrol)
- Shell Plc
- TotalEnergies SE
- Exxon Mobil Corporation
- 3M Co.
- Lubrication Engineers, Inc.
- Kluber Lubrication Munchen GmbH & Co. KG
- HF Sinclair Corp. (Petroâ€Canada Lubricants LLC)
- Schlumberger N.V.
- Valvoline Inc.
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product Type |
|
| Breakup by Location |
|
| Breakup by Sector |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Oil and Gas Lubricants Market Overview
8.1 Key Industry Highlights
8.2 Global Oil and Gas Lubricants Historical Market (2018-2023)
8.3 Global Oil and Gas Lubricants Market Forecast (2024-2032)
8.4 Global Oil and Gas Lubricants Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 North America Oil and Gas Lubricants Market Overview
9.1 Key Industry Highlights
9.2 North America Oil and Gas Lubricants Historical Market (2018-2023)
9.3 North America Oil and Gas Lubricants Market Forecast (2024-2032)
10 North America Oil and Gas Lubricants Market by Product Type
10.1 Coolant/Anti-Freezer
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Engine Oils
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Grease
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Hydraulic Fluids
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 North America Oil and Gas Lubricants Market by Location
11.1 Onshore
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Offshore
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 North America Oil and Gas Lubricants Market by Sector
12.1 Upstream
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Midstream
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Downstream
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
13 North America Oil and Gas Lubricants Market by Country
13.1 United States of America
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Canada
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators of Demand
14.4 Key Indicators of Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 BP Plc (Castrol)
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Shell Plc
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 TotalEnergies SE
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Exxon Mobil Corporation
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 3M Co.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Lubrication Engineers, Inc.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Kluber Lubrication Munchen GmbH & Co. KG
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 HF Sinclair Corp. (Petro‐Canada Lubricants LLC)
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Schlumberger N.V.
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Valvoline Inc.
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Oil and Gas Lubricants Market: Key Industry Highlights, 2018 and 2032
2. North America Oil and Gas Lubricants Market: Key Industry Highlights, 2018 and 2032
3. North America Oil and Gas Lubricants Historical Market: Breakup by Product Type (USD Billion), 2018-2023
4. North America Oil and Gas Lubricants Market Forecast: Breakup by Product Type (USD Billion), 2024-2032
5. North America Oil and Gas Lubricants Historical Market: Breakup by Location (USD Billion), 2018-2023
6. North America Oil and Gas Lubricants Market Forecast: Breakup by Location (USD Billion), 2024-2032
7. North America Oil and Gas Lubricants Historical Market: Breakup by Sector (USD Billion), 2018-2023
8. North America Oil and Gas Lubricants Market Forecast: Breakup by Sector (USD Billion), 2024-2032
9. North America Oil and Gas Lubricants Historical Market: Breakup by Country (USD Billion), 2018-2023
10. North America Oil and Gas Lubricants Market Forecast: Breakup by Country (USD Billion), 2024-2032
11. North America Oil and Gas Lubricants Market Structure
Key Questions Answered in the Report
The market is estimated to be valued at USD 33.2 billion in 2023.
The market is projected to grow at a CAGR of 1.80% between 2024 and 2032.
The oil and gas lubricants market is expected to reach USD 39.24 billion in 2032.
The market is categorised according to its product type, which includes coolant/anti-freezer, engine oils, grease, hydraulic fluids and others.
The key market players are BP Plc (Castrol), Shell Plc, TotalEnergies SE, Exxon Mobil Corporation, 3M Co., Lubrication Engineers, Inc., Kluber Lubrication Munchen GmbH & Co. KG, HF Sinclair Corp. (Petro-Canada Lubricants LLC), Schlumberger N.V., Valvoline Inc., and others.
The market is driven by factors that include rising demand from the automotive and industrial sectors, aerospace industry and increasing product innovations in the market, among others.
The market is categorised according to its sector, which includes upstream, midstream, and downstream.
The United States stands as the global leader in the lubricants market. As of 2020, the market volume in the U.S. reached an estimated 6.85 million metric tons, slightly surpassing China's volume of 6.75 million metric tons.
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