The North America oil & gas lubricants market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 1% during 2023–2031. The growth of the market is attributed to the gradually increasing number of vehicles in the US and Canada.
Oil is an adherent liquid that is obtained from petroleum and is used as a fuel or a lubricant. A compact lubricant substance helps in minimizing the friction, wear & tear, and heat between mechanical components that are in contact with each other. Oil & gas lubricants play a prominent role in preventing the downtime and cooling and protecting the machinery mechanism.
The main objective of using oil & gas lubricant is to prevent corrosion and oxidation in the engine and control the nitration. The end-users of the lubricants market include automobiles, aviation, and manufacturing industries.
Market Trends, Drivers, Restraints, and Opportunities
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Proliferating demand for high powered engines is anticipated to boost the market growth.
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Rising research & development (R&D) in the oil & gas industry can drive the growth of the market.
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Growing demand for high-quality and cost-effective lubricants can propel the market growth.
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Alternatives of lubricants in terms of noxious and hazardous substance can diminish the growth of the market.
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The COVID-19 pandemic had resulted in the supply chain disruption, which led to the delay in the production of the lubricants. However, the relaxation in restrictions due to acceleration in the manufacturing industry is expected to boost the production of lubricants.
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Increasing demand for lubricants in the aviation industry can create lucrative opportunities for emerging players and new entrants in the market.
Scope of North America Oil & Gas Lubricants Market Report
The report on the North America oil & gas lubricants market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Oil & Gas Lubricants Market - North America Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Locations (Onshore and Offshore), Product Types (Grease, Coolant/Anti-freezer, Engine Oils, Hydraulic Fluids, and Other Product Types), Sectors (Upstream, Midstream, and Downstream)
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Geographical Scope
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The US, Canada, Mexico, and Rest of North America
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Chevron Corporation; Lubrication Engineers Inc.; Exxon Mobil Corporation; LUKOIL; and Schlumberger Limited
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North America Oil & Gas Lubricants Market Segment Insights
Offshore segment is expected to grow at a robust pace
Based on locations, the market is divided into onshore and offshore. The offshore segment is expected to grow at a robust pace during the forecast period owing to easy availability of oil reserves in the seabed. However, the onshore segment is anticipated to hold a key share of the market in the coming years owing to rapid industrialization of lubricant production, spurring the market segment growth.
Engine oils segment is projected to expand at a healthy CAGR
On the basis of the product types, the market is segregated into grease, coolant/anti-freezer, engine oils, hydraulic fluids, and other product types. The engine oils segment is projected to expand at a healthy CAGR during the forecast period. Increasing demand for vehicles owing to rising disposable income is expected to fuel the segment growth.
On the other hand, the grease segment is anticipated to account for a major market share during the forecast period owing to the rise of automation and technology mechanisms in various industries, which can boost the market segment growth.
Downstream segment is expected to exhibit a high CAGR
In terms of sectors, the market is divided into upstream, midstream, and downstream. The downstream segment is expected to exhibit a high CAGR during the forecast period accounting to the high sales and usage of lubricants by the end-users and industrial players. However, the upstream sector segment is anticipated to hold a significant share of the market in the coming years owing to increasing exploration and production of petroleum-based derivatives.
Mexico is anticipated to anticipated to hold a large market share
In terms of regions, the market is classified as the US, Canada, Mexico, and Rest of North America. The market in Mexico is anticipated to hold a large market share during the projected period owing to huge amount of on-shore oil reserves reaching their maturity stage.
However, the market in the US is anticipated to expand at a robust pace during the forecast period on account of sustainable development of seabed, where operators continue to discover the new reserves.
Segments
The North America oil & gas lubricants market has been segmented on the basis of
Locations
Product Types
- Grease
- Coolant/Anti-freezer
- Engine Oils
- Hydraulic Fluids
- Other Product Types
Sectors
- Upstream
- Midstream
- Downstream
Geography
- The US
- Canada
- Mexico
- Rest of North America
Key Players
- Chevron Corporation
- Lubrication Engineers Inc.
- Exxon Mobil Corporation
- LUKOIL
- Schlumberger Limited
Competitive Landscape
Key players competing in the North America oil & gas lubricants market are Chevron Corporation; Lubrication Engineers Inc.; Exxon Mobil Corporation; LUKOIL; and Schlumberger Limited.
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In August 2021, Imperial Oil Ltd., a Canada-based petroleum company, associated with Exxon Mobil Corporation with plans on producing and providing renewable diesel at the complex refinery
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In August 2021, Chevron Corporation expanded the partnership with Brightmark LCC, a global waste solution company, to produce dairy bio-methane, a renewable compressed natural gas.
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In August 2021, LUKOIL started its first exploration activity located in the Southern area of the Gulf of Mexico for the discovery of oil reserves.