Chicago, Aug. 22, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, the U.S. industrial lubricants market is expected to grow at a CAGR of $14 billion by 2022-2027. The South US will continue to dominate the market during the forecast period. The manufacturers of industrial lubricants in the US have many end-users to cater to and require a robust distribution network across their region of operation. Industrial lubricants cater to all major market segments and are currently used in many industries and available across all regions.
U.S. Industrial Lubricants Market Report Scope
| Report Attributes | Details | |
| MARKET SIZE (2027) | $14.1 Billion | |
| MARKET SIZE (2021) | $11.7 Billion | |
| CAGR (2022-2027) | 3.11% | |
| BASE YEAR | 2021 | |
| FORECAST YEAR | 2022-2027 | |
| MARKET SEGMENTS | Product Type, End-Use, and Geography | |
| GEOGRAPHIC ANALYSIS | U.S. | |
| KEY VENDORS | Shell plc, Exxon Mobil Corporation, Chevron Corporation, Valvoline, and Phillips 66 Company | |
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In recent years, the demand for natural and organic base oil products significantly increased. The consumption of bio-based lubricants is high due to government-laid environmental regulations and an environmental-conscious consumer base. The market in the US tends to have high sustainability standards. Additionally, in the US market, consumers pay high premiums if bio-based industrial lubricants can deliver similar performance as conventional industrial lubricants.
The southern US region is the major market for industrial lubricants owing to the large manufacturing, construction, and oil & gas industries. Texas and Florida are the major manufacturing hubs in the US. The competition in the market will increase further due to technological advances and an increase in the product line. Investments in R&D force changes in technology, stringent environmental regulations laid down by government entities adversely affect vendors, and customers demand innovative and upgraded products in industrial lubricants. An increase in sustainability standards is expected to drive the US industrial lubricants market. The US is expected to have stable demand for industrial lubricants due to the developed economy and a well-established industrial lubricants market in terms of consumption and infrastructure.
The U.S. industrial lubricants market competition will increase further due to technological advances and an expansion of the product line. High investments in R&D force changes in technology, stringent environmental regulations by government entities affect vendors, and customers demand innovative and upgraded industrial lubricants. Hence, to survive in the competitive environment, manufacturers need to introduce new or improved industrial lubricants from time to time and adapt to the constantly changing market trend. players also focus on the development of innovative products and invest in R&D initiatives to expand their product portfolios. There are tremendous growth opportunities for emerging companies to target developing end-markets, although established players dominate the market. The rapidly changing market scenario with an increased emphasis on sustainability is expected to provide growth opportunities for vendors.
Key Highlights
- Industrial lubricants are designed to protect equipment and machinery against wear and tear.
- They reduce downtime, prolong service intervals, lower maintenance costs, increase efficiency, and boost the productivity of machine processes.
- Industrial lubricants are classified as industrial oil, metalworking fluids, process oil, and grease.
- Industrial oil is the largest segment and is expected to witness an absolute growth of 22.06% during the forecast period. It primarily includes hydraulic fluids, turbine oil, gear oil, and refrigeration oil.
- The demand for bio-based industrial lubricants manufactured from bio-based oil is on the rise due to environmental concerns and stringent governmental regulations.
- Manufacturing is the major end-use of industrial lubricants.
- The demand for industrial lubricants in power generation is predicted to grow at a higher rate due to increased demand for energy across the US.
- The South US is the leading market for industrial lubricants and is expected to grow highest compared to other regions.
- South US will continue to dominate the US industrial lubricants market during the forecast period.
Key Vendors
- Shell plc
- Exxon Mobil Corporation
- Chevron Corporation
- Valvoline
- Phillips 66 Company
Other Prominent Vendors
- Clariant
- Castrol Limited
- DuBois Chemicals
- ENI
- FUCHS
- Gulf Oil International Limited
- Klüber Lubrication
- Motul
- Morris Lubricants
- Petro-Florida
- Petronas Lubricants International
- Petro Canada Lubricants Inc.
- Renewable Lubricants
- Repsol
- SINOPEC
- Total Energies
Market Segmentation
Product Type
- Industrial Oil
- Metalworking Fluid
- Process Oil
- Grease
End-Use
- Manufacturing
- Power Generation
- Metal & Mining
- Construction
- Others
Geography
- U.S.
- South
- Texas
- Florida
- West
- California
- Arizona
- Midwest
- Ohio
- Indiana
- Northeast
- New York
- New Jersey
Explore our chemicals materials profile to know more about the industry.
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