Dublin, Sept. 30, 2024 (GLOBE NEWSWIRE) -- The "United States Lubricants Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The United States lubricants market is expected to experience substantial growth over the next five years, with forecasts projecting a CAGR of 2.82% during the period from 2024 to 2029. The industry's expansion is attributed to a variety of factors, including technological advancements, rising consumer preferences, and increased application across diverse sectors.
A Thriving Automotive Sector Spurs Demand
The automotive and transportation segments are anticipated to be significant growth drivers within the United States lubricants market. This segment's expansion is bolstered by the increasing sales of electric vehicles (EVs), including plug-in electric vehicles (PHEVs) and battery electric vehicles (BEVs). As reported by the International Energy Agency (IEA), the sale of EVs climbed to 18% in 2023, with this trend expected to continue upward. The advent of synthetic base oils that are more suitable for EV drivetrains further reinforces this positive outlook.
Urbanization and Industrialization Serve as Catalysts
Urbanization and the burgeoning middle-class demographic have generated a wave of industrialization, which, in turn, has stimulated the lubricant market growth. Governmental policies and initiatives also play a crucial role in fostering industrial advancements and the demand for lubricants that offer superior performance and efficiency.
Key Market Developments Shape the Landscape
Recent developments within the market have underscored the industry's commitment to innovation and customer-focused solutions. Noteworthy developments include TotalEnergies' release of its Quartz EV3R and Rubia EV3R lubricant lines, which underscore the trend towards high-quality regenerated base oils. Castrol India Limited's rollout of its new Castrol EDGE product portfolio caters to the nuanced demands of personal vehicle owners. Moreover, strategic alliances, such as the Nexus Automotive International's extended partnership with Total Energies Lubrifiants, are indicative of the sector's collaborative efforts to expand global footprints and influence.
Market Segmentation Overview
The United States lubricants market is segmented based on product type, base stock, and end-user industry, encompassing a wide array of applications from engine oils to greases. Diverse base stock options, including mineral oil, synthetic, semi-synthetic, and bio-based lubricants, cater to varying industry requirements. The market serves critical end-user industries such as power generation, automotive, heavy equipment, and food and beverage, among others, highlighting its pervasive role in supporting and enhancing industrial and economic activity.
In summary, the landscape of the United States lubricants market is characterized by dynamic growth and innovation, driven by an evolving automotive sector, urban development, and strategic market activity. As the market advancements unfold, the industry is poised to continue on its growth trajectory through 2029.
Companies Featured
- Shell Global
- BP India
- Chevron Lubricants
- China National Petroleum Corporation
- ENEOS Corporation
- ExxonMobil Corporation
- Gulf Oil India
- Indian Oil Corporation Ltd.
- Petromin Corporation
- Philips 66 Lubricants
- TotalEnergies
- Valvoline Inc.
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