North America Oil and Gas Lubricants Market Report and Forecast 2025-2034

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.

• HF Sinclair Corp. (Petro‐Canada Lubricants LLC)

• Kluber Lubrication Munchen GmbH & Co. KG

• Lubrication Engineers, Inc.

• Exxon Mobil Corporation

• Schlumberger N.V.

• TotalEnergies SE

• BP Plc (Castrol)

• Valvoline Inc.

• Shell Plc

• 3M Co

• Others

Key Highlights of the Report