Market Trends of north america lubricants Industry
This section covers the major market trends shaping the North America Lubricants Market according to our research experts:
Largest Segment By End User : Automotive
- In 2020, the automotive industry dominated the North American lubricants market, accounting for around 47.6% of the total lubricant consumption in the country. During 2015-2019, lubricant consumption in the automotive industry increased at a CAGR of 0.22%.
- In 2020, COVID-19-related restrictions led to a decline in the maintenance requirements from several industries. The major impact was observed in the automotive industry, which recorded a dip of 17.3% during the year, followed by heavy equipment (13.56%).
- Automotive is likely to be the fastest-growing end-user industry of the North American lubricants market during 2021-2026, with a CAGR of 2.84%, followed by metallurgy and metalworking. A recovery in the average mileage of vehicles and new vehicle sales is likely to drive lubricant consumption in the automotive industry during the forecast period.
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Largest Country : United States
- In 2020, the United States was the leading consumer of lubricants in the North American region, accounting for around 79.2% of the total lubricant consumption. During 2015-2019, lubricant consumption in the United States increased by a CAGR of 0.67%.
- In 2020, the COVID-19 outbreak restrained the operations of several industries, thereby restraining lubricant consumption across the North American region. The United States was the most affected, with a 13.7% drop in its lubricant consumption, followed by Mexico with a 13.1% drop.
- Mexico is likely to be the fastest-growing lubricant market during the forecast period, registering a CAGR of 3.5%, followed by the United States (2.5%). The expected recovery in automotive production and sales in Mexico is likely to drive lubricant consumption.
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