Market Trends of united states lubricants Industry
This section covers the major market trends shaping the US Lubricants Market according to our research experts:
Largest Segment By End User : Automotive
- In 2020, the automotive industry dominated the US lubricant market, accounting for around 46.32% of the total lubricant consumption in the country. During 2015-2019, lubricant consumption in the automotive industry declined by around 0.04%.
- In 2020, COVID-19-related restrictions led to a decrease in the maintenance requirments from several industries. The major impact was observed in the automotive industry, which recorded a dip of 18.05% during the year, followed by heavy equipment (13.75%).
- Automotive will likely be the fastest-growing end-user industry in the US lubricants market during 2021-2026, with a CAGR of 2.89%, followed by metallurgy and metalworking. Recovery in the average mileage of vehicles and production outputs is likely to drive the consumption of the automotive industry during the next few years.
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