Canada Lubricants Market Size (2024 - 2029)

Canada Lubricants Market Analysis

The Canada lubricants market is projected to register a CAGR of over 2.5% during the forecast period.

The COVID-19 outbreak in 2020 and the first half of 2021 significantly affected the industrial and automotive sectors, caused major production disruptions, and negatively affected customers' purchasing power in Canada, limiting the growth of the Canadian lubricants market. However, the sector is recovering well since these restrictions were lifted. In 2021, annual automotive sales in the country reached 1.70 million units, registering a y-o-y increase of 7%.

• Over the medium term, major factor like the growing sales of motor vehicles in the country is expected to drive the demand for lubricants.
• Conversely, lubricating oil risks will likely hinder the market's growth.
• The growing demand for biodegradable lubricants may create lucrative opportunities for market growth.
• The automotive segment dominated the market in the country and is also likely to witness the highest CAGR during the forecast period.

Canada Lubricants Industry Segmentation

A lubricant is any physically integrated substance to lessen friction between two or more moving surfaces. Lubricants help to stop material deterioration, erosion, corrosion, and rust formation on metallic surfaces. 90% petroleum-based oil is normally the base of lubricants, and various additives are added to provide useful qualities specific to a given user. The Canadian lubricants market is segmented by product type and end-user industry. By product type, the market is segmented into engine oils, greases, hydraulic fluids, metalworking fluids, transmission and gear oils, and other product types. By end-user industry, the market is segmented into automotive, heavy equipment, metallurgy and metalworking, power generation, and other end-user industries. The market sizing and forecasts have been done for each segment based on volume (million liters).