Market Size of North America Oil & Gas Lubricants Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 1.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Oil and Gas Lubricants Market Analysis
The North America Oil and Gas Lubricants Market is expected to register a CAGR of over 1% during the forecast period.
The COVID pandemic negatively affected the oil and gas industry, impacting North America's lubricants market. However, post-COVID, the rising demand from the oil and gas industry is expected to revive the market for oil & gas lubricants in the region.
- The growing interest in unconventional reserves has been driving North America's oil and gas lubricants market.
- Technological advancement leading to higher well production rates is expected to drive market demand during the forecast period.
- Volatile prices of crude oil are likely to hinder the market's growth.
- Increasing offshore deepwater exploration is projected to act as an opportunity for the market in the future.
North America Oil and Gas Lubricants Industry Segmentation
Lubricants are used in oil and gas drilling, production, processing, and refining.
Oil and gas lubricants are designed to protect oil and gas machinery operating in harsh and diverse environments. They have been shown to help extend the service life of machine components and reduce equipment failures and unplanned shutdowns.
The North America Oil and Gas Lubricants market is segmented by location, product type, sector, and geography. By location, the market is segmented into onshore and offshore. By product type, the market is segmented into grease, coolant/anti-freezer, engine oils, hydraulic fluids, and other product types. By sector, the market is segmented into upstream, midstream, and downstream. The report also covers market sizes and forecasts in North America's three major countries (USA, Canada, and Mexico). For each segment, the market sizing and forecasts have been done on the basis of volume (kiloton).
| Location | |
| Onshore | |
| Offshore |
| Product Type | |
| Grease | |
| Coolant/Anti-freezer | |
| Engine Oils | |
| Hydraulic Fluids | |
| Other Product Types |
| Sector | |
| Upstream | |
| Midstream | |
| Downstream |
| Geography | |
| United States | |
| Canada | |
| Mexico |
North America Oil & Gas Lubricants Market Size Summary
The North America Oil and Gas Lubricants Market is poised for growth, driven by the increasing demand from the oil and gas sector as it recovers from the COVID-19 pandemic's impact. The market is experiencing a resurgence due to the growing interest in unconventional reserves and technological advancements that enhance well production rates. However, the market faces challenges from volatile crude oil prices, which could impede growth. Opportunities are emerging in offshore deepwater exploration, where new reserves are being discovered, necessitating advanced lubricants to maintain and boost recovery rates. The stringent governmental regulations regarding lubricant technologies for subsea operations are prompting innovations, allowing regional players to expand their market presence.
In the United States, the exploration and production of unconventional resources like shale oil and gas are expected to remain robust, supported by favorable energy policies and rising oil prices. The shale revolution has significantly increased oil and gas production, reshaping the energy landscape in North America. As the region continues to enhance its LNG export capacity, the demand for lubricants is anticipated to rise, driven by the need for regular maintenance of expensive equipment used in the industry. The market is characterized by fragmentation, with numerous players such as Exxon Mobil Corporation, Schlumberger Limited, and Chevron Corporation actively participating. Recent strategic moves, like Shell's acquisition of Allied Reliability and Valvoline's sale of its global products business to Saudi Aramco, highlight the dynamic nature of the market as companies seek to strengthen their positions and expand their offerings.
North America Oil & Gas Lubricants Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Growing Interest towards Unconventional Reserves
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1.1.2 Technological Advancement Leading to Higher Well Production Rates
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1.2 Restraints
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1.2.1 Volatile Prices of Crude Oil
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume)
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2.1 Location
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2.1.1 Onshore
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2.1.2 Offshore
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2.2 Product Type
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2.2.1 Grease
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2.2.2 Coolant/Anti-freezer
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2.2.3 Engine Oils
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2.2.4 Hydraulic Fluids
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2.2.5 Other Product Types
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2.3 Sector
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2.3.1 Upstream
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2.3.2 Midstream
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2.3.3 Downstream
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2.4 Geography
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2.4.1 United States
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2.4.2 Canada
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2.4.3 Mexico
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North America Oil & Gas Lubricants Market Size FAQs
What is the current North America Oil & Gas Lubricants Market size?
The North America Oil & Gas Lubricants Market is projected to register a CAGR of greater than 1% during the forecast period (2024-2029)
Who are the key players in North America Oil & Gas Lubricants Market?
Exxon Mobil Corporation, Schlumberger Limited, LUKOIL, Lubrication Engineers Inc. and Chevron Corporation are the major companies operating in the North America Oil & Gas Lubricants Market.
