The Surge in Vehicle Manufacturing and Sales is Drives the Growth of the U.S., Central America, the Caribbean Islands, and South America Lubricants Market

The market is driven by a variety of factors, including the spike in vehicle production and sales around the world. This growing trend is supported by rising vehicle ownership, technical development, rising maintenance costs, increased global trade, and its knock-on impacts on economic expansion. The lubricants market will be essential in guaranteeing the best performance and sustainability of cars around the world as the automotive industry develops further. Thus, a worldwide surge in vehicle manufacturing and sales is expected to drive market growth.

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Data Bridge Market Research analyzes that the U.S., Central America, the Caribbean Islands, and South America Lubricants Market is expected to reach USD 53.79 billion by 2031 from USD 30.45 billion in 2023, growing with a CAGR of 7.5% in the forecast period of 2024 to 2031.  

Key Findings of the Study

Growing Industrialization Fuels Lubricant Usage in Machinery and Equipment

Growing industrialization is a pivotal driver for the market, significantly impacting lubricant consumption and the overall industry landscape. This driver encompasses a wide range of factors that underscore the symbiotic relationship between industrialization and lubricants.

Growing industrialization is a dynamic and multifaceted driver for the market. It encompasses various industries, sectors, and applications, all of which rely on lubricants for smooth, efficient, and environmentally responsible operations. The lubricants market will remain an essential component of industrial growth and sustainability, ensuring the seamless operation of machinery and equipment across diverse sectors, as industrialization continues to advance. Thus, growing industrialization fuels lubricant usage in machinery and equipment and is expected to drive market growth

Report Scope and Market Segmentation

Segment Analysis

The U.S., Central America, the Caribbean Islands, and South America lubricants market is segmented into four notable segments on the basis of product, base oil, sales channel and end-use.

• On the basis of product, the U.S., Central America, the Caribbean Islands, and South America lubricants market is segmented into engine oils, hydraulic oils, circulation fluids, gear oil, grease, metalworking fluids, wind turbine oils, compressor oils, gas turbine oils, heat transfer oils, rust preventive oils and others

In 2024, the engine oils segment is expected to dominate the U.S., Central America, the Caribbean Islands, and South America lubricants market

In 2024, the engine oils segment is expected to dominate the market with a market share of 31.97% due to its pivotal role in various automotive and industrial applications.

• On the basis of base oil, the U.S., Central America, the Caribbean Islands, and South America lubricants market is segmented into mineral oil, synthetic oil, semi-synthetic oil and bio-based oil

In 2024, the mineral oil segment is expected to dominate the U.S., Central America, the Caribbean Islands, and South America lubricants market

In 2024, the mineral oil segment is expected to dominate the market with a market share of 60.28% due to its wide-ranging applications and established presence in diverse industrial sectors.

• On the basis of sales channel, the U.S., Central America, the Caribbean Islands, and South America lubricants market is segmented into B2B and B2C. In 2024, B2B segment is expected to dominate the market with a market share of 70.24%
• On the basis of end-use, the U.S., Central America, the Caribbean Islands, and South America lubricants market is segmented into automotive, general manufacturing, electrical/utility, building & construction, marine, agriculture, mining, aviation/aerospace and food & beverages. In 2024, the automotive segment is expected to dominate the market with a market share of 36.37%

Major Players

Data Bridge Market Research analyzes Quaker Chemical Corporation d/b/a Quaker Houghton (U.S.), Hindustan Petroleum Corporation Limited (India), Shell (U.K.), Phillips 66 Company (U.S.), BP p.l.c (U.K.), Chevron Corporation (U.S.), Exxon Mobil Corporation (U.S.) as the major player in U.S., Central America, the Caribbean Islands, and South America lubricants market.

Market Developments

• In January 2024, Hindustan Petroleum Corporation Limited, won three SCOPE Awards, including accolades for Human Resource Management, Digital Transformation, and RTI Act implementation. The awards, presented by the Vice President of India, affirmed HPCL’s leadership, innovation, and commitment to transparency, enhancing its industry reputation
• In June 2023, Quaker Chemical Corporation d/b/a Quaker Houghton showcased its advanced DieCast iQ solution, offering comprehensive process and lubrication solutions for high-pressure aluminum die casting. The company presented a range of lubricants, application systems, and services at Booth 60 in Hall 11. This demonstration benefited Quaker Houghton by enhancing its reputation as a leader in intelligent die casting solutions, attracting potential customers, and strengthening industry partnerships
• In June 2023, Shell Lubricants (Shell) and Ducati Corse cooperated to develop a new high-performance motorcycle oil particularly intended for the new Ducati Panigale V4 R with dry clutch – the closest production model to a racing motorcycle ever manufactured. It employs Shell's unique PurePlus technology to power and safeguard Ducati engines by minimizing friction to enhance power, preventing the engine from wear, and maintaining gearbox performance
• In March 2023, ExxonMobil Corporation made an investment of almost INR 900 crore (USD 110 million) in the Maharashtra Industrial Development Corporation's Isambe Industrial Area in Raigad. The new factory is planned to generate 159,000 kilolitres of finished lubricants per year, helping to fulfill India's growing demand. This is a significant step forward in strengthening the company's position as one of India's top producers of high-performance lubricants
• In November 2022, Chevron Corporation unveiled new environmentally acceptable lubricants (EALs) for marine vessels. EALs enhance performance and prevent corrosion, crucial for oceanic travel. This launch broadened Chevron's product range, boosting its market presence and reputation for sustainable solutions

Regional Analysis

Based on geography, the market is segmented into Jamaica, Cuba, Dominican Republic, Haiti, Trinidad & Tobago, Rest of The Caribbean Islands, Guatemala, Costa Rica, Panama, El Salvador, rest of Central America, U.S., Brazil, Argentina, Venezuela, Peru, Chile, and Rest of South America.

As per Data Bridge Market Research Analysis:

U.S. is expected to dominate and be the fastest growing region in U.S., Central America, the Caribbean Islands, and South America lubricants market

U.S. is expected to dominate the market due to its robust industrial base, stringent quality standards, and strong presence in various sectors.

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