Lubricants

Lubricants

The US lubricants market will grow under one percent annually through 2020, reaching 2.4 billion gallons with a market valuation of $23.5 billion. Gains will be driven by rising levels of manufacturing output. Volume growth, however, will be limited by improvements in lubricant technology that permit products with extended drain intervals.

This report segments the lubricants industry by product, market, and formulation. Additionally, the study discusses lubricant base stock demand by type, including petroleum, synthetic, bio-based, and re-refined. Data are provided in gallons with selected data also provided in dollars.

Lubricant products include:

Engine Oils -- Motor Vehicle Engine Oils; Other Engine Oils

Gear Oils -- Industrial Gear Oils; Vehicle & Equipment Gear Oils

General Industrial Oils -- Turbine Oils; Other General Industrial Oils

Greases -- Industrial Greases; Vehicle & Equipment Greases

Metalworking Fluids

Process Oils -- Electrical Oils; Rubber Oils; White Oils

Transmission & Hydraulic Fluids -- Automatic Transmission Fluid;

Industrial Hydraulic Fluid; Tractor Hydraulic Fluid (Universal Tractor Fluid)

Engine oils will remain the largest of these through 2020, accounting for 46% of the market. Fastest growth will be for process oils, driven by rising production in the rubber processing industry.

Major lubricant markets include:

Commercial/Industrial -- Agriculture; Construction; Electricity Generation; Oil & Gas Production

Light Vehicle

Transportation Equipment -- Aerospace Equipment; Heavy-Duty Trucks & Buses; Marine Equipment; Railroad Equipment

Durable Goods Manufacturing -- Machinery; Metals; Transportation Equipment

Nondurable Goods Manufacturing -- Chemicals; Cosmetics & Toiletries; Food & Beverages; Paper & Textiles; Plastics & Rubber

The light vehicle market is the leading outlet for lubricants, accounting for 33% of demand in 2015. The most rapid gains through 2020 are forecast for the durable goods manufacturing market, fueled by expanded machinery production.

Lubricant formulation types include:

Conventional

Synthetic

Bio-based

Re-refined

Conventional formulations remained the largest category in 2015. Going forward, biobased lubricants will see the fastest gains, benefiting from advancing technology and low market penetration.

Lubricant producers include multinational oil conglomerates and major chemical manufacturers as well as numerous smaller, independent companies. Major lubricant producers include Ashland, BP, Calumet, Chevron, ExxonMobil, Houghton, Phillips 66, Shell, and Warren Oil.