Canada Commercial Vehicles Lubricants Market - Size, Share, COVID-19 Impact & Forecasts Up To 2026

The Canada Commercial Vehicles Lubricants Market is at 260.15 million liters in 2021 and is projected to register a CAGR of 1.85% to reach 285.09 million liters in 2026. The COVID-19 pandemic resulted in a major decline of oil change requirements for commercial vehicles in the country and acted as a major restraint for the market.

Key Highlights

• Largest Segment by Product Type - Engine Oils: Engine oils form the leading product type, owing to their high volume requirements and low drain intervals. They are used in high-temperature and high-pressure applications.
• Fastest Segment by Product Type - Hydraulic Fluids: Increased trade activities and recovery of commercial vehicle sales in the country are likely to drive the demand for hydraulic fluids during the forecast period.

Key Market Trends

Largest Segment By Product Type: Engine Oils

• The cold weather conditions in Canada boost the need for synthetic diesel engine oils, such as 0W-40, which has led to an increase in drain intervals. This factor, combined with significant fluctuations in the production levels, resulted in a volatile trend pertaining to lubricant consumption during this period.
• Post the COVID-19 outbreak, freight transportation in the country has been negatively affected, owing to the social restrictions imposed during the first half of 2020, resulting in decreased maintenance requirements for commercial vehicles and declining lubricant consumption in this sector.
• The electric vehicle penetration in the commercial vehicles segment has been slow in Canada, as electric engines struggle to hold their charge in cold weather conditions, resulting in a minimal effect of electric vehicle penetration on the projected lubricant volume consumption.

Competitive Landscape

The Canada Commercial Vehicles Lubricants Market is fairly consolidated, with the top five companies occupying 76.14%. The major players in this market are BP PLC (Castrol), ExxonMobil Corporation, HollyFrontier (Petro‑Canada lubricants), Phillips 66 Lubricants and Royal Dutch Shell Plc (sorted alphabetically).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support