Commercial and industrial lubricant demand in the US is projected to grow 1.0% annually to 497 million gallons in 2022. Growth will be driven by an increase in the number of active oil and gas rigs in the US, which use engine oil and transmission and hydraulic fluid for lubrication. This and other trends are presented in Lubricants in the US, 15th Edition, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Oil and natural gas production will see the fastest gains of any commercial and industrial market, growing 4.1% per year through 2022. In addition to an increase in active rigs, demand will be supported by the rapid adoption of new oil and gas exploration equipment technology and its associated engine oil standards. Since well drilling often occurs in environmentally sensitive areas, any lubricants that offer a reduced environmental impact in these areas will also benefit.
Engine oils will represent the largest share of lubricant demand for the commercial and industrial market. Engine oil demand remains high, as long-lasting synthetic lubricants have been slower to penetrate the commercial and industrial market.
Lubricants in the US, 15th Edition (published 08/2018, 290 pages) is available for $5400 from The Freedonia Group. For further details or to arrange an interview with the analyst, please contact Corinne Gangloff by phone 440.684.9600 or email [email protected].
Related studies include:
#3615 Construction Chemicals in the US, 7th Edition (February 2018)
#3589 Global Industrial Lubricants (March 2018)