The US market size value per capita for lubricants (made of less than 70% petroleum oil) has displayed a consistent upward trend from 2013 to 2023. As of 2023, the value stands at $10.72, a notable increase from $7.75 in 2013. The past two years have seen significant recovery post-2020, with a year-on-year increase of 7% from 2020 to 2021, 7.5% from 2021 to 2022, and 2.1% from 2022 to 2023. The compound annual growth rate over the last five years is approximately 3.4%.
For future trends, watch for advancements in sustainable lubricant technologies and potential regulatory impact on petroleum-based products. Additionally, shifts toward electric vehicles might influence market dynamics, necessitating innovation in lubricant formulations for new automotive technologies.
