The petroleum lubricating oil and grease market in the US experienced a declining trend from 2013 to 2016, reflected by negative year-on-year variations. However, an upward swing was observed from 2017 to 2023, with the value reaching 18.578 billion USD in 2023. The year-on-year variation in 2023 was 1.67%, showing steady growth. Overall, the past five years demonstrated a moderate CAGR of around 1.8%.

Looking forward to 2024 and beyond, the forecast indicates a continued growth trend, with a projected CAGR of 1.19% over the next five years, resulting in an anticipated market value of 19.958 billion USD by 2028.

Future trends to watch for:

Technological advancements in lubricant formulations for enhanced performance and environmental sustainability.
Increased demand for bio-based lubricants aligning with environmental regulations and sustainability goals.
Market shifts driven by changes in automotive and industrial sectors, including the rise of electric vehicles.
Fluctuations in crude oil prices impacting raw material costs and market dynamics.