The forecast for the lubricant market in the US, excluding textile and leather uses with less than 70% petroleum oil, shows an upward trend from 2024 to 2028, with per capita values increasing from $10.92 in 2024 to $11.82 in 2028. This reflects a consistent annual growth in value per capita.
Looking back to 2023, the market demonstrated a steady growth trajectory with forecasted year-on-year increases approximately around 2% after 2023 and a compound annual growth rate (CAGR) over the five years consistently above 2%. The data suggests positive momentum in the lubricant industry driven by innovation and expanding industrial applications.
Future trends to watch include potential impacts from sustainable and eco-friendly innovations, shifting consumer preferences toward renewable base stocks, and regulatory changes influencing industry standards. Companies should anticipate shifts in demand dynamics as these factors may alter market structure and opportunities.
