CLEVELAND, Sept. 4, 2018 /PRNewswire/ -- 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.
More information about this study is here: https://www.freedoniagroup.com/industry-study/lubricants-3667.htm
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.
About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Energy & Petroleum studies can be purchased at www.freedoniagroup.com, www.marketresearch.com and www.profound.com.
Press Contact:
Corinne Gangloff
+1 440.684.9600
cgangloff@freedoniagroup.com
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SOURCE The Freedonia Group
Source: PR Newswire
(September 4, 2018 - 11:40 AM EDT)
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