Oct 19, 2025
IndexBox has just published a new report: U.S. – Petroleum Lubricating Oil And Grease – Market Analysis, Forecast, Size, Trends and Insights.
The US petroleum lubricating oil and grease market is forecast for modest growth, with volume projected to reach 1.5M tons by 2035 at a CAGR of +1.7%, and value to reach $9.9B at a CAGR of +3.2%. In 2024, consumption rose to 1.2M tons, while production was 1.4M tons. The US is a net exporter, with Canada as the primary destination. Imports, primarily from Germany and Canada, have seen a decrease in volume but an increase in average price, indicating a shift towards higher-value products.
Key Findings
Market volume is forecast to grow at a CAGR of +1.7%, reaching 1.5M tons by 2035Market value is projected to increase at a CAGR of +3.2%, reaching $9.9B by 2035The United States is a net exporter, with Canada as the leading export destinationGermany, Canada, and France are the primary import suppliers, with Germany having the highest import valueAverage import prices have risen significantly, while export prices have shown moderate growthMarket Forecast
Driven by rising demand for petroleum lubricating oil and grease in the United States, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.7% for the period from 2024 to 2035, which is projected to bring the market volume to 1.5M tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +3.2% for the period from 2024 to 2035, which is projected to bring the market value to $9.9B (in nominal wholesale prices) by the end of 2035.
ConsumptionUnited States’s Consumption of Petroleum Lubricating Oil And Grease
In 2024, the amount of petroleum lubricating oil and grease consumed in the United States rose significantly to 1.2M tons, with an increase of 5.8% against the year before. In general, consumption, however, continues to indicate a slight downturn. Petroleum lubricating oil and grease consumption peaked at 1.4M tons in 2013; however, from 2014 to 2024, consumption remained at a lower figure.
The revenue of the market for petroleum lubricating oil and grease in the United States totaled $7.1B in 2024, increasing by 1.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). Over the period under review, consumption showed slight growth. As a result, consumption reached the peak level of $7.6B. From 2023 to 2024, the growth of the market failed to regain momentum.
ProductionUnited States’s Production of Petroleum Lubricating Oil And Grease
In 2024, approx. 1.4M tons of petroleum lubricating oil and grease were produced in the United States; with an increase of 7.1% compared with 2023. Overall, production, however, recorded a slight setback. The pace of growth was the most pronounced in 2017 with an increase of 39% against the previous year. Over the period under review, production reached the maximum volume at 1.5M tons in 2013; however, from 2014 to 2024, production stood at a somewhat lower figure.
In value terms, petroleum lubricating oil and grease production expanded slightly to $7.8B in 2024. In general, production continues to indicate mild growth. The pace of growth appeared the most rapid in 2022 when the production volume increased by 54%. As a result, production reached the peak level of $8.2B. From 2023 to 2024, production growth remained at a somewhat lower figure.
ImportsUnited States’s Imports of Petroleum Lubricating Oil And Grease
In 2024, purchases abroad of petroleum lubricating oil and grease decreased by -7.1% to 19K tons, falling for the second year in a row after two years of growth. The total import volume increased at an average annual rate of +1.1% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 18% against the previous year. Over the period under review, imports hit record highs at 28K tons in 2018; however, from 2019 to 2024, imports failed to regain momentum.
In value terms, petroleum lubricating oil and grease imports reduced to $148M in 2024. Overall, total imports indicated a strong increase from 2013 to 2024: its value increased at an average annual rate of +5.6% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports increased by +60.0% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 33%. Imports peaked at $152M in 2023, and then dropped slightly in the following year.
Imports By Country
Germany (7.8K tons), Canada (4.2K tons) and France (1.6K tons) were the main suppliers of petroleum lubricating oil and grease imports to the United States, with a combined 72% share of total imports. The UK, Japan, Belgium, Switzerland, South Korea, Mexico, Italy and Austria lagged somewhat behind, together comprising a further 22%.
From 2013 to 2024, the biggest increases were recorded for Mexico (with a CAGR of +18.6%), while purchases for the other leaders experienced more modest paces of growth.
In value terms, the largest petroleum lubricating oil and grease suppliers to the United States were Germany ($60M), Canada ($30M) and France ($12M), together comprising 69% of total imports. The UK, Japan, Belgium, Switzerland, Mexico, Austria, South Korea and Italy lagged somewhat behind, together comprising a further 22%.
In terms of the main suppliers, Mexico, with a CAGR of +29.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.
Import Prices By Country
The average import price for petroleum lubricating oil and grease stood at $7,849 per ton in 2024, growing by 5.1% against the previous year. Overall, import price indicated a tangible increase from 2013 to 2024: its price increased at an average annual rate of +4.5% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, petroleum lubricating oil and grease import price increased by +93.8% against 2016 indices. The growth pace was the most rapid in 2023 an increase of 17%. The import price peaked in 2024 and is expected to retain growth in years to come.
There were significant differences in the average prices amongst the major supplying countries. In 2024, amid the top importers, the country with the highest price was Austria ($28,870 per ton), while the price for South Korea ($3,954 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Austria (+17.3%), while the prices for the other major suppliers experienced more modest paces of growth.
ExportsUnited States’s Exports of Petroleum Lubricating Oil And Grease
In 2024, shipments abroad of petroleum lubricating oil and grease increased by 17% to 155K tons, rising for the fourth consecutive year after three years of decline. Overall, exports, however, saw a relatively flat trend pattern. Over the period under review, the exports reached the maximum at 171K tons in 2015; however, from 2016 to 2024, the exports failed to regain momentum.
In value terms, petroleum lubricating oil and grease exports expanded rapidly to $921M in 2024. The total export value increased at an average annual rate of +3.1% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2022 with an increase of 22% against the previous year. The exports peaked in 2024 and are likely to see steady growth in years to come.
Exports By Country
Canada (66K tons) was the main destination for petroleum lubricating oil and grease exports from the United States, accounting for a 43% share of total exports. Moreover, petroleum lubricating oil and grease exports to Canada exceeded the volume sent to the second major destination, Mexico (31K tons), twofold. The third position in this ranking was taken by China (12K tons), with a 7.4% share.
From 2013 to 2024, the average annual rate of growth in terms of volume to Canada stood at +8.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+3.3% per year) and China (-4.8% per year).
In value terms, Canada ($363M) remains the key foreign market for petroleum lubricating oil and grease exports from the United States, comprising 39% of total exports. The second position in the ranking was taken by Mexico ($181M), with a 20% share of total exports. It was followed by China, with a 7.4% share.
From 2013 to 2024, the average annual growth rate of value to Canada totaled +8.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+6.4% per year) and China (-1.9% per year).
Export Prices By Country
In 2024, the average export price for petroleum lubricating oil and grease amounted to $5,943 per ton, falling by -4.1% against the previous year. Over the period under review, export price indicated noticeable growth from 2013 to 2024: its price increased at an average annual rate of +3.4% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, petroleum lubricating oil and grease export price increased by +52.2% against 2016 indices. The pace of growth was the most pronounced in 2022 an increase of 17% against the previous year. The export price peaked at $6,196 per ton in 2023, and then dropped slightly in the following year.
There were significant differences in the average prices for the major foreign markets. In 2024, amid the top suppliers, the country with the highest price was Germany ($9,161 per ton), while the average price for exports to India ($3,504 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+10.8%), while the prices for the other major destinations experienced more modest paces of growth.