Canada Lubricants Industry Outlook Report 2024-2028: Key Players are Competing on Diverse Fronts like Product, Price & Services with ExxonMobil Dominating with a 26% Share

Core Insights - The Canada lubricants market is experiencing steady growth driven by industrial development, transportation needs, and the automotive sector, with significant contributions from various industries such as manufacturing, construction, mining, and agriculture [2][10]. Market Overview - The lubricants market in Canada is classified into several types, including engine oils, industrial oils, transmission fluids, hydraulic fluids, metalworking fluids, and greases, each serving different applications [3]. - The market is moderately consolidated, with major players like Shell, ExxonMobil, Castrol, and TotalEnergies, alongside smaller regional suppliers focusing on niche markets [5][10]. Market Segmentation - In 2023, the market is segmented into industrial and automotive lubricants, with the automotive segment dominating due to the consistent demand for maintenance [6]. - By lubricant grade, the mineral segment leads the market, primarily due to its cost-effectiveness compared to synthetic and semi-synthetic lubricants [7]. Competitive Landscape - ExxonMobil holds a 26% market share, followed closely by Shell with 25%, while Petro-Canada and Chevron account for 15% and 7% respectively [10]. - The market is expected to grow at a CAGR of 4.7% from 2023 to 2028, driven by increasing road motor vehicles and growth in the mining and construction sectors [10]. Future Outlook - Synthetic lubricants are projected to gain more than 50% market share by 2028, reflecting a shift towards higher efficiency and durability [11]. - The demand for specialized industrial lubricants tailored to specific applications is expected to drive market growth, alongside the adoption of automation and Industry 4.0 principles [10][15].