Small Aircraft; Low Wing; 1 Eng; Retractable Gear
Flight Crew Flight Instructor; Flight Crew Multiengine
Flight Crew Last 90 Days 50; Flight Crew Total 5000; Flight Crew Type 450
Communication Breakdown
Conflict Airborne Conflict; Deviation / Discrepancy - Procedural Published Material / Policy
Flight Crew Executed Go Around / Missed Approach
Staffing; Human Factors; Airport
I was traveling to LOT I had cancelled IFR and started reporting positions. ATC advised me that numerous targets were in the vicinity of the airport. I reported 9 miles out; 5 out; downwind; base and base turning final. On final an aircraft turned in front of me base to final. I slowed down as much as possible to allow the airplane to land.As I continued on final; I could see that the spacing was not going to allow for me to land because of the airplane which was in front of me. I executed a go-around and announced same. I paralleled the runway to the right. I looked down and could see the airplane was also executing a go-around. I did not hear them announce.I established radio contact with the airplane and continued on in the pattern and landed. I was later told by an employee of the FBO that another airplane had landed on the runway in front of my traffic aircraft but rolled out the full length of the runway and did not turn off; which may have caused the airplane to go around. This airport is extremely hazardous during VFR conditions because of the large number of student pilots using the field and the mix of corporate and training aircraft. At time of my landing at the airport there were at least 10 to 12 aircraft either in the pattern or approaching from all directions. This airport needs a tower. Only a matter of time before a midair.
General aviation pilot executed a go-around while entering the traffic pattern.  An uncontrolled field with heavy traffic.