How much is the asphalt, lubricating oil and grease market worth, and how is it expected to expand?
The asphalt, lubricating oil and grease market size has grown strongly in recent years. It will grow from $297.94 billion in 2024 to $318.69 billion in 2025 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to economic growth and infrastructure development, environmental regulations, technological advancements, energy trends.
The asphalt, lubricating oil and grease market size is expected to see strong growth in the next few years. It will grow to $397.85 billion in 2029 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to transportation and automotive industry, global demand for construction and manufacturing, climate change and sustainability, population growth and urbanization. Major trends in the forecast period include technological innovations in asphalt production, high-performance products, smart infrastructure, electric vehicles (evs) and alternative fuels, diversification of product portfolios, customization and formulation flexibility.
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Which industry factors have accelerated the asphalt, lubricating oil and grease market’s expansion?
Producers of petroleum-based lubricants are offering bio-based lubricants to address the concerns associated with the impact of lubricants on the environment. Bio-based lubricants are formulated with renewable or biodegradable materials. Vegetable oils are one of the major components for bio-based lubricants. Vegetable oils offer high lubricity, viscosity, and thermal stability. They have a higher flash point of 326 °C as compared to flash point of 200 °C for mineral oils. Lubricants produced from vegetable oils include tractor transmission hydraulic fluid, industrial hydraulic fluids for process and machinery applications, food-grade hydraulic fluids and greases, greases for use in automotive, railroad, and machinery applications, chainsaw bar oil, gear lubes, compressor oil, and transformer and transmission line cooling fluids.
What are the primary segments of the asphalt, lubricating oil and grease market?
The asphalt, lubricating oil and grease market covered in this report is segmented –
1) By Type: Asphalt, Other Petroleum Products
2) By Application: Roadways, Waterproofing, Recreation, Other Applications
3) By End Use Industries: Power Generation, Transport, Metallurgy & Metalworking, Food & Beverage, Chemical, Other End Use Industries
Subsegments:
1) By Asphalt: Paving Asphalt, Industrial Asphalt, Roofing Asphalt, Asphalt Emulsions, Cutback Asphalt
2) By Other Petroleum Products: Lubricating Oils, Greases, Fuel Oils, Paraffin Wax, White Oils
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Which firms are leading the asphalt, lubricating oil and grease market?
Major companies operating in the asphalt, lubricating oil and grease market include Exxon Mobil, Royal Dutch Shell, Saudi Aramco, BP plc, Glencore International, Guardian Industries LLC, Owens Corning, Suncor Energy Inc, Husky Energy Inc, CRH plc, Chevron Corporation, Total S.A., Valvoline Inc., Fuchs Petrolub SE, Petro-Canada Lubricants Inc., HollyFrontier Corporation, Sonneborn LLC, Red Giant Oil Company, Valero Energy Corporation, Imperial Oil Limited, Vulcan Materials Company, Gazprom Neft, LafargeHolcim Ltd., Nynas AB, Calumet Specialty Products Partners L.P., CITGO Petroleum Corporation, Phillips 66, PetroChina Company Limited, Indian Oil Corporation Limited, SK Lubricants Co. Ltd.
Which market trends are set to define the future of the asphalt, lubricating oil and grease market?
Most of the asphalt companies are using frequency inverters in asphalt mixing process to control asphalt mixture drying time. Frequency inverter is an electronic device that transforms an AC current with fixed frequency to variable amplitude and frequency. It is used to vary the speed of rotation of the drying drum of the plant drying system so that the aggregates which are more porous receive heat from the burning flame for more time resulting in complete drying. It improves the drying process and allows the less porous asphalt to dry faster resulting in increased production. For instance, some of the major companies using frequency inverters include 3 Franks Services, A. Macchione Brothers, Absolute Asphalt and Concreter LLC, and Ace Asphalt.
Which geographic trends are shaping the asphalt, lubricating oil and grease market, and which region has the highest market share?
North America was the largest region in the asphalt, lubricating oil, and grease market in 2023. Asia-Pacific was the second largest region in the asphalt, lubricating oil, and grease market. The regions covered in the asphalt, lubricating oil and grease market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Asphalt, Lubricating Oil And Grease Market Report 2025 Offer?
The asphalt, lubricating oil and grease market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Asphalt is a sticky, black, and highly viscous liquid or semi-solid form of petroleum used for surfacing roads, flooring, and roofing. Lubricating oil and grease are a group of refined oils intended to lessen wear and friction between bearing metallic surfaces.
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