Overview and Scope
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.
Sizing and Forecast
The asphalt, lubricating oil and grease market size has grown strongly in recent years. It will grow from <b>$273.6 billion in 2023 to $290.82 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. </b> 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 <b>$362.21 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. </b> 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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Segmentation & Regional Insights
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 Covered: Asphalt Paving Mixtures And Blocks, Prepared Asphalt And Tar Roofing And Siding Products, Roofing Asphalts And Pitches, Coatings And Cements
<b>North America</b> was the largest region in the asphalt, lubricating oil, and grease market in 2023. <b>Asia-Pacific</b> 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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the asphalt, lubricating oil and grease market include <b> 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.</b>
The asphalt, lubricating oil and grease market report table of contents includes:
1. Executive Summary
2.Asphalt, Lubricating Oil And Grease Market Characteristics
3. Asphalt, Lubricating Oil And Grease Market Trends And Strategies
4.Asphalt, Lubricating Oil And Grease market analysis
5.Asphalt, Lubricating Oil And Grease Market Size And Growth
6. Asphalt, Lubricating Oil And Grease Segmentation
7. Asphalt, Lubricating Oil And Grease Regional And Country Analysis
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27.Asphalt, Lubricating Oil And Grease Competitive Landscape And Company Profiles
28.Asphalt, Lubricating Oil And Grease Key Mergers And Acquisitions
29.Asphalt, Lubricating Oil And Grease Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Exxon Mobil
- Royal Dutch Shell
- Saudi Aramco
- BP plc
- Glencore International
- Guardian Industries LLC
- Owens Corning
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