Summary
Major companies 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., and CRH plc.
The global asphalt, lubricating oil and grease market grew from $259.66 billion in 2022 to $269.56 billion in 2023 at a compound annual growth rate (CAGR) of 3.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The asphalt, lubricating oil and grease market is expected to grow to $301.65 billion in 2027 at a CAGR of 2.9%.
The asphalt, lubricating oil, and grease market consists of sales block asphalt, asphalt paving mixture, asphalt shingle, coating materials.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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 grese is a group of refined oils intended to lessen wear and friction between bearing metallic surfaces.
North America was the largest region in the asphalt, lubricating oil and grease market in 2022.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 are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of asphalt, lubricating oil, and grease are asphalt and other petroleum products.Asphalt is a combination of aggregate particles, binder, and filler that is used to build and maintain roads, parking lots, railway tracks, ports, airport runways, bicycle lanes, sidewalks, and play- and sports areas.
The various application of asphalt, lubricating oil and grease include roadways, waterproofing, recreation, and others. The various end-use industries include power generation, transport, metallurgy and metalworking, food and beverage, chemical, and others.
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.
The demand for multi grade lubricants is gaining traction due to their better performance in cold climatic conditions.Multi-grade lubricant is a viscosity modifier used in engines which allows the smooth flow of oil under cold and hot climatic conditions.
It is used to minimize the effect of change of viscosity with respect to the changes in the surrounding temperature and maintains optimum viscosity over the engine operating temperature range. Some of the major companies producing this lubricant include Gazprom, Rosneft, Exxonmobil, Petrochina and BP.
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.
The countries covered in the asphalt, lubricating oil and grease market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The asphalt, lubricating oil and grease market research report is one of a series of new reports that provides asphalt, lubricating oil and grease market statistics, including asphalt, lubricating oil and grease industry global market size, regional shares, competitors with a asphalt, lubricating oil, and grease market share, detailed asphalt, lubricating oil, and grease market segments, market trends and opportunities, and any further data you may need to thrive in the asphalt, lubricating oil, and grease industry. This asphalt, lubricating oil, and grease market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
