Asphalt, Lubricating Oil And Grease Global Market Report 2024

The asphalt, lubricating oil and grease market size has grown strongly in recent years. It will grow from $273.6 billion in 2023 to $290.82 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The expansion observed during the historical period can be ascribed to several key factors, including economic growth and the development of infrastructure, heightened environmental regulations, technological innovations, and shifts in energy consumption patterns.

The asphalt, lubricating oil and grease market size is expected to see strong growth in the next few years. It will grow to $362.21 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The anticipated growth in the forecast period can be linked to various factors, such as increased demand from the transportation and automotive industry, global requirements for construction and manufacturing, the emphasis on climate change and sustainability, and the effects of population growth and urbanization. Additionally, several notable trends are expected to shape the market during this period, including technological advancements in asphalt production, the development of high-performance products, the integration of smart infrastructure, the growing prominence of electric vehicles (EVs) and alternative fuels, diversification of product portfolios, and enhanced customization and formulation flexibility.

Petroleum-based lubricant manufacturers are responding to environmental concerns by introducing bio-based lubricants into the market. Bio-based lubricants are created using renewable or biodegradable materials, with vegetable oils being a primary component. These vegetable oil-based lubricants offer several advantages, including high lubricity, viscosity, and thermal stability. They also have a notably higher flash point of 326°C compared to 200°C for mineral oils. Bio-based lubricants derived from vegetable oils are employed in various applications, including tractor transmission hydraulic fluid, industrial hydraulic fluids for machinery and processes, food-grade hydraulic fluids and greases, automotive, railroad, and machinery greases, chainsaw bar oil, gear lubricants, compressor oil, and cooling fluids for transformers and transmission lines. This shift towards bio-based lubricants reflects the industry's commitment to addressing environmental concerns and promoting sustainability.

The primary categories encompass asphalt and various petroleum products. Asphalt, a composite composed of aggregate particles, binder, and filler, finds extensive use in the construction and upkeep of roads, parking lots, railway tracks, ports, airport runways, bike paths, pedestrian walkways, and recreational and sports facilities. This versatile substance is applied across a range of areas, including road construction, waterproofing, recreational surfacing, and other specialized applications. Moreover, these materials serve a multitude of industries, including power generation, transportation, metallurgy and metalworking, food and beverage, chemicals, and various other sectors.

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.

The increasing demand for lubricants is anticipated to drive the growth of the asphalt, lubricating oil, and grease market in the coming years. Lubricants, such as asphalt, lubricating oil, and grease, are substances used to reduce friction and wear between moving surfaces. As an example, in 2022, the Public Utilities Commission Of Sri Lanka, a government entity responsible for electric power distribution in Sri Lanka, reported that lubricant sales in the country increased from 59,926 kiloliters in 2020 to 68,018 kiloliters in 2021. This growth in lubricant demand is a key factor boosting the asphalt, lubricating oil, and grease market.

Many asphalt companies are incorporating frequency inverters into their asphalt mixing processes to control the drying time of asphalt mixtures. A frequency inverter is an electronic device that converts a fixed-frequency AC current into variable amplitude and frequency. It is utilized to adjust the rotational speed of the drying drum in the plant's drying system. This adjustment allows more porous aggregates to receive heat from the burning flame for an extended period, ensuring complete drying. It enhances the drying process and accelerates the drying of less porous asphalt, resulting in increased production efficiency. Some major companies that employ frequency inverters in their asphalt production processes include 3 Franks Services, A. Macchione Brothers, Absolute Asphalt and Concrete LLC, and Ace Asphalt.

Major companies in the asphalt, lubricating oil, and grease market are increasingly focusing on the development of innovative products to gain a competitive edge. One such innovative product is synthetic high-performance grease, which is formulated using synthetic base oils and additives to offer superior properties compared to conventional mineral oils. For example, in May 2022, DuPont de Nemours Inc., a US-based manufacturer of chemicals and pharmaceuticals, introduced MOLYKOTE Multilub Synthetic High-Performance Grease. This high-end lubricant solution is designed to provide enhanced protection for metal-on-metal surfaces and components subjected to moderate to heavy loads and a range of speeds, from slow to rapid movements. This versatile grease finds applications in moderate settings and speeds, featuring a formulation that includes synthetic base oil, a lithium-soap thickening system, and performance additives aimed at improving corrosion inhibition and providing extreme pressure (EP) protection.

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.

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.

The countries covered in the asphalt, lubricating oil and grease market are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

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.

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.


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