The asphalt, lubricating oil and grease market consists of sales of asphalt, lubricating oil and grease by entities (organizations, sole traders or partnerships) that produce block asphalt, asphalt paving mixture, asphalt shingle, coating materials, petroleum lubricating oil and grease. Asphalt is a sticky, black and highly viscous liquid or semi-solid form of petroleum used for surfacing roads, flooring, and roofing. The asphalt, lubricating oil and grease market is segmented into asphalt and other petroleum products.
The global asphalt, lubricating oil and grease market is expected to grow from $254.02 billion in 2020 to $308.13 billion in 2021 at a compound annual growth rate (CAGR) of 21.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $437.25 billion in 2025 at a CAGR of 9%.
