Global Asphalt, Lubricating Oil And Grease Market Strategies 2024, Forecast To 2033
8 Jan, 2024
The market for asphalt, lubricating oil, and grease has experienced robust growth, expanding from $273.6 billion in 2023 to $290.82 billion in 2024, with a 6.3% compound annual growth rate (CAGR). This growth is attributed to factors such as economic expansion, infrastructure development, environmental regulations, technological advancements, and energy trends. Moving forward, the market is anticipated to continue its upward trajectory, reaching $362.21 billion in 2028, fueled by the transportation and automotive sector, global construction and manufacturing demand, climate change concerns, and population growth.
Global Asphalt, Lubricating Oil And Grease Market Key Driver
Producers of petroleum-based lubricants address environmental concerns by offering bio-based alternatives. Formulated with renewable materials like vegetable oils, bio-based lubricants offer high lubricity, viscosity, and thermal stability. Vegetable oils' flash point of 326°C exceeds mineral oils' 200°C. These lubricants find applications in various industries, including agriculture, industry, and automotive. The adoption of bio-based lubricants promotes sustainability in lubrication practices.
Get A Free Sample Of The Global Asphalt, Lubricating Oil And Grease Market ReportGlobal Asphalt, Lubricating Oil And Grease Market Segments
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
By Geography: 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. Among these regions
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.
Major Asphalt, Lubricating Oil And Grease Industry Players
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.
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Asphalt, Lubricating Oil And Grease Market Overview
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.
Asphalt, Lubricating Oil And Grease Global Market Report 2023 provides data on the global asphalt, lubricating oil and grease market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The asphalt, lubricating oil and grease market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.