What Has Been The Evolution of the Asphalt Lubricating Oil And Grease Market in Recent Years?
The asphalt lubricating oil and grease market has seen considerable growth due to a variety of factors.
• In recent years, the size of the asphalt, lubricating oil, and grease market has significantly increased. This market, valued at $297.94 billion in 2024, is projected to rise to $318.69 billion in 2025, with a compound annual growth rate (CAGR) of 7.0%.
Factors that can be attributed to this preceding development include economic growth, infrastructural developments, environmental rules, advancements in technology, and evolving energy trends.
How Will the Asphalt Lubricating Oil And Grease Market?
The asphalt lubricating oil and grease market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated strong expansion is on the cards for the asphalt, lubricating oil and grease market in the ensuing years. It is projected to balloon to $397.85 billion by 2029, with a compound annual growth rate (CAGR) of 5.7%.
This anticipated escalation during the forecast period can be credited to the transportation and automotive industry, global necessities for construction and manufacturing, climate alterations and sustainability, population enhancement and urbanization. Dominant trends during the forecast period comprise of technological progression in asphalt manufacturing, superior performance products, intelligent infrastructure, electric vehicles (evs) and substitute fuels, product portfolio diversification, customization and formulation adaptability.
What Key Factors and Trends Are Driving The Growth Asphalt Lubricating Oil And Grease Market?
Manufacturers of petroleum-derived lubricants are now supplying bio-based lubricants to mitigate environmental concerns linked to lubricant impact. Bio-based lubricants are developed using either renewable or biodegradable substances. One of the key ingredients in these lubricants is vegetable oil. Vegetable oils are favoured due to their high lubricity, viscosity, and thermal stability. In comparison to mineral oils which have a flash point of 200°C, vegetable oils boast a higher flash point of 326°C. Lubricants that are produced from vegetable oils are widely diverse, including tractor transmission hydraulic fluid, industrial hydraulic fluids suitable for processes 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 fluids for cooling transformers and transmission lines.
What Key Areas Define The Segmentation Of The Global Asphalt Lubricating Oil And Grease Market?
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:
1) By Asphalt: Paving Asphalt, Industrial Asphalt, Roofing Asphalt, Asphalt Emulsions, Cutback Asphalt
2) By Other Petroleum Products: Lubricating Oils, Greases, Fuel Oils, Paraffin Wax, White Oils
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How Are Emerging Trends Reshaping The Dynamics Of The Asphalt Lubricating Oil And Grease Market?
In the asphalt mixing process, frequency inverters are being heavily utilized by most asphalt firms to manage the drying time of the asphalt mixture. A frequency inverter is a type of electronic device that converts fixed-frequency AC current into variable frequency and amplitude, allowing for adjustments in the rotation speed of the plant drying system's drying drum. This means that the more porous aggregates are exposed to the burning flame for a longer time, leading to thorough drying. This not only enhances the drying mechanism but also lets the less porous asphalt dry more quickly, thus boosting production. Prominent companies employing frequency inverters include 3 Franks Services, A. Macchione Brothers, Absolute Asphalt and Concreter LLC, and Ace Asphalt.
Who Are the Key Players In The Asphalt Lubricating Oil And Grease Market?
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.
What Is The Most Dominant Region In The Asphalt Lubricating Oil And Grease Market?
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.
