Global Asphalt, Lubricating Oil And Grease Market Report 2022 – Market Forecast, Trends And Strategies

The global asphalt, lubricating oil and grease market size is expected to grow from $226.73 billion in 2021 to $269.76 billion in 2022 at a compound annual growth rate (CAGR) of 19.0%. The growth in the market 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 asphalt, lubricating oil, grease market is expected to reach $541.58 billion in 2026 at a CAGR of 19.0%.

What is the Global Asphalt, Lubricating Oil And Grease Market?

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.

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What drives the Global Asphalt, Lubricating Oil And Grease Market?

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.

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Global Asphalt, Lubricating Oil And Grease Market Segments
The global asphalt, lubricating oil and grease market is segmented:
By Type: Asphalt, Other Petroleum Products
By Application: Roadways, Waterproofing, Recreation, Others
By End-Use Industry: Power Generation, Transport, Metallurgy and Metalworking, Food and Beverage, Chemical, Others
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.

Asphalt, Lubricating Oil And Grease Global Market Report 2022provides market size and growth forecasts for the global asphalt, lubricating oil and grease market, global asphalt, lubricating oil and grease market share, asphalt, lubricating oil and grease market segments and geographies, asphalt, lubricating oil and grease market competitive landscape including leading competitors’ revenues, profiles and market shares. The asphalt, lubricating oil and grease market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Asphalt, Lubricating Oil And Grease Industry Playersinclude 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. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.