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Asphalt, Lubricating Oil And Grease Global Market Exhibit a Remarkable CAGR of 5.6% and is expected to reach $362.21 Billion By 2028 | Exxon Mobil, Royal Dutch Shell, Saudi Aramco, BP plc, Glencore International
Asphalt, Lubricating Oil And Grease Market
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According to The Business Research Company's, 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 growth in the historic period can be attributed to economic growth and infrastructure development, environmental regulations, technological advancements, energy trends.
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 growth in the forecast period can be attributed to transportation and automotive industry, global demand for construction and manufacturing, climate change and sustainability, population growth and urbanization. Major trends in the forecast period include technological innovations in asphalt production, high-performance products, smart infrastructure, electric vehicles (evs) and alternative fuels, diversification of product portfolios, customization and formulation flexibility.
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Market Drivers and Trends:
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.
Most of the asphalt companies are using frequency inverters in asphalt mixing process to control asphalt mixture drying time. Frequency inverter is an electronic device that transforms an AC current with fixed frequency to variable amplitude and frequency. It is used to vary the speed of rotation of the drying drum of the plant drying system so that the aggregates which are more porous receive heat from the burning flame for more time resulting in complete drying. It improves the drying process and allows the less porous asphalt to dry faster resulting in increased production. For instance, some of the major companies using frequency inverters include 3 Franks Services, A. Macchione Brothers, Absolute Asphalt and Concreter LLC, and Ace Asphalt.
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Major Key Players of the Market:
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.
Asphalt, Lubricating Oil And Grease Market 2024 Key Insights:
• 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%.
• Transitioning To Environmentally Friendly Bio-Based Lubricants In The Petroleum Industry
• Enhancing Asphalt Mixing Efficiency With Frequency Inverters In Drying Process
• North America was the largest region in the asphalt, lubricating oil, and grease market in 2023
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