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Major Growth Driver Identified in 2025 Asphalt, Lubricating Oil And Grease Market: Transitioning To Environmentally Friendly Bio-Based Lubricants In The Petroleum Industry
Asphalt, Lubricating Oil And Grease
Asphalt, Lubricating Oil And Grease Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
Over the past few years, the asphalt, lubricating oil and grease market has seen robust expansion. There is an expected increase from $297.94 billion in 2024 to $318.69 billion in 2025, indicating a compound annual growth rate (CAGR) of 7.0%. Factors that have contributed to this growth historically include economic growth and infrastructure development, environmental norms, technological progress, and energy trends.
Asphalt, Lubricating Oil And Grease Market Size Forecast: What's the Projected Valuation by 2029?
The market size for asphalt, lubricating oil, and grease is forecasted to witness robust expansion in the ensuing years, reaching a value of $397.85 billion in 2029 at a CAGR of 5.7%. Factors contributing to this growth during the forecast period encompass the transportation and automotive industries, global construction and manufacturing demand, climate change and sustainability concerns, as well as population expansion and urbanization. Technological breakthroughs in asphalt production, superior quality products, intelligent infrastructure, electric vehicles and alternative energy sources, along with product portfolio diversification and flexible customization and formulation, are the main trends observed for the forecast period.
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What Are the Drivers Transforming the Asphalt, Lubricating Oil And Grease Market?
Manufacturers of oil-based lubricants have begun to offer more eco-friendly lubricants derived from bio-based materials in response to environmental concerns related to their impact. These bio-based lubricants are developed using renewable or biodegradable resources, with vegetable oils being a fundamental component. Among the many benefits of vegetable oils are their high lubricity, viscosity, and thermal stability. They also boast a high flash point of 326 °C, which is substantially higher than the 200 °C flash point for mineral oils. A variety of lubricants can be made from vegetable oil, such as tractor transmission hydraulic fluid, industrial hydraulic fluids for systems and machinery, food-grade hydraulic fluids and grease, grease for automotive, railroad, and machinery applications, chainsaw bar oil, gear lubricants, compressor oil, and fluids to cool transformers and transmission lines.
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What Long-Term Trends Will Define the Future of the Asphalt, Lubricating Oil And Grease Market?
A significant proportion of asphalt businesses utilize frequency inverters in their asphalt blending operations to regulate the drying duration of the asphalt mixture. A frequency inverter is a piece of electronic equipment that changes an alternating current with a constant frequency into one with variable amplitude and frequency. This is primarily used to modify the rotation speed of the drying drum in the plant's drying system, thereby allowing for the more porous aggregates to be exposed to the heat from the burning flame for longer periods, ensuring thorough drying. This enhances the drying procedure and enables the less porous asphalt to dry quicker, thus boosting production levels. For example, several major companies, such as 3 Franks Services, A. Macchione Brothers, Absolute Asphalt and Concrete LLC, and Ace Asphalt, are employing frequency inverters.
Which Segments in the Asphalt, Lubricating Oil And Grease Market Offer the Most Profit Potential?
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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Which Firms Dominate the Asphalt, Lubricating Oil And Grease Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential 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.
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