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Future of Asphalt, Lubricating Oil And Grease Market: Size, Share & Forecasts to 2029
Asphalt, Lubricating Oil And Grease Market
What Is the Projected Market Size Valuation of the Asphalt, Lubricating Oil And Grease Market by 2025?
In recent times, there has been a significant expansion in the asphalt, lubricating oil, and grease market size. The market, which is estimated to be worth $342.67 billion in 2024, is projected to increase to $361.07 billion in 2025, representing a compound annual growth rate (CAGR) of 5.4%. Factors such as economic growth, infrastructure development, environmental regulations, technological advancements, and energy trends have contributed to the growth during the historic period.
What Is the Estimated Market Growth Value for the Asphalt, Lubricating Oil And Grease Industry in 2029?
The market size for asphalt, lubricating oil, and grease is projected to witness a robust expansion in the forthcoming years. It is expected to reach $451.86 billion in 2029, growing at a compounded annual growth rate (CAGR) of 5.8%. Factors attributing to this growth during the forecast period include the transportation and automotive industry, worldwide demand for construction and manufacturing, environmental shifts and sustainability, demographic growth, and urbanization. Key trends during the anticipated period include technological advancement in asphalt production, superior quality products, intelligent infrastructure, electric mobility (evs), alternate fuels, broadening of product range, and adaptability in customization and formulation.
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What Are the Growth Drivers and Opportunities in the Asphalt, Lubricating Oil And Grease Market?
Manufacturers of petroleum-derived lubricants are now providing bio-based lubricants to address environmental concerns associated with traditional lubricants. These bio-based variants are produced using renewable or biodegradable materials, with vegetable oils being a key component. Vegetable oils provide substantial lubricity, viscosity, and thermal stability. They possess a higher flash point of 326 °C, exceeding the 200 °C flash point of mineral oils. Lubricants derived from vegetable oils encompass tractor transmission hydraulic fluid, industrial hydraulic fluids used in processes and machinery, food-grade hydraulic fluids and greases, greases used in vehicles, railways, and mechanical applications, chainsaw bar oil, gearbox lubricants, compressor oil, and cooling fluids used for transformers and transmission lines.
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What Are the Primary Segments Covered in the Global Asphalt, Lubricating Oil And Grease Market Report?
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
What Are the Top Growth Trends in the Asphalt, Lubricating Oil And Grease Market?
The majority of companies in the asphalt industry are implementing frequency inverters in the asphalt mixing procedure to regulate the drying time of the asphalt mix. A frequency inverter is a piece of electronic equipment that changes an AC current with a constant frequency into one with a variable amplitude and frequency. It enables the adjustment of the spin speed of the plant drying system's drying drum, ensuring that more porous aggregates are exposed to the combustion flame for longer periods, leading to thorough drying. This enhances the drying method and enables less porous asphalt to dry more quickly, thereby boosting production. For example, several prominent companies like 3 Franks Services, A. Macchione Brothers, Absolute Asphalt and Concreter LLC, and Ace Asphalt are adopting frequency inverters.
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Which Companies Are Shaping the Future of 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.
Which Region Holds the Largest Market Share in the Asphalt, Lubricating Oil And Grease Industry?
North America was the largest region in the asphalt, lubricating oil, and grease market in 2024. 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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