Global Asphalt, Lubricating Oil And Grease Market Size, Drivers, Trends, Opportunities And Strategies – Includes Asphalt, Lubricating Oil And Grease Market Outlook
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Producers of petroleum-based lubricants are expected to drive innovation in asphalt, lubricating oil and grease manufacturing, thus driving the market during the forecast period.
The global asphalt, lubricating oil and grease market is expected to grow from $259.66 billion in 2022 to $269.56 billion in 2023 at a compound annual growth rate (CAGR) of 3.8The asphalt, lubricating oil and grease market is expected to grow to $301.65 billion in 2027 at a CAGR of 2.9%.
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Global Asphalt, Lubricating Oil And Grease Market Segments Include:
- By Type: Asphalt, Other Petroleum Products
- By Application: Roadways, Waterproofing, Recreation, Other Applications
- By End Use Industries: Power Generation, Transport, Metallurgy & Metalworking, Food & Beverage, Chemical, Other End Use Industries
- Subsegments Covered: Asphalt Paving Mixtures And Blocks, Prepared Asphalt And Tar Roofing And Siding Products, Roofing Asphalts And Pitches, Coatings And Cements
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global asphalt, lubricating oil and grease market in 2021.
Major Market Players 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.
The demand for multi grade lubricants is gaining traction due to their better performance in cold climatic conditions. Multi-grade lubricant is a viscosity modifier used in engines which allows the smooth flow of oil under cold and hot climatic conditions. It is used to minimize the effect of change of viscosity with respect to the changes in the surrounding temperature and maintains optimum viscosity over the engine operating temperature range. Some of the major companies producing this lubricant include Gazprom, Rosneft, Exxonmobil, Petrochina and BP.
The Asphalt, Lubricating Oil And Grease Global Market Report 2023 provides a asphalt, lubricating oil and grease market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The asphalt, lubricating oil and grease market forecast analyzes asphalt, lubricating oil and grease market size, asphalt, lubricating oil and grease market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Asphalt is a sticky, black, and highly viscous liquid or semi-solid form of petroleum used for surfacing roads, flooring, and roofing. Lubricating oil and grese is a group of refined oils intended to lessen wear and friction between bearing metallic surfaces.
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