The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The asphalt, lubricating oil, and grease market have exhibited robust growth in recent years, with the market size surging from $273.6 billion in 2023 to $290.82 billion in 2024, reflecting a commendable Compound Annual Growth Rate (CAGR) of 6.3%. This growth is attributed to various factors, including economic growth and infrastructure development, environmental regulations, technological advancements, and evolving energy trends.

• Key Drivers of Historic Growth:
  • Economic growth and infrastructure development
  • Environmental regulations
  • Technological advancements
  • Shifting energy trends

Anticipating Strong Growth Ahead

The asphalt, lubricating oil, and grease market are poised for continued expansion, projecting a market size of $362.21 billion in 2028, with a CAGR of 5.6%. The anticipated growth in the forecast period can be attributed to factors such as the booming transportation and automotive industry, global demand for construction and manufacturing, concerns about climate change and sustainability, and the ongoing trends of population growth and urbanization.

• Forecasted Growth Catalysts:
  • Transportation and automotive industry
  • Global demand for construction and manufacturing
  • Climate change and sustainability
  • Population growth and urbanization
  • Emerging trends: technological innovations, smart infrastructure, electric vehicles (EVs), and alternative fuels

Lubricants Steer Growth

The escalating demand for lubricants is expected to be a major driving force for the asphalt, lubricating oil, and grease market. Lubricants play a crucial role in reducing friction between moving surfaces, and their demand is on the rise. For example, in Sri Lanka, the sales of lubricants increased from 59,926 kiloliters in 2020 to 68,018 kiloliters in 2021, as reported by the Public Utilities Commission Of Sri Lanka. This growing demand for lubricants serves as a key factor propelling the overall market growth.

• Rising Lubricant Demand:
  • Increase in lubricant sales
  • Role of lubricants in reducing friction

View More On The Asphalt, Lubricating Oil And Grease Market Report 2023 – https://www.thebusinessresearchcompany.com/report/asphalt-lubricating-oil-and-grease-global-market-report

Industry Giants and Innovations

Major players in the asphalt, lubricating oil, and grease market, including Exxon Mobil, Royal Dutch Shell, and Saudi Aramco, are actively focusing on innovation to gain a competitive edge. One notable example is the development of synthetic high-performance grease, a product engineered with superior properties compared to conventional mineral oils. In May 2022, DuPont de Nemours Inc. launched MOLYKOTE Multilub Synthetic High-Performance Grease, a versatile lubricant designed to protect metal-on-metal surfaces with various applications in moderate settings and speeds.

• Innovations Driving Growth:
  • Focus on synthetic high-performance grease
  • Competitive advantages through innovation
  • DuPont de Nemours Inc.’s MOLYKOTE Multilub Synthetic High-Performance Grease

Market Segmentation

The asphalt, lubricating oil, and grease market exhibit diversity in terms of types, applications, and end-use industries.

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

Regional Dominance: North America Leads the Way
In 2023, North America emerged as the largest region in the asphalt, lubricating oil, and grease market, showcasing the region’s influence and significant market share.

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The Asphalt, Lubricating Oil And Grease Global Market Report 2023  provides comprehensive insights on the asphalt, lubricating oil and grease market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the asphalt, lubricating oil and grease market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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