Dublin, May 04, 2023 (GLOBE NEWSWIRE) -- The "Asphalt, Lubricating Oil And Grease Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global asphalt, lubricating oil and grease market grew from $259.66 billion in 2022 to $269.56 billion in 2023 at a compound annual growth rate (CAGR) of 3.8%. The asphalt, lubricating oil and grease market is expected to grow to $301.65 billion in 2027 at a CAGR of 2.9%.
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.
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.
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.
North America was the largest region in the asphalt, lubricating oil and grease market in 2022. 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 are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the asphalt, lubricating oil and grease market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.
Scope
Markets Covered:
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 Covered: Asphalt Paving Mixtures And Blocks; Prepared Asphalt And Tar Roofing And Siding Products; Roofing Asphalts And Pitches, Coatings And Cements
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 300 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $269.56 billion |
| Forecasted Market Value (USD) by 2027 | $301.65 billion |
| Compound Annual Growth Rate | 2.9% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Asphalt, Lubricating Oil And Grease Market Characteristics
4. Asphalt, Lubricating Oil And Grease Market Product Analysis
5. Asphalt, Lubricating Oil And Grease Market Supply Chain
6. Asphalt, Lubricating Oil And Grease Market Customer Information
7. Asphalt, Lubricating Oil And Grease Market Trends And Strategies
8. Asphalt, Lubricating Oil And Grease Market - Macro Economic Scenario
9. Asphalt, Lubricating Oil And Grease Market Size And Growth
10. Asphalt, Lubricating Oil And Grease Market Regional Analysis
11. Asphalt, Lubricating Oil And Grease Market Segmentation
12. Asphalt, Lubricating Oil And Grease Market Segments
13. Asphalt, Lubricating Oil And Grease Market Metrics
14. Asia-Pacific Asphalt, Lubricating Oil And Grease Market
15. Western Europe Asphalt, Lubricating Oil And Grease Market
16. Eastern Europe Asphalt, Lubricating Oil And Grease Market
17. North America Asphalt, Lubricating Oil And Grease Market
18. South America Asphalt, Lubricating Oil And Grease Market
19. Middle East Asphalt, Lubricating Oil And Grease Market
20. Africa Asphalt, Lubricating Oil And Grease Market
21. Asphalt, Lubricating Oil And Grease Market Competitive Landscape
22. Key Mergers And Acquisitions In The Asphalt, Lubricating Oil And Grease Market
23. Market Background: Oil Downstream Activities Market
24. Recommendations
25. Appendix
A selection of companies mentioned in this report includes
- Exxon Mobil
- Royal Dutch Shell
- Saudi Aramco
- BP plc
- Glencore International
- Guardian Industries, LLC
- Owens Corning
- Suncor Energy Inc
- Husky Energy Inc
- CRH plc
For more information about this report visit https://www.researchandmarkets.com/r/14kbs1
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