Asphalt, Lubricating Oil And Grease Global Market Report 2023: Sector to Reach $301.65 Billion by 2027 at a 2.9% CAGR
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
*About ResearchAndMarkets.com*
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*Attachment*
· Global Asphalt, Lubricating Oil and Grease Market
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