How Is The Asphalt, Lubricating Oil And Grease Market Segmented?
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 Is Driving The Asphalt, Lubricating Oil And Grease Market? Transitioning To Environmentally Friendly Bio-Based Lubricants In The Petroleum Industry
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.
What Is Driving The Asphalt, Lubricating Oil And Grease Market? Rising Demand For Lubricants Fuels Growth In Asphalt, Lubricating Oil, And Grease Market
The growing demand for lubricants is expected to propel the growth of the asphalt, lubricating oil and grease market going forward. A lubricant is any substance that is physically included with the aim of lowering friction between two or more moving surfaces. Asphalt, lubricating oil, and grease are all lubricants, which are substances that are used to reduce friction and wear between moving surfaces. For instance, in 2024, according to the Trading Economics, a US-based economic indicator, the imports of fuels & lubricants in Australia averaged USD 1034.01 million(1510.60 AUD million), reaching an all time high of USD 4792.87 million( 7002.00 AUD million) in2022. Therefore, growing demand for lubricants drive the growth of the asphalt, lubricating oil and grease market.
Who Are The Major Players In The Global 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.
What Are The Key Trends Of The Global Asphalt, Lubricating Oil And Grease Market? Enhancing Asphalt Mixing Efficiency With Frequency Inverters In Drying Process
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.
What Are The Key Trends Of The Global Asphalt, Lubricating Oil And Grease Market? Innovative Products Drive Growth In The Asphalt, Lubricating Oil, And Grease Market
Major companies operating in the asphalt, lubricating oil, and grease market are focusing on developing innovative products, such as synthetic high-performance grease to gain the competitive advantages in the market. Synthetic high-performance grease is a type of grease that is made with synthetic base oils and additives that are engineered to have superior properties than conventional mineral oils. For instance, in May 2022, DuPont de Nemours Inc., a US-based manufacturer of chemicals and pharmaceuticals, launched a MOLYKOTE Multilub Synthetic High-Performance Grease. It is a high-end lubricant solution designed to better protect metal-on-metal surfaces and components with moderate to heavy loads and sluggish to quick movements. It is a versatile grease with many applications in moderate settings and speeds. Its formulation includes a synthetic base oil, a lithium-soap thickening system, and performance additives for improved corrosion inhibition and extreme pressure (EP).
Regional Outlook For The Global Asphalt, Lubricating Oil And Grease Market
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.
The countries covered in the asphalt, lubricating oil and grease market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
What Defines the Asphalt, Lubricating Oil And Grease Market?
The asphalt, lubricating oil, and grease market consists of sales block asphalt, asphalt paving mixture, asphalt shingle, coating materials. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
How is Market Value Defined and Measured?
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
What is the Market Assessment and Strategic Outlook for the Asphalt, Lubricating Oil And Grease Industry?
The asphalt, lubricating oil and grease market research report is one of a series of new reports from The Business Research Company that provides asphalt, lubricating oil and grease market statistics, including asphalt, lubricating oil and grease industry global market size, regional shares, competitors with a asphalt, lubricating oil, and grease market share, detailed asphalt, lubricating oil, and grease market segments, market trends and opportunities, and any further data you may need to thrive in the asphalt, lubricating oil, and grease industry. This asphalt, lubricating oil, and grease market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
