PUBLISHER: The Business Research Company | PRODUCT CODE: 1712303
PUBLISHER: The Business Research Company | PRODUCT CODE: 1712303
Asphalt is a dense, adhesive, and dark-colored liquid or semi-solid derivative of petroleum primarily employed for the surfacing of roads, flooring, and roofing. On the other hand, lubricating oil and grease pertain to a class of refined oils specifically designed to minimize wear and friction between metallic surfaces.
The primary categories encompass asphalt and various petroleum products. Asphalt, a composite composed of aggregate particles, binder, and filler, finds extensive use in the construction and upkeep of roads, parking lots, railway tracks, ports, airport runways, bike paths, pedestrian walkways, and recreational and sports facilities. This versatile substance is applied across a range of areas, including road construction, waterproofing, recreational surfacing, and other specialized applications. Moreover, these materials serve a multitude of industries, including power generation, transportation, metallurgy and metalworking, food and beverage, chemicals, and various other sectors.
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.
The asphalt, lubricating oil and grease market size has grown strongly in recent years. It will grow from $297.94 billion in 2024 to $318.69 billion in 2025 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to economic growth and infrastructure development, environmental regulations, technological advancements, energy trends.
The asphalt, lubricating oil and grease market size is expected to see strong growth in the next few years. It will grow to $397.85 billion in 2029 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to transportation and automotive industry, global demand for construction and manufacturing, climate change and sustainability, population growth and urbanization. Major trends in the forecast period include technological innovations in asphalt production, high-performance products, smart infrastructure, electric vehicles (evs) and alternative fuels, diversification of product portfolios, customization and formulation flexibility.
Petroleum-based lubricant manufacturers are responding to environmental concerns by introducing bio-based lubricants into the market. Bio-based lubricants are created using renewable or biodegradable materials, with vegetable oils being a primary component. These vegetable oil-based lubricants offer several advantages, including high lubricity, viscosity, and thermal stability. They also have a notably higher flash point of 326°C compared to 200°C for mineral oils. Bio-based lubricants derived from vegetable oils are employed in various applications, including tractor transmission hydraulic fluid, industrial hydraulic fluids for machinery and processes, food-grade hydraulic fluids and greases, automotive, railroad, and machinery greases, chainsaw bar oil, gear lubricants, compressor oil, and cooling fluids for transformers and transmission lines. This shift towards bio-based lubricants reflects the industry's commitment to addressing environmental concerns and promoting sustainability.
The increasing demand for lubricants is anticipated to drive the growth of the asphalt, lubricating oil, and grease market in the coming years. Lubricants, such as asphalt, lubricating oil, and grease, are substances used to reduce friction and wear between moving surfaces. For instance, in 2024, according to Trading Economics, a US-based economic indicator, the imports of fuels and lubricants in Australia averaged USD 1,034.01 million (1,510.60 AUD million), with a peak of USD 4,792.87 million (7,002.00 AUD million) in 2022. This growing demand for lubricants is driving the growth of the asphalt, lubricating oil, and grease market.
Many asphalt companies are incorporating frequency inverters into their asphalt mixing processes to control the drying time of asphalt mixtures. A frequency inverter is an electronic device that converts a fixed-frequency AC current into variable amplitude and frequency. It is utilized to adjust the rotational speed of the drying drum in the plant's drying system. This adjustment allows more porous aggregates to receive heat from the burning flame for an extended period, ensuring complete drying. It enhances the drying process and accelerates the drying of less porous asphalt, resulting in increased production efficiency. Some major companies that employ frequency inverters in their asphalt production processes include 3 Franks Services, A. Macchione Brothers, Absolute Asphalt and Concrete LLC, and Ace Asphalt.
Major companies in the asphalt, lubricating oil, and grease market are increasingly focusing on the development of innovative products to gain a competitive edge. One such innovative product is synthetic high-performance grease, which is formulated using synthetic base oils and additives to offer superior properties compared to conventional mineral oils. For example, in May 2022, DuPont de Nemours Inc., a US-based manufacturer of chemicals and pharmaceuticals, introduced MOLYKOTE Multilub Synthetic High-Performance Grease. This high-end lubricant solution is designed to provide enhanced protection for metal-on-metal surfaces and components subjected to moderate to heavy loads and a range of speeds, from slow to rapid movements. This versatile grease finds applications in moderate settings and speeds, featuring a formulation that includes synthetic base oil, a lithium-soap thickening system, and performance additives aimed at improving corrosion inhibition and providing extreme pressure (EP) protection.
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.
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
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.
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.
Asphalt, Lubricating Oil And Grease Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on asphalt, lubricating oil and grease market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for asphalt, lubricating oil and grease ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The asphalt, lubricating oil and grease market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.