Increase in Construction and Infrastructure Activities, Followed by Rise in Automotive Industry is Set to Drive Global Asphalt, Lubricating Oil and Grease Manufacturing Market over the Forecast Period: Ken Research

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Asphalt is a sticky black highly viscous liquid or semi-solid form of petroleum used for surfacing roads flooring& roofing, also known as bitumen. Polymer modified asphalt (PMA) is one form of traditional asphalt which is fixed at comparatively low temperatures and maintain surface granules better compared to standard granules. Asphalts are mixed with elastomers to create PMA which has privileged rutting resistance and durability. Styrene-butadiene rubber (SBR) and Styrene-butadiene-styrene (SBS) are the most commonly used elastomers to produce PMA.

Lubricating oil is thick fatty oil used for making parts of machine to make them move smoothly. The oil creates a separate film between surfaces of the closest moving parts to minimize the direct contact and decrease in heat caused by friction & reducing wear.

According to study, “Asphalt, Lubricating Oil And Grease Manufacturing Global Market Report 2019” the key companies operating in the global asphalt, lubricating oil and grease manufacturing market are Royal Dutch Shell Plc, Gazprom Neft, BP PLC (Castrol Ltd.), Owens Corning Sales LLC,CRH Plc., Chevron U.S.A. Inc., Bharat Petroleum Corporation Limited, China Petrochemical Corp. (Sinopec), Gulf Oil Lubricants India, Indian Oil Corp. Ltd., Exxon Mobil Corp., Lafargeholcim Ltd., HPCL, Imperial Oil Ltd, Valero, FUCHS, Vulcan Materials Co., Amsoil Inc., BASF SE, Blaser Swisslube AG, Bechem, Caltex Australia Group, China National Petroleum Corporation (PetroChina), Chemtura Corporation, Eni SpA, Gulf Oil Corporation Limited, Gazprom Neft PJSC, Idemitsu Kosan Co. Ltd, ITW (ROCOL), Indian Oil Corporation Ltd, JX Nippon Oil & Energy Corporation, Lukoil Lubricants Company, Kluber Lubrication, Pertamina, Motul, Petrofer Chemie H. R. Fischer GmbH + Co. KG, Petrobras, Phillips 66 Lubricants, Petronas Lubricants International, Repsol, Tide Water Oil Co. (India) Ltd, SK Lubricants, Valvoline LLC, Total Lubricants, Kluber Lubrication, Shell, Panama Petrochem Ltd.

Based on product type, the asphalt, lubricating oil and grease manufacturing market is segmented into engine oil, metalworking fluid, transmission & hydraulic fluid, general industrial oil, grease, gear oil, process oil and others. Based on thickeners, market is segmented into metal soaps and other thickeners. Based on base stock, market is segmented into bio-based lubricant, synthetic lubricant and mineral oil lubricant. In addition, based on end-use industries, market is segmented into power generation, heavy equipment, automotive & other transport, metallurgy & metalworking, food & beverage, chemical manufacturing and other end-user industries (packaging and oil &gas (drilling fluids)).

The global asphalt, lubricating oil and grease manufacturing market is driven by increase in construction and infrastructure activities, followed by rise in automotive industry, increase in usage of high-performance lubricants & greases, expansion of the global cold chain market and rise in demand from the growing wind energy sector. However, increase over the geo-political issues and rise in cost of oil extraction may impact the growth of market. Moreover, few of opportunities supporting the market growth include increase in mining operations, rise in prominence for bio-lubricants, emergent emphasis on environment friendly buildings and increase in demand for re-refined lubricants.

Based on geography, Asia-Pacific region holds the major market share in asphalt, lubricating oil and grease manufacturing market owing to rise in demand from the wind energy sector. North-American region is expected to hold major market due to augment in vehicular production along with the increase in construction& infrastructure activities in the region over the forecast period. It is anticipated that over the forecast period market it is expected that increase in demand for petroleum products in the developing countries is expected to support the market growth over the forecast period.

For more information, click on the link below:

Asphalt, Lubricating Oil and Grease Manufacturing Global Market

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