The Business Research Company’s Asphalt, Lubricating Oil And Grease Global Market Report 2021 – COVID-19 Impact and Recovery
LONDON, GREATER LONDON, UK, November 24, 2021 /EINPresswire.com/ — 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.
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The global asphalt, lubricating oil and grease market size is expected to grow from $254.02 billion in 2020 to $308.13 billion in 2021 at a compound annual growth rate (CAGR) of 21.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $437.25 billion in 2025 at a CAGR of 9%.
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North America was the largest region in the global asphalt, lubricating oil and grease market, accounting for 37% of the market in 2020. Asia Pacific was the second largest region, accounting for 25% of the global asphalt, lubricating oil and grease market. Africa was the smallest region in the global asphalt, lubricating oil and grease market.
Major players covered in the global asphalt, lubricating oil and grease industry are Royal Dutch Shell, BP PLC, Gazprom Neft, CRH Plc, Owens Corning Sales LLC.
TBRC’s global asphalt, lubricating oil and grease market report is segmented by type into asphalt, other petroleum products, by end use industries into power generation, transport, metallurgy & metalworking, food & beverage, chemical, others.
Asphalt, Lubricating Oil And Grease Global Market Report 2021 – By Type (Asphalt, Other Petroleum Products), By End Use Industries (Power Generation, Transport, Metallurgy & Metalworking, Food & Beverage, Chemical), COVID-19 Impact and Recovery is one of a series of new reports from The Business Research Company that provides asphalt, lubricating oil and grease market overview, forecast asphalt, lubricating oil and grease market size and growth for the whole market, asphalt, lubricating oil and grease market segments, and geographies, asphalt, lubricating oil and grease market trends, asphalt, lubricating oil and grease market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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Source: EIN Presswire