Asphalt is a sticky, black and highly viscous liquid or semi-solid form of petroleum used for surfacing roads, flooring, and roofing.
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The major reason why the global asphalt, lubricating oil and grease manufacturing market is expected to grow from $316 billion in 2017 to $330 billion by 2021 is the rise in demand for bio- based lubricants. 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 sources for bio-based lubricants. Vegetable oils offer high lubricity, viscosity and thermal stability.
Asphalt, lubricating oil and grease manufacturing market is segmented into other petroleum products and asphalt. While the other petroleum products account for more than 77 % of the market share, the remaining is attributed to the asphalt segment.
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China was the biggest player in the asphalt, lubricating oil and grease manufacturing market in 2017. This was a result of high public investment in the country's asphalt, lubricating oil and grease manufacturing market. China was followed by USA and Japan as the next largest countries in the market.
Royal Dutch Shell is the largest competitor in the asphalt and other petroleum products market, followed by BP P.L.C. and Gazprom Neft. Royal Dutch Shell Plc is engaged in oil and natural gas production. Shell's growth strategy aims at expanding its asphalt business by creating a strong network of bitumen refineries, depots and flexible logistics.
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