PUBLISHER: Allied Market Research | PRODUCT CODE: 1179505
PUBLISHER: Allied Market Research | PRODUCT CODE: 1179505
The global grease market was valued at $4.2 billion in 2021, and is projected to reach $5.7 billion by 2031, growing at a CAGR of 3.2% from 2022 to 2031.
Grease is a semi-solid lubricant, generally composed of soap emulsified with vegetable or mineral oil. It is primarily used to reduce friction and minimize wear between two moving surfaces. It is preferred over oil as it acts as a sealant to prevent lubricant leakage and keep deteriorated seals in such cases where oil would leak out of the application. Grease prevents the ingress of corrosive contaminants and foreign matter. In addition, devices that require grease are simpler in design, occupy less space, and weigh significantly lesser than similar devices, reducing both overall equipment maintenance and maintenance costs. This particular application and benefits of lubricating grease has significantly increased its demand in various end-use industries. A typical grease is generally composed of 75-80% oil, is 10-15% thickener, and has 5-10% lubricant additives. Grease has a relatively longer service life than liquid lubrication before it needs to be replenished, which is a key advantage in hazardous or hard-to-reach areas.
Rise in sales of passenger and commercial vehicles increases the demand for grease in the automotive and transportation industry. In the automotive industry, excellent properties of grease such as heat resistance, mechanical stability, and antioxidant and water resistance make it suitable for various applications in various automotive parts such as universal joints, automotive bearings, switches, gears and suspensions. In addition, grease also plays an important role in chemical manufacturing equipments and the growth of the global chemical industry directly impacts the grease market. Grease also occupies a large consumption share in the construction industry, especially in metalworking, and a number of upcoming projects in the Asia-Pacific region are expected to boost the grease market in the region.
In addition, the increase in preference of lubricating grease over lubricating oil in several end-use industries such as on-highway vehicles, off-highway vehicles, chemical, food, beverage, and other industries is an indication of the increasing popularity of lubricating grease worldwide.
The grease market is segmented on the basis of base oil, thickener type, end-use industry, and region. On the basis of base oil, the market is classified into mineral oil, synthetic oil, and bio-based oil. On the basis of thickener type, the market is categorized into metallic soap, non-soap, and inorganic. On the basis of end-use industry, the market is divided into power generation, automotive, heavy equipment, food & beverage, chemical manufacturing, and others. Region-wise it is analyzed across North America, Europe, Asia-pacific, and LAMEA regions.
The global grease market analysis covers in-depth information about the major industry participants. The major players operating in the industry include Axel Christiernsson, ENEOS Holdings, Inc., Exxon Mobil Corporation, FUCHS, Idemitsu Kosan Co., Ltd., Petroliam Nasional Berhad (PETRONAS), PKN ORLEN, Sinopec Corporation, The Chevron Corporation, TOTAL energies. These players have adopted product launch, acquisition, and business expansion as their key strategies to increase their market shares. The report includes the study of the grease market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter's five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.
Key Benefits For Stakeholders
Impact of COVID-19 outbreak on the market
By Base Oil
By Thickener Type
By End-Use Industry
By Region