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"Global Grease Market was Valued at US$ 2.15 Bn in 2019 and it is Expected to Reach More than US$ XX Bn by 2028, Likely to Grow with the CAGR of 2.1% During the Forecast Period."
The grease market is growing moderately driven by factors including proliferating demand from industrial sectors, rising income levels of middle-class customers are driving the demand for the automobile sector thereby boosting the demand of the overall grease market across the globe. One of the major factors augmenting the growth of the grease market is the increased use of metal soap thickener. For several purposes, grease is preferred to oils such as wax and acts as a sealant to avert leakage of lubricants and to preserve damaged seals in cases where oil leaks out of the application. Grease thwarts corrosive pollutants and foreign material from entering, the grease-demanding equipment is also simple in design, needs less room and weighs considerably less than similar equipment, as a result of which the overall cost of the equipment for repair and procurement is reduced. Owing to this application and the benefits offered by grease demand for it is bolstering in the end-use industries.
The increasing demand for grease in the construction industry, growing usage of high-performance greases are factors propelling the demand of the grease market. The grease industry is highly fragmented and organizations are coming up with new products. For instance, the emergence of bio-based grease will create opportunities for the proliferation of the overall grease market.
The global grease market on the basis of thickeners segment is bifurcated into metal soap thickeners, non-soap thickeners, inorganic thickeners & other thickeners. The geography segment is analyzed into Asia-pacific, North America, Latin America, Europe, Middle East and Africa (MEA).
As Per Thickener Type, Metal Soap Thickeners Expected To Grow At The Fastest Rate Owing To Multifunctional Properties.
By thickener type, metal soap is expected to witness the highest growth in the grease market across the globe. It is expected to hold XX% of the total market.
The metal soap thickener segment is estimated to register the fastest-growth throughout the forecast period. This can be associated with its multifunctional properties which makes it suitable for use in various end-use industries including automotive, construction, general manufacturing industries, and chemical manufacturing among others. Metal soap thickener has a high ability to maintain exceptional stability at high temperatures coupled with other complementary properties including shear stability, rust protection, load-bearing, and water resistance.
By End-Use, Automotive & Transportation Are Estimated To Witness High Sales In The Grease Market
Automotive is the most popular end-use field on the market for grease. Increasing sales of passenger vehicles and commercial vehicles are boosting the demand for grease in the automotive and transport industries. In the automotive industry, grease has wide applications in various automotive parts, such as universal joints, wheel bearings, levers, gear, suspension, and others, due to its excellent properties including temperature tolerance, mechanical durability, anti-oxidant, and water resistance.
Additionally, grease also plays a major role in the chemical manufacturing segment, and growth in the global chemical industry has a direct impact on the grease market. Grease also has a significant application especially in the metalworking sector, and numerous upcoming projects in the Asia Pacific region are expected to boost the grease demand in this region. The rising adoption of grease over other substitutes in various end-use industries including automobiles, and construction among others is propelling the growth of the grease market across the globe.
Asia Pacific Region To Dominate The Overall Grease Market In Terms Of Revenue Share.
The rising demand for the automobile sector coupled with the infrastructural growth and growth of the manufacturing sector in the developing regions including China, India, and Japan among others are driving the growth in the region.
The Market Is Expected To Register A CAGR Of XX% During The Forecast Period.
The market for grease will hold significant market share in North America owing to the expansion of automobiles as well as the chemical industry in the region. On the contrary, the Middle East and Africa region are expected to witness the fastest growth during the forecast period. Owing to the rapidly developing industrial sector in the region.
Castrol, Exxon Mobil, Dow Corning Ltd., Chevron Corporation, Lukeoil, Royal Dutch Shell PLC, Sinopec Corporation, Balmer Lawrie & Co. Ltd, JX Nippon Oil & Energy Corporation and Petronas are few of the key players in the global grease market.
Segmentation of Global Grease Market
Grease Market by Thickeners
- Metal Soaps
- Non-soap Thickener
- Inorganic Thickener
- Other Thickener
Grease Market by End-use
- Heavy Equipment
- Power Generation
- Automotive & Transportation
- Food & Beverage
- Chemical Manufacturing
- Metal Working & Metallurgy
- Other End-use Industry
Grease Market by Region
- North America
- South America
- Middle East & Africa