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Grease Market to Reach a Valuation of US$ 6.9 billion by 2027 – Exclusive Report by MarketsandMarkets™

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Grease Market to Reach a Valuation of US$ 6.9 billion by 2027 – Exclusive Report by MarketsandMarkets™

February 08
17:29 2023
Grease Market to Reach a Valuation of US$ 6.9 billion by 2027 - Exclusive Report by MarketsandMarkets™
Browse 305 market data Tables and 76 Figures spread through 311 Pages and in-depth TOC on “Grease Market”
Grease Market by Base Oil (Mineral, Synthetic, Bio-based), Thickener Type (Metallic Soap, Non-soap, Inorganic), And End-use Industry (Automotive, General Manufacturing, Construction, Metal, Mining, Agriculture, Power)

Grease refers to a semisolid lubricant that generally consists of a soap emulsified with vegetable or mineral oil. The grease, consisting of oil or other lubricants, is mixed with a thickener. Grease is used in places where lubricating oil does not stay in position. Additionally, under high temperatures and pressures, grease provides thicker film cushions that are required to protect and lubricate machines. The end-user industries of grease include automotive, general manufacturing, mining, and steel among others. Grease is used in machinery that run for an extended period. The global Grease Market size is projected to reach USD 6.9 billion by 2027, at a CAGR of 3.6% from USD 5.8 billion in 2022.

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Metallic soap thickeners accounted for the largest market share. The superior properties of metallic soap thickener make it suitable to be used in various end-use applications. The growth can be attributed to the increasing demand from automotive and construction & off-highway segments. The rising demand for multifunctional and high-performance grease further increases the demand for metallic soap thickeners in the general manufacturing segment. Moreover, the increasing demand from the automotive industry drives the grease market, owing to the economic development, globally.

The major end-use industries of grease are automotive, construction & off-highways, general manufacturing, steel, mining, and others. Automotive is the fastest-growing application market for grease. The increasing use of wheel bearings, gears, switches, connectors, and other automotive parts has triggered the need for high-performance grease in the automotive industry. Grease offers superior properties to work in critical environments, such as mechanical stability, water resistance, temperature tolerance, and anti-oxidant. The automotive market is estimated to show significant growth in Asia-Pacific owing to rise in investments in the automotive sector.

Asia-Pacific is the fastest-growing market for grease, in terms of volume. Growing industrialization and infrastructure development in the region have offered enormous opportunities for the use of advanced grease in various applications. The key growth driver of the market is the growing demand for grease from the automotive segment. Growth in the general manufacturing is also projected to increase the demand for greases in the region. The players in the grease market are tapping opportunities in the growing markets of Asia-Pacific and Latin America. The rising demand from developing nations offers immense opportunities to players to invest in these nations. North America is the second-largest market for grease. The market in the region is driven by the rising demand for machines and equipment in the industrial sector.

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The major players in the grease market are strategically expanding the global network with the expansion on increasing production capacity. Some of the companies are developing its products with the introduction of new technology, such as The Dow Chemical Company (U.S.), parent company of Dow Corning, launched a new product Molykote G-5511 water tap compound with double duty technology. This technology improves the performance of rubber gaskets, ceramic discs, and plastic components. Some of the other major players are Royal Dutch Shell (Netherlands), Sinopec Corporation (China), Idemitsu Kosan Co LTD (Japan), and Fuchs Petrolub SE (Japan).

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