Grease Market Size, Regional Outlook, Industry Analysis Report, Price Trends, Application Development Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2611
Global Grease Market size shall grow with a prominent CAGR in forecast timeframe. Grease is a semi solid lubricant. It is a mixture of thickener dispersed in oil and fluid lubricant. The product is used in automotive industry on a vast scale Greased machinery consume less amount of power and have very less impact to any wear & tear damage.
The product consists of three components such as base oil, thickener and additives and the thickener decides the type of product. Basic types of product include soap type and non-soap thickener greases. There are three segments in soap type: base greases; simple soap, mixed soap and complex soap. Simple grease produces simple lithium which is very commonly used product globally. Non-soap is also of three types clay, polyurea and others.
The product is popularly used across various industries such as automobile, railway, construction, pharmaceutical, food & beverage, mining and numerous others. Its water resistance property is very important in many machines and in their applications. It has an ability to retain its properties at any temperature. Grease’s super lubricating attributes make it useful in bushings, bearing axles and most of the moving parts of machinery and automobiles. It is useful in commercial and manufacturing industry owing to its properties such as contamination prevention, protection against rust and corrosion and withstanding high & low temperature. Increasing product application scope in industries such as wind turbines will fuel the demand for low viscosity lubricating oils in the coming years. Demand for low viscosity fluids in automobile industry shall extend the market opportunities over the forecast period.
Grease market has witnessed increasing use of biodegradable greases in past few years. These are high performing and their additives are either synthetic ester or vegetable oil based. It degrades sooner compared to its mineral oil-based alternatives and do not release environmentally harmful residues after use. Moreover, their manufacturers comply with environmental regulations Automobile industry has been a major product consumer keeping the exponential growth it has registered in past few years. Automobile industry growth will positively impact product demand in the coming years. Long component life, low friction and easily renewable raw material shall make product market more sustainable during the forecast period. However, factors such as development of self-lubricant equipment, unfavorable availability of raw material and fluctuation in exchange rate shall restrain the grease market growth over the forecast timeframe. Insufficient knowledge regarding right product grades among consumers usually lead to dissatisfaction about the product. Consolidation of manufacturers has resulted into reduced number of grease plants. Product globalization is likely to possess a threat for small local manufacturers. These factors may hamper the grease market size growth during forecast timeframe.
North America and Europe were prominent regions in global grease market in 2017, which can be attributed to their well-established automobile industries. Asia Pacific held the largest market share in 2017. The product demand is prominently driven by India, China, Thailand and Japan owing to rapidly growing automobile sector in these countries. Moreover, growing infrastructure and increasing participation of foreign direct investors in this region shall directly drive construction industry dynamics which will propel product demand over the forecast period. Latin America is likely to foster the product demand over the next few years due to growing industrialization and urbanization in Brazil.
Acquisition of small vendors by these chief companies has resulted into fragmentation of grease market. However, in recent years there is consistent rise in local vendors, due to easy availability of technology and different cost-effective production techniques. Some prominent players operating in the industry are Exxon Mobil Corporation, Shell Global, Chevron Corporation, Idemitsu Kosan Co. Ltd, China Petrochemical corporation, Total, FUCHS, Petroliam Nasional Barhad, BP plc, DowDuPont, CITGO Petroliam Corporation, Harrison Manufacturing and Indian oil corporation Ltd. In June 2017, Exxon Mobil announced the completion of its expansion project in Singapore. It will augment synthetic lubricants and grease production. This new synthetic lubricants and grease facility is located in Asia Pacific and it will ensure the reliable product supply across the region.
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