New York, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The global High Temperature Grease Market size is poised to grow at a CAGR of over 11% from 2023 to 2035. The market is anticipated to garner a revenue of USD 29 billion by the end of 2035, up from a revenue of USD 14 billion in the year 2022. The rapid industrialization and manufacturing activities in emerging economies are driving the demand for high-temperature grease. For instance, India’s National Manufacturing Policy of 2011 has an objective of increasing the contribution of manufacturing, to the country’s GDP to 25% and generating around 100 million job opportunities in this sector. These priorities are further emphasized by the governments "Make in India" initiative. Interestingly even China, known as the "factory of the world " is focusing on promoting high tech industries and integrating technology into manufacturing processes with its "Made in China 2025" program. Industries such as steel, cement, and mining require equipment that operates at high temperatures, which in turn requires the use of high-temperature grease to maintain optimal performance and prevent breakdowns.
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High-Temperature Grease Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- Automotive segment to garner the highest growth
- Market in North America to grow at a significant rate
Advancements in Technology and Innovation to Boost Market Growth
The high-temperature grease market is being driven by a number of technological advancements and innovations. One of the most significant developments has been the introduction of new synthetic base oils, which have superior thermal stability and oxidation resistance compared to traditional mineral oils. These new base oils allow for longer lubricant life and extended equipment uptime, reducing maintenance costs and increasing productivity. Another important innovation has been the development of new thickener systems, such as complex soaps and polyurea, which provide better performance at high temperatures and under extreme loads. These new thickeners also offer improved water resistance and corrosion protection, making them ideal for use in harsh environments. Overall, these technological advancements and innovations are driving the growth of the high-temperature grease market and creating new opportunities for businesses and investors alike.
High-Temperature Grease Market: Regional Overview
The global high-temperature grease market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Presence of Largest Automotive Manufacturing Hubs to Drive the Growth in the Asia Pacific Region
The high-temperature grease market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035. This is largely due to the fact that the Asia-Pacific is home to some of the largest automotive manufacturing hubs in the world, such as China, India, and Japan, which drive the high demand for high-temperature grease. In recent years the Asia Pacific region has emerged as the leader in global automobile production according to the Organisation Internationale des Constructeurs d'Automobiles (OICA). China specifically takes the lead as the producer of automobiles contributing, over 28% to the global share. Additionally, as the region becomes increasingly reliant on renewable energy sources, the need for high-quality lubricants becomes even more critical.
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The Rising Demand for High-Performance Lubricants to Drive the Growth in the North America Region
The North America high-temperature grease market is estimated to garner the largest revenue by the end of 2035. This can be attributed to the rising demand for high-performance lubricants and the increasing adoption of electric vehicles in the region. It is estimated that by 2030 electric vehicle sales in the United States may account for around 40% of all passenger car sales. As electric vehicles become more popular, the demand for high-performance lubricants, such as high-temperature grease, also increases. This is because electric vehicles require lubricants with a higher operating temperature than traditional gasoline-powered vehicles. Additionally, the region offers a favorable environment for the development of the high-temperature grease market, as it is heavily reliant on the automotive industry.
High-Temperature Grease Segmentation by Type
- Complex Soap Grease
- Silicone Grease
The silicone grease segment is anticipated to hold the largest revenue by the end of 2035 owing to the growing demand for silicone grease in various applications, such as automotive, aerospace, and marine. Silicone grease offers excellent performance over a broad range of temperatures making it ideal for applications in both high and low temperature conditions. Its capacity to retain its properties in extreme temperature settings is highly valued by industries operating in demanding environments. Silicone greases have the ability to endure temperatures low as 40°C ( 40°F) and as high, as 200°C (392°F) or even higher depending on the specific formulation.
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High-Temperature Grease Segmentation by End User
- Automotive
- Marine
- Construction
The automotive segment is anticipated to hold the largest revenue by the end of 2035. This is due to the growing demand from the automotive sector for effective lubrication of engine components at high temperatures. High-temperature grease is specially formulated to withstand extreme temperatures and also provide protection from corrosion and oxidation. This makes it an ideal product for use in the automotive sector. For instance, HSKF LGHP 2 is a grease that offers excellent performance even in high temperatures. It is made from high-quality mineral oil. Features a modern Polyurea (di urea) thickener. This grease is specifically designed for use in electric motors and other similar applications.
A few of the well-known market leaders in the global high-temperature grease market that are profiled by Research Nester are Shell Oil, ExxonMobil Corporation, Chevron Corporation, Klüber Lubrication München SE & Co. KG, The Dow Chemical Company, TotalEnergies SE, FUCHS Lubricants Co., SKF Group, China Petroleum & Chemical Corporation, Petro-Canada Lubricants Inc., and other key market players.
Recent Developments in the Market
- ExxonMobil revealed its intention to invest in the advancement of cutting-edge grease formulations that can withstand temperatures. This investment is primarily focused on improving the performance and sustainability of their lubricant products in challenging operating conditions.
- Total Energies introduced a brand-new range of high-temperature grease products tailored specifically for use in renewable energy applications such as wind turbines and solar power systems. The goal behind this initiative is to meet the increasing demand for lubricants, within the rapidly growing renewable energy sector.
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