Dublin, Aug. 10, 2022 (GLOBE NEWSWIRE) -- The "Grease Market - Global Outlook and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The grease market is expected to grow at a CAGR of 3.57% during 2022-2027
Grease market is changing as the customers are demanding better-performing lubricants that will enhance efficiency and deliver better performance. Currently, metallic soap-based greases have a major market share.
However, due to fluctuating raw material prices and stringent government regulations the consumers are shifting toward organic soap greases. Organic thickeners are also known as high-temperature thickeners. They are specially formulated to fulfil extreme lubrication requirements in long service applications.
MARKET TRENDS
Rising Trend Demand for Polyurea Grease
In 2021, lithium grease will have the largest market share in the global grease market. But due to the rise in the adoption of electric vehicles, there has been an increase in demand for lithium which is causing increasing the prices of raw materials of lithium grease. The lithium grease market is expected to grow at a CAGR of 4.9% during 2022-2027.
Hence, there is a decline in the lithium grease market share. Polyurea being organic is gaining importance due to several advantages over lithium grease. In addition, polyurea greases have a bright scope for standardization of manufacturing procedures, making them a cost-effective alternative to lithium complex grease. And In addition, polyurea is made from organic components, thus more environmentally friendly than other metallic fat.
MARKET DRIVERS
Growing Industrial Sector in APAC
APAC region is set to become the fastest growing in terms of GDP growth in the world. The APAC region consists of emerging economies such as China, India, Indonesia, Thailand, the Philippines, and Vietnam. The growth will continue in the coming years due to factors such as large and relatively young populations, substantial physical and digital infrastructure investments, low-cost labor, and increased income.
The major automotive, manufacturing, food & beverages, and construction industries are booming in the APAC region. The automotive industry in APAC is one of the largest in the world as the countries like China and India are the significant markets for automotive.
INDUSTRY RESTRAINTS
Stringent Environmental Regulations
In recent years, the rise in global warming due to environmental pollution. Many countries have laid strict regulations for the use of chemical materials. Governing bodies across different countries have laid rules on grease due to its environmental effects. Grease consists of elements like base oil, thickener, and additives. Most of the types available in the market are made from mineral oil. Mineral oil has high eco-toxicity and low biodegradability; hence mineral oil-based greases make up for a considerable threat to the environment, thus creating pollution.
SEGMENT REVIEW
Metallic is estimated to be the largest segment and the organic grease market is expected to grow at a CAGR of 5.7% during the forecast period
Metallic soap type thickener is currently the most used thickener in the world. Metallic soap-based grease is classified into three types: straight, mixed, and complex. These are further sub-categorized based on metals used. The metals used as thickeners are lithium, aluminum, calcium, and sodium. The straight metallic soap thickener has different properties based on metals such as lithium, aluminum, calcium, and sodium.
Lithium soap is dominant and cheaper among the metallic thickeners and consists of properties such as excellent resistance to water and breakdown, high melting point, and good lubricity. Mixed greases are a combination of two or more metallic soaps to produce a grease that contains some of the desired properties of both metal soaps. Complex soaps are made by reaction of the alkali with a blend of a monobasic acid and a dibasic acid.
Organic thickened grease provides superior long-life stability, and corrosion protection and allows for excellent pumpability. Polyurea are the thickeners that are reaction products of di-isocyanate combined with mono and/or diamines. Over the coming years, the demand for organic grease will increase due to its various advantages such as being environmentally friendly, low toxicity, and high-temperature applications.
Mineral Oil-based greases are the largest segment and the bio-based grease market is expected to grow the fastest.
Mineral oil is often a liquid by-product of refining crude oil, which is manufactured from crude petroleum through distillation processes that include different refining steps, such as extraction, crystallization, purification by acid treatment, and hydrogenation. Currently, mineral oil is the most used base oil in grease production due to its excellent lubricating properties. One of the main advantages of mineral oils is that they are soluble with a wide range of additives which can help improve grease's overall performance. Mineral oils also are compatible with many grease thickener systems. Also, the cost of mineral oil is low compared to synthetic oil.
The automotive industry is the largest and fastest-growing end-user segment in the grease market.
Grease is used in Automotive, General Manufacturing, construction, mining, and other industries. High growth in the Automotive industry would drive the global grease market. Grease is used in various automotive parts such as CV joints, gear assembly, and electrically operated mechanisms such as windows, sunroofs & seats. Automotive grease is the lubricant that protects vehicle parts against friction and wears & tear.
COMPANY AND STRATEGIES
The competitive scenario in the global grease market is currently intensifying. The constantly changing prices of raw materials are adversely affecting the vendors. For instance, vendors are finding it difficult to secure the lithium used in manufacturing the lithium grease.
The grease market consists of major global multinational players such as Shell plc (UK), ExxonMobil Corporation (US), Chevron Corporation (US), Sinopec Corporation (China), and Total Energies (France) in grease market. The major players focus on innovation, product diversification & entering new markets.
The grease market is provided for the forecast years 2022 to 2027 and the base year 2021. The market is segmented as per Type, Base-Oil, End-user, and Geography for the years considered. The report provides a holistic approach to the Grease industry to enable customers to analyze the market in an efficient manner.
Major Vendors
- Shell plc
- ExxonMobil Corporation
- Chevron Corporation
- Sinopec Corporation
Other Prominent Vendors
- Axel Christiernsson
- Bel-Ray
- Bharat Petroleum
- Castrol Limited
- Eneos Corporation
- Eni
- Fuchs
- Gulf Oil India
- Hp Lubricants
- Idemitsu Kosan Co.
- Kluber Lubrication
- Lukoil
- Orlen Oil
- Petro Canada
- Petronas
- Phillips 66
- Pt Pertamina
- Rosneft Lubricants
- Skf
- Valvoline
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of the Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
7.2 Value Chain
8 Abstract
8.1 Grease Market-Global Forecast (2022-2027)
8.2 Market Synopsis
8.3 Segment Review
8.3.1 Company and Strategies
9 Market Growth Enablers
9.1 Growing Industrial Sector in Apac
9.2 Rise of Automation in Industries
9.3 Growth in Alternate Powertrain Vehicles
10 Market Restraints
10.1 Issues Associated With Bleeding of Base Oil from Grease
10.2 Stringent Environmental Regulations
11 Market Opportunities
11.1 Increase in Sustainability Standards
11.2 Rising Demand for Polyurea Grease
12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.3 Five Forces Analysis
13 Thickener
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Metallic
13.4 Organic
14 Base Oil
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Mineral Oil
14.4 Synthetic Oil
14.5 Bio-Based Oil
15 End-user
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.3 Automotive
15.4 General Manufacturing
15.5 Construction
15.6 Mining
16 Geography
16.1 Market Snapshot & Growth Engine
16.2 Geographic Overview
For more information about this report visit https://www.researchandmarkets.com/r/el95yk
