Dublin, Dec. 21, 2022 (GLOBE NEWSWIRE) -- The "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) - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global grease market size is projected to reach USD 6.9 billion by 2027 from USD 5.8 billion in 2022, at a CAGR OF 3.6%. Grease are widely used in automotive, construction, general manufacturing, metal production, mining, power generation, agriculture, and other industries. It is used in places where lubricating oil would not stay in position. It consists of base oil and additives that are mixed with a thickener. Grease also acts as a sealant to prevent the ingress of water and incompressible material.
Mineral oil was the largest base oil of the global grease market, in terms of value, in 2021
This owes to the fact that mineral oil grease is cheaper than synthetic oil grease. Synthetic grease costs 40% - 50% more than mineral oil. Thus, mineral oil is widely used in price-sensitive regions like Asia Pacific, Middle East & Africa, and South America. However, mineral oil is projected to register slow growth in developed regions due to government regulations and growing environmental concerns.
By thickener type, metallic soap accounted for the largest market share in global grease market, in terms of value in 2021
Metallic soap was the largest segment in the global grease market by thickener type, in terms of value, in 2021. Metallic soap thickener has a broad range of usability including all types of soaps i.e., lithium, aluminum, calcium, sodium, and others. The market for this segment is driven by the increased demand from the automotive, industrial manufacturing, mining, marine, metal, power, and construction sectors. Widespread applications, oxidative stability, and operational temperature range are the key factors driving the metallic soap thickener segment of the grease market.
Asia Pacific is projected to be the fastest-growing market during the forecast period, in terms of both volume and value
Asia Pacific was the largest grease market, in terms of value, in 2021. The growth is attributed to increasing urbanization, rapid growth in population, and blooming industrialization. The tremendous growth of industrial production, rise in the number of vehicles, and increased trade are primarily responsible for the high consumption of grease in this region.
In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted.
Market Dynamics
Drivers
- Rise in Automation in Various Industries
- Lower Crude Oil Prices to Benefit Grease Suppliers After COVID-19
- Improved Quality of Grease
Restraints
- Lithium Supply Shortage
- Lack of Proper Training and Product Awareness
- Production of Electric and Hybrid Vehicles
Opportunities
- Leveraging E-Commerce Industry to Increase Customer Reach
- Rising Trend of Polyurea Grease Over Simple Lithium Grease
Challenges
- Bleeding of Base Oil from Grease
- Regreasing Intervals Not Followed in Emerging Economies
| Report Attribute | Details |
| No. of Pages | 300 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $5.8 Billion |
| Forecasted Market Value (USD) by 2027 | $6.9 Billion |
| Compound Annual Growth Rate | 3.6% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Grease Market, by Base Oil
7.1 Introduction
7.2 Mineral Oil
7.3 Synthetic Oil
7.4 Bio-Based Oil
8 Grease Market, by Thickener Type
8.1 Introduction
8.2 Metallic Soap Thickener Grease
8.3 Non-Soap Thickener Grease
8.4 Inorganic Thickener Grease
8.5 Others
9 Grease Market, by End-Use Industry
9.1 Introduction
9.2 Automotive
9.3 Construction
9.4 General Manufacturing
9.5 Metal Production
9.6 Mining
9.7 Power Generation
9.8 Agriculture
10 Grease Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Adjacent & Related Markets
14 Appendix
Companies Mentioned
- Axel Americas LLC
- Balmer Lawrie & Co Ltd
- Bel-Ray Company, LLC
- BP PLC
- Chemtool Inc
- Chevron Corporation
- Citgo Petroleum Corporation
- Eneos Holdings, Inc
- Exxon Mobil Corporation
- Fuchs Petrolub Se
- Harrison Manufacturing Co Pty Ltd
- Hexol International Ltd
- Idemitsu Kosan Co Ltd
- Indian Oil Corporation Limited (Iocl)
- Lubri-Lab Inc
- Lukoil
- Marathon Petroleum Corporation
- Penrite Oil Company
- Petronas
- Phillips
- Products Offered
- Shell plc
- Sinopec Group
- Totalenergies SE
- Valvoline
For more information about this report visit https://www.researchandmarkets.com/r/5a8uni
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