Dublin, Oct. 10, 2023 (GLOBE NEWSWIRE) -- The "Grease Additives Market Forecast to 2028 - Global Analysis by Type and Application" report has been added to ResearchAndMarkets.com's offering.
The global grease additives market is poised for substantial growth, with a projected increase from US$ 481.80 million in 2022 to US$ 627.93 million by 2028. This growth is estimated to register a Compound Annual Growth Rate (CAGR) of 4.5% from 2022 to 2028.
Grease additives play a pivotal role in enhancing grease properties, suppressing undesirable characteristics, and introducing new attributes. These additives encompass corrosion inhibitors, oxidation inhibitors, pressure enhancers, antiwear agents, and more, effectively optimizing grease performance across various industries.
Renewable Energy Industry Fuels Demand
The renewable energy sector, particularly within the power industry, has emerged as a significant consumer of industrial greases. Grease finds extensive application in turbines and transformers within this sector. The surging demand for renewable energy sources has driven a substantial increase in wind turbine installations globally.
The International Energy Agency (IEA) reports that as of 2021, 830 GW of wind capacity had been installed worldwide, with 93% onshore and 7% offshore wind farms. Countries globally are taking measures to boost their renewable energy capacities through wind turbine installations. For instance, the United States added 16,836 MW of wind capacity in 2020, aiming to achieve 20% of its electricity consumption from wind energy by 2030.
The proliferation of wind installations has led to a heightened demand for lubricants, including greases. Wind turbine lubricants play a crucial role in ensuring the reliability and smooth operation of wind farms. Lubrication is vital at multiple points within a wind turbine, including the gearbox, open gear, pitch gear, and pitch bearing. Grease additives such as pressure enhancers, corrosion inhibitors, and oxidation inhibitors contribute to enhanced wind turbine performance. Consequently, the increasing demand for greases in the wind power sector is expected to drive growth in the grease additives market in the coming years.
Diverse Applications
The grease additives market encompasses various applications, including automotive, aerospace, marine, mining, steel mills, construction machinery, and more. The automotive segment held the largest market share in 2022, while the mining segment is projected to witness the highest CAGR during the forecast period. Mining operations require specialized machinery that is exposed to water and contaminants. Airborne dirt can compromise mechanical components and their lubrication, necessitating the use of pressure, antiwear, and anticorrosion additive greases to protect mining equipment.
Regional Insights
Regionally, Asia Pacific (APAC) dominated the market in 2022 and is anticipated to exhibit the highest CAGR during the forecast period. This growth is primarily driven by the automotive, wind energy, marine, aerospace, and construction industries, along with increased grease production in the region.
Companies Mentioned
- Afton Chemical Corp
- BASF SE
- Clariant AG
- Croda International Plc
- Evonik Industries AG
- Shamrock Technologies Inc
- The Lubrizol Corp
- RT Vanderbilt Holding Co Inc
- Lanxess AG
- IPAC Inc
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 201 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $481.8 Million |
| Forecasted Market Value (USD) by 2028 | $627.93 Million |
| Compound Annual Growth Rate | 4.5% |
| Regions Covered | Global |
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Global Grease Additives Market Landscape
4.1 Market Overview
4.2.1 Bargaining Power of Suppliers
4.3 Ecosystem Analysis
4.4 List of Vendors
4.5 List of Grease Manufacturers and Suppliers
4.6 Calcium Sulphonate Grease Technology
4.7 Expert Opinions
5. Global Grease Additives Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Proliferation of Automotive Industry
5.1.2 Strategic Initiatives by Key Market Players
5.2 Market Restraint
5.2.1 Stringent Government Policies
5.3 Market Opportunity
5.3.1 Increase in Wind Turbine Installations
5.4 Future Trend
5.4.1 Burgeoning Demand for Synthetic Grease
5.5 Impact Analysis
6. Grease Additives - Global Market Analysis
6.1 Grease Additives Market Overview
6.2 Global Grease Additives Market -Revenue and Forecast to 2028 (US$ Million)
6.3 Global Grease Additives Market -Volume and Forecast to 2028 (Tons)
6.4 Market Positioning - Grease Additives Market Players
7. Grease Additives Market Analysis - By Type
8. Grease Additives Market Analysis - By Application
9. Global Grease Additives Market - Geographic Analysis
10. Impact of COVID-19 Pandemic on Global Grease Additives Market
11. Industry Landscape
12. Company Profiles
13. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/wk13kh
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