Grease Market – Global Industry Analysis and Forecast (2024-2030)

Grease Market size was valued at US$ 5.76 Bn. in 2023 and the total revenue is expected to grow at 2.9 % CAGR through 2024 to 2030, reaching nearly US$ 7.03 Bn.
Grease Market Overview:
The Grease is a semi-solid compound generated when a thickening ingredient is deposited in a liquid lubricant. It contain chemical mix of thickener, oil, and additives. Grease behaviour is mostly determined by the base oil and additives used in the formulations. Grease additives are used to improve desirable qualities, inhibit unwanted properties, or introduce new properties to improve the grease's operating efficiency.To know about the Research Methodology :- Request Free Sample Report
Grease Market Dynamics:
Rise in automotive manufacturing and shipbuilding business drives the market. Growing usage of high-performance greases further propels the market growth. Numerous upcoming construction projects in North America and Asia Pacific to create an opportunity for market. Innovation in bio-greases in environmentally sensitive nations and the demand for more high-performance products is foreseen as an opportunity for the global grease market. Manufacturing, construction, and mining are just a few of the industries that use heavy load equipment that needs to be lubricated on a regular basis. Because of rising rivalry and increasing problems in manual processes, all of these businesses require the employment of cutting-edge technology to thrive. Process automation is becoming more popular as the cost of labor rises and safety regulations become more stringent. This is driving the growth of market.

However, high prices of synthetic greases and volatile oil prices act as a restraining factor for grease market. Development of self-lubricant equipment, unfavorable availability of raw material are some other limiting factor for the grease market growth over the forecast timeframe. The market is expected to increase at a negative rate in 2023 as a result of the pandemic. To curb the spread of the virus, APAC countries took early preventive measures, such as social distance. According to sources, the countries of South Asia, including India, Bangladesh, and Sri Lanka, as well as Central Asian countries, saw the greatest decline in automobile traffic. According to the IMF, the region's GDP growth rate would drop to 0% in 2023. Economic development will be slow in China, India, and South Korea. In 2023, China's GDP growth rate is expected to dip to 1.2 %
Grease Market Segment Analysis:
Based on thickeners, Grease market is segmented into Metallic Soap Thickener, Non-Soap Thickener, Inorganic Thickener and Others. Metallic soap thickener segment is expected to dominate the segment in forecast period. Metallic soap thickener are again sub segmented into Lithium, Calcium, Sodium and Aluminium. More than 90% of the thickeners used worldwide are soap based. Metallic soap thickener possess multifunctional properties that make it suitable to be used in construction & off-highways, automotive, general manufacturing industries. Metallic soap thickener has greater capability of maintaining excellent stability at higher temperature along with other favourable properties such as load bearing, shear stability, water resistance, and rust protection.

Based on end user industry, based on connectivity the Grease market is segmented into Power Generation, Automotive, Heavy Equipment, Food & Beverage, Metallurgy & Metal Working, Chemical Manufacturing and Others. Grease is highly used in the automotive industry for wheel bearings, universal joints, suspensions, gears, and connectors. Automotive is the largest and fastest-growing end-use industry for grease market. 80% of the world’s bearings are lubricated with grease. Excellent properties such as temperature tolerance, mechanical stability, water resistance, and anti-oxidants. Rising in manufacturing of machines and equipment for end-use industries.
Regional Insights:
Asia Pacific is foreseen to grow at faster rate in grease market. Emerging economies such as China and India are expected to lead the production in the global grease market in the forecast timeframe. Asia Pacific is home to some of the largest light vehicle producers in the world with China, Japan, and Korea comprising just over 37 million units of production or 42 % of the global production market. Vehicles production are growing in several ASEAN countries, with Vietnam and the Philippines leading the charge. SAIC Motor Corporation, China's largest manufacturer, said that it will invest an extra US$350 million in a second production facility in India. Companies are developing new products for this category as a result of rising passenger car production and sales, significantly boosting the growth of the Asia Pacific grease market.

Europe is second leading region in global grease market. In terms of its proportion of world trade, Germany is regarded as Europe's most powerful economy. As a result of the uncertainty induced by Brexit, the country's exporters saw a drop in profitability due to sluggish demand from the United Kingdom, the country's third largest exporting partner. Rhenus Lub GmbH & Co KG, for example, launched a high resistant and durable grease in June 2021 that has the potential to lower long-term overall machine costs by drastically lowering the re-lubrication interval time. It was created to work in difficult environments and has uses in electric motors, casting facilities, steel mills, and hot-gas ventilators, among other things.

ExxonMobil Corporation is the grease market's second-largest player. In the grease market, the corporation had an 11 percent stake.

ExxonMobil is concentrating on expanding its market share by entering new markets. The business completed the expansion of its refinery in Singapore. The plant will increase the supply of Group II EHC base oil, which is used to make premium lubricants. In addition, the company has introduced new goods to expand its global footprint.

The objective of the report is to present a comprehensive analysis of the Global Grease Market to the stakeholders in the industry. The past and current status of the industry with the forecasted Market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include Market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the Market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Global Grease Market dynamics, structure by analyzing the Market segments and project the Global Grease Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Type portfolio, growth strategies, and regional presence in the Global Grease Market make the report investor’s guide.
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Global Grease Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 5.76Bn.


Forecast Period 2024 to 2030 CAGR:
2.9%
Market Size in 2030:
US $ 7.03 Bn.


 Segments Covered:
by Thickener
Metallic Soap Thickener
Non-Soap Thickener
Inorganic Thickener
Others


by Application
Power Generation
Automotive
Heavy Equipment
Food & Beverage
Metallurgy & Metal Working
Chemical Manufacturing
Others


by Base-Oil
Mineral Oil
Synthetic Oil
PAO
PAG
Esters



Grease Market, by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players
1. Castrol
2. Exxon Mobil
3. Dow Corning Ltd.
4. BP p.l.c.
5. Chevron Corporation
6. FUCHS
7. Lukeoil
8. Royal Dutch Shell PLC
9. Sinopec Corporation
10. Axel
11. Balmer Lawrie & Co. Ltd
12. Petronas
13. Idemitsu Kosan Co., Ltd.
14. Citgo Petroleum Corporation
15. Harrison Manufacturing Co. PTY Ltd.
16. China Petroleum & Chemical Corporation
17. DowDuPont
18. Shell International
19. Total SA
20. Texaco Inc
21. Belray Company LLC
22. Whitmore Manufacturing Company
Frequently Asked Questions:
1] What segments are covered in Global Grease Market report?
Ans. The segments covered in Global Grease Market report are based on Thickeners and End User Industry.

2] Which region is expected to hold the highest share in the Global Grease Market?
Ans. Asia Pacific is expected to hold the highest share in the Global Grease Market.

3] What is the Market size of Global Grease Market in 2030?
Ans. The Market size of Global Grease Market in the forecast period 2030 is US $ 7.03 Bn.

4] Who are the top key players in the Global Grease Market?
Ans. Castrol, Exxon Mobil, Dow Corning Ltd., Chevron Corporation, Lukeoil, Royal Dutch Shell PLC, Sinopec Corporation, Balmer Lawrie & Co. Ltd, Petronas, Idemitsu Kosan Co., Ltd., Citgo Petroleum Corporation

5] What was the Market size of Global Grease Market in 2023?
Ans. The Market size of Global Grease Market in 2023 was US $ 5.76 Bn.