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Grease Market has witnessed increasing use of biodegradable greases in past few years
Grease Market
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Grease market has witnessed increasing use of biodegradable greases in past few years. These are high performing and their additives are either synthetic ester or vegetable oil based. It degrades sooner compared to its mineral oil-based alternatives and do not release environmentally harmful residues after use. Moreover, their manufacturers comply with environmental regulations Automobile industry has been a major product consumer keeping the exponential growth it has registered in past few years. Automobile industry growth will positively impact product demand in the coming years. Long component life, low friction and easily renewable raw material shall make product market more sustainable during the forecast period.
Company profiled in the grease market report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Exxon Mobil Corporation
2. Shell Global
3. Chevron Corporation
4. Idemitsu Kosan Co. Ltd
5. China Petrochemical corporation
6. Total
7. FUCHS
8. Petroliam Nasional Barhad
9. BP plc
10. DowDuPont
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However, factors such as development of self-lubricant equipment, unfavorable availability of raw material and fluctuation in exchange rate shall restrain the grease market growth over the forecast timeframe. Insufficient knowledge regarding right product grades among consumers usually lead to dissatisfaction about the product. Consolidation of manufacturers has resulted into reduced number of grease plants. Product globalization is likely to possess a threat for small local manufacturers. These factors may hamper the grease market size growth during forecast timeframe.
North America and Europe were prominent regions in global grease market in 2017, which can be attributed to their well-established automobile industries. Asia Pacific held the largest market share in 2017. The product demand is prominently driven by India, China, Thailand and Japan owing to rapidly growing automobile sector in these countries. Moreover, growing infrastructure and increasing participation of foreign direct investors in this region shall directly drive construction industry dynamics which will propel product demand over the forecast period. Latin America is likely to foster the product demand over the next few years due to growing industrialization and urbanization in Brazil.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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