Grease Market | Key players operating in the market include Royal Dutch Shell PLC., Chevron Corporation, Idemitsu Kosan, Sinopec Corporatio, BP p.l.c

According to recent market research "Grease Market by Base Oil (Mineral, Synthetic, Bio-Based), Thickener Type (Metallic Soap, Non-Soap, Inorganic), End-Use Industry (Automotive, Construction, General Manufacturing, Metal, Mining, Food & Beverage, Power) - Global Forecast to 2025", is projected to reach USD 6.1 billion by 2025, at a CAGR of 2.9% from USD 5.3 billion in 2020. The growth of the grease market is primarily triggered by the rise in automation in various end-use industries. Manufacturing, construction, and mining are some of the industries that use various heavy load equipment, which require regular lubrication. Owing to increasing competition and growing challenges in manual operations, the use of highly updated technology is vital for the growth of all these industries.

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The improvement in the quality of grease acts as a major driver for the market. Consumers prefer improved quality products primarily due to their extended durability and shelf life, which results in enhanced performance of machinery and equipment. The use of high-quality grease is also cost-saving, as it reduces the frequency of replacing grease. There is a rising demand for higher quality grease in Europe and North America.

The mineral oil segment accounted for the largest share of the global grease market in terms of volume in 2019. This ismainly due to its easy availability and low-cost, particularly in the developing regions. The market in the synthetic oil segment is projected to register the highest CAGR in the next five years. This is due to the increasing awareness regarding the benefits of synthetic oil. The need for high-performance base oil to produce grease products is also driving the market in the synthetic oil segment. The use of synthetic grease has increased as it has high drain out intervals. Owing to stringent environmental regulations in Europe and North America, the use of bio-based oil is expected to increase in the next five years.

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The grease market size is projected to reach USD 6.1 billion by 2025 from USD 5.3 billion in 2020, at a CAGR of 2.9%. Rising automation in various industrie is expected to support the growth of the grease market. However, stringent environmental regulations is restraining the growth of the market. On the other hand, the increased demand for polyuria has created opportunities for manufacturers.

Royal Dutch Shell PLC. (Netherland), BP p.l.c.(UK), ExxonMobil Corporation (US), Total SA (France) and Chevron Corporation (US) are the major players in this market.

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Royal Dutch Shell PLC. is the largest player in the grease market. It is vertically integrated and is active in both upstream and downstream activities in the oil & gas industry. Its well-established distribution network and brand value serve as important factors for its future growth. The company is mainly focused on its downstream business segment as it has a strong revenue-generating segment with high return-on-investment. It is focusing on expansion as the key growth strategy. It has made a large number of expansions to meet the increasing demand from customers and strengthen its position in the global lubricants market.

ExxonMobil Corporation is the second-largest player in the grease market. ExxonMobil is focusing on enhancing its market reach by foraying into new markets. The company completed the expansion project of its Singapore refinery. The facility will strengthen the supply for Group II EHC base oil used for manufacturing premium-grade lubricants. Moreover, the company has launched new products to strengthen its global presence.

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