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The Industrial Greases Market to witness disruptive progression at a CAGR of 5.5% between 2017 and 2022
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Global Industrial Greases Market: Market Dynamics
The global industrial greases market is being influenced by several factors especially in the realm of the manufacturing sector. Firstly, there is a reduced off-shoring of manufacturing activities to low cost markets due to various economic and political reasons. In addition, manufacturers across the Asia Pacific region are striving to make their manufacturing processes more modern and efficient in order to take them to a position where they can compete effectively with the competition from the developed western world. Also, manufacturers in all the parts of the world are concentrating on improving energy efficiency, reducing emissions and becoming more environment friendly by adopting sustainable processes of manufacturing. All these factors will greatly influence the global industrial greases market.
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Global Industrial Greases Market: Segmentation and Forecast
By base oil type, the mineral oil segment stood at US$ 1,275.2 Mn in the year 2017 and will likely dominate the global industrial greases market.
By end-use, the on road vehicles segment stood at US$ 346.3 Mn in 2017
Among the thickener types, the simple metal segment dominated the global industrial greases market and was valued at US$ 961.6 Mn in the year 2017.
Among the regional markets, Asia Pacific is expected to lead the global industrial greases market and is anticipated to reach US$ 757.6 Mn in value by the year 2021.
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Global Industrial Greases Market: Competitive Landscape
The report on the global market for industrial greases profiles some of the leading players functioning in this highly competitive market. Some of the top players that have been profiled in the competition landscape section of this report include Belray Company LLC, Texaco Inc., Exxon Mobil, Whitmore Manufacturing Co., Axel Christiernsson, Klüber Lubrication München SE & Co. KG, Dow Corning Corporation, Sinopec Lubricant Company, Lubriplate lubricant Co., Royal Dutch Shell plc, Castrol, Chemtool Incorporated, ETS Australia, Total SE, Fuchs Petrolub SE and Caltex Australia.
Manufacturers of industrial greases are focusing their attention on developing regions owing to a greater demand expected from these regions by 2021. In addition, an increase in the GDP and industrial production is expected to result in a rise in market share across emerging economies.
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