Global Grease market expected to record a CAGR of ~5% during the forecast period (2017-2028): Ken Research

What Is The Size Of Global Grease Industry?

Global Grease market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F.

The Grease Market is largely driven by increased automation in multiple industries and rising demand from the automotive sector.

Rising demand from the automotive sector is one of the key factors driving the grease market. Grease is used in vehicles for suspension, chassis, arm-shafts, u-joints, and others. As per the International Organization of Motor Vehicle Manufacturers, an organization working in the interest of vehicle manufacturer and assemblers, stated that vehicle production increased by 3% from 2020 to 2021 after declining by 13% from 2019 to 2020.  Automotive is the largest end-user of grease, increasing demand for vehicles will directly help the grease market.

The grease used in heavy equipment, wind power, aerospace, and food industry is specifically manufactured and graded by companies. As per International Air Transportation Association (IATA), a trade association for the world's airlines, mentioned in the fact sheet for June 2022, cargo aerospace revenue is US$ 100.08 billion and is estimated to grow by US$191 billion from 2019 to 2022.

Furthermore, Environmental concern is one of the major challenges for the grease market as waste material is discharged to the nearby waterbodies. For instance, the Lubricating Oil and Greases Order, 1987 is an act passed in India which overlooks the restrictions imposed on the processing and storing of greases and lubricating oils.

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Global Grease Market By Thickener

The Global Grease market is segmented by Thickener into Metallic Soap, Non-Soap and Inorganic.

Metallic soap holds the largest share of the Global Grease market in 2022. Metallic soap thickener greases used in multiple industries such as automotive, manufacturing, steel, marine, construction, and others.

Sodium hydroxide, lithium hydroxide, and other materials are mixed with organic fatty acids in the oil and heated to prepare metallic greases.

Metallic soap is the most common type of thickener used in the industry. There are multiple varieties of metallic soap greases are available in the market such as lithium, calcium, aluminum, and others.

Global Grease Market By Base Oil

The Global Grease Market is segmented by Base Oil into Mineral Oil, Synthetic Oil and Bio-Based Oil.

Mineral oil segment accounted for the largest market share in 2022, as it used for multiple applications such as bearings, chains, gears, slides, and threaded connections.

According to Enerdata, an energy intelligence company, stated in a report that global crude oil output rose by less than 1% in 2021 after a 7.4% drop in 2020.

In 2021, as stated by Enerdata, the US crude oil production (17% of global output) increased by 1.3%. Increased production of crude oil is likely to propel the growth for mineral oil.

Global Grease Market By End-User

The Global Grease market is segmented by End-User into Automotive, Power Generation, Food & Beverages, Aerospace, Chemical Manufacturing and Mining and Metals.

Automation and transportation dominated the end-user segment in 2022, as grease is used in lubrication of suspension, chassis, arm-shafts, u-joints, and others.

According to the Organization of Vehicle Manufacturers (OICA), China was the largest producer of motor vehicles with 26 million units in 2021, an increase of 3% from 2020. India was the second largest producer of motor vehicles in the Asia Pacific with 4.4 million units in 2021, with an increase of 30% from 2020.

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Key Topics Covered in the Report

Snapshot of Global Grease Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of the Global Grease Market
Historic Growth of Overall Global Grease Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter's 5 Forces Analysis of Global Grease Industry
Overview, Product Offerings, and Strength & Weakness of Key Competitors
Covid 19 Impact on the Overall Global Grease Market
Future Market Forecast and Growth Rates of the Total Global Grease Market and by Segments
Market Size of Application / End User Segments with Historical CAGR and Future Forecasts
Analysis of Global Grease Market
Major Production/Supply and Consumption/Demand Hubs in Each Major Region
Major Continent-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging Competitor Companies within Each Major Continent

 Key Profiled Companies Mentioned in the Report

Castrol
Royal Dutch
Exxon Mobil
Eni
Chevron Corporation
FUCHS PETROLUB SE
Sinopec Corporation
Total Energy
ENEOS Corporation
Phillips 66
CITGO
Indian Oil Corporation Ltd.

Notable Emerging Companies Mentioned in the Report

Inzin
GreaseBoss
Bansal Oil and Lubricants Co.
Henan Dongsen Lubrication Technology Co., Ltd.
Ganga Sagar Trading Co.
Continental Oils & Lubricants FZE

Key Target Audience - Organizations and Entities Who Can Benefit by Subscribing This Report

Grease Manufacturing Companies
Grease Distributors
Grease Traders
Grease Material Supplier Companies
Potential Investors in Grease Companies
Lubrication Association
Grease Association
Oil and Lubrication Sector
Lubrication Manufacturing Companies
Research & Development Institutes
Government Investors
Consulting companies in the lubrication sector
Grease component providers
Non-Soap and Metallic Soap component manufacturers
Government and research organizations
Investment banks
Investors and financial community professionals
Investment Funds

Time Period Captured in the Report

Historical Period: 2017-2021
Forecast Period: 2022-2028F

For More Information on the Research Report, refer to below links: -

https://www.kenresearch.com/business-research/global-grease-market-outlook-2028/

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.