Grease Market Estimated to Reach US$ 4.35 Billion Globally By 2027 | CAGR of 3.40%

According to IMARC Group latest report titled "Grease Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", offers a comprehensive analysis of the industry, which comprises insights on grease market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global grease market reached a value of US$ 3.50 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 4.35 Billion by 2027 exhibiting a CAGR of 3.40% during 2022-2027.

Grease is a form of semi-solid lubricant that is widely utilized to reduce friction and wear between two moving surfaces. It is typically used for protecting vehicles, machines, and various mechanical applications from wear and tear, and corrosion. It is produced utilizing inedible synthetic oil, rendered fat of waste animal parts, or a thickening agent. It is combined with additives, such as detergents, dispersants, anti-oxidants, and corrosion inhibitors, which are applied to a clean surface using a grease gun to ensure that it is effective. Additionally, it acts as a sealant, helping to prevent dirt and moisture from entering the area while enhancing stop-start performance, protecting bearing surfaces, maintaining flexibility, and reducing friction. As a result, it finds extensive application across various industries, such as chemical manufacturing, metallurgy, automotive, power generation, and food and beverage.

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Market Trends:

Significant growth in the automotive industry majorly drives the global market. This can be supported by the rising product utilization to lubricate tie-rod ends, chassis, U-joints, ball joints, suspension, and control arm shafts. Coupled with this, the growing adoption of grease to protect various auto parts, including connectors, gears, switches, and wheel bearings is a major driving factor. Apart from this, grease is widely used in renewable energy sources, such as wind turbines, solar panels, and hydropower plants are providing a thrust to the market. With the rising investment in renewable energy sources, the demand for grease is increasing. The market is further driven by the implementation of various government initiatives to encourage the adoption of bio-based grease. Furthermore, various product innovations, such as the development of environment-friendly and bio-based manufactured using non-toxic, renewable materials with low sulfur levels, are creating a positive market outlook.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• AXEL Christiernsson AB
• Carl Bechem GmbH
• Chemtool Incorporated (Lubrizol Corporation)
• ENEOS Holdings Inc
• Exxon Mobil Corporation
• Fuchs Petrolub SE
• Gazpromneft - Lubricants Ltd. (Gazprom Neft PJSC)
• Harrison Manufacturing Company
• Klüber Lubrication (Freudenberg Chemical Specialities SE & Co. KG)
• LUKOIL
• Petromin Corporation (Al Dabbagh Group Holding Company Limited)
• Royal Dutch Shell PLC

Grease Market Segmentation:

Our report has categorized the market based on region, thickener type, base oil and end user.

Breakup by Thickener Type:
• Metallic-Soap Thickener
• Non-Soap Thickener
• Inorganic Thickener
• Others

Breakup by Base Oil:
• Mineral Oil
• Synthetic Oil
• Bio-based Oil

Breakup by End User:
• Automotive
• Construction and Off-Highways
• General Manufacturing
• Steel
• Mining
• Others

Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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This release was published on openPR.