Grease Market worth $6.9 billion by 2027 | Key players Shell plc, Exxon Mobil Corporation, Chevron Corporation, TotalEnergies SE, Sinopec Group.

According to recent market research the "Grease Market by Base Oil (Mineral, Synthetic, Bio-based), Thickener Type (Metallic Soap, Non-soap, Inorganic), And End-use Industry (Automotive, General Manufacturing, Construction, Metal, Mining, Agriculture, Power) - Global Forecast to 2027", The global grease market size is projected to grow from USD 5.8 billion in 2022 to USD 6.9 billion by 2027, at a CAGR of 3.6% from 2022 to 2027. Greases' function is to remain in contact with moving surfaces and lubricate moving surfaces without leaking out under centrifugal action or gravity or squeezing out under pressure. Even though equipment surfaces may appear to be polished and smooth, they do have rough surfaces at the microscopic level. Smooth and polished motion is hampered by friction. Furthermore, it produces heat, worsens surface wear, and may even result in equipment failure.

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Between moving parts, a layer of film is formed when grease lubrication is properly done to reduce friction, which leads to longer equipment life and more streamlined operation. By preventing component surfaces from coming into touch with corrosive chemicals or water, the protective layer created by grease lubrication helps protect component surfaces from corrosion and rust. Additionally, grease acts as conduits, transporting and suspending impurities to separators and other filters in the system so they may be removed without damaging component parts. Grease lubrication prolongs consistency, shelf life, and efficiency of equipment by reducing wear, friction, excessive heat, corrosion, rust, contamination, and other parameters. Exposure to various parameters that leads to potentially expensive equipment breakdowns and failures is greatly decreased by grease lubrication.

The market for 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 advantages of synthetic oil. The use of synthetic oil-based grease has increased as it has high drain-out intervals. The need for high-performance base oil to produce grease products is also driving the market for the synthetic oil segment. The demand can largely be attributed to the automotive sector.
Non-soap thickeners (polyurea) are expected to witness stable growth owing to their rising use in agriculture, such as crop cultivation machines, food processing, steel plants, and industrial tools & equipment. The demand for non-soap thickener-based grease is mainly supported by the demand for polyurea. It is used for high-temperature applications (400C-1800C) due to its superior properties. It is stronger than other thickeners. This type of grease has a huge demand in Japan for industrial purposes.

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The agricultural industry is attributed to the growing demand for farm tractors to boost demand. The main function of grease is to lubricate moving components in tractors to minimize wear & tear and contamination that may be caused due to gravitational force, centrifugal force, or squeezing due to pressure between the moving components. Thus, the increasing demand for farm tractors and combines to increase farm produce yield is expected to fuel the demand for greasing lubricants n agriculture.

The region is categorized by the high use of synthetic grease driven by consumer awareness and OEM recommendation. The OEM tie-up with the grease manufacturers governs the major share of the market. Major grease suppliers have tie-ups with automotive companies to supply customized lubricants suiting their requirements. North America is one of the developed regions globally and is very much affluent. North American countries such as US has one of the highest motorization rates in the world.

The key market players profiled in the report include Shell plc (Netherlands), Exxon Mobil Corporation (US), BP p.l.c. (U.K.), Chevron Corporation (US), TotalEnergies SE (France), Sinopec Group (China), FUCHS Petrolub SE (Germany), Idemitsu Kosan Co. Ltd (Japan), Valvoline LLC (US), Petronas (Malaysia), among others.

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Shell plc is the largest player in the grease market. It is vertically active in both upstream and downstream activities in the oil & gas industry. Its well-established distribution network and brand value serve as crucial factors for its growth prospects. The company is focused on its downstream business segment, as it has a strong revenue-generating segment with a high return on investment. It focuses on expansion as the key growth strategy. It has made enormous number of expansions to meet increasing demand from customers and strengthen its position in the grease market. In August 2020, the company and Ducati announced a three-year extension of their first oil-filled contract for all Ducati motorcycles manufactured at their plants in Bologna (Italy) and Rayong (Thailand). Also, Ducati extended its aftermarket agreement with Shell to Germany, UK, and France for Shell's exclusive advanced Ducati engine oil, already used in the Italian and North American markets. In March 2020, Shell Indonesia announced to double the production capacity of its world class Lube Blending Plant (LOBP) in Marunda Center near Jakarta, Indonesia. After the completion, the facility produces up to three hundred million liters of finished lubricants per year on this 9-hectare site.

Exxon Mobil Corporation is the second-largest player in the grease market. In terms of revenue generation, Exxon Mobil Corporation is one of the largest companies. The company owns hundreds of small subsidiaries like Imperial Oil Limited, across the globe. In 1970s, the company developed commercial synthetic motor oil and is now a pioneer in synthetic oil technology. Exxon Mobil Corporation is currently operating in more than 160 countries.

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