Press release
Grease Market Size, Share, Top Companies, Demand, Revenue, Outlook, Report 2023-2028
Grease Market
The global grease market size reached US$ 3.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.5 Billion by 2028, exhibiting a growth rate (CAGR) of 3.2% during 2023-2028.
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Grease is a specialized lubricating substance that is composed of a thickened base oil and additives, to provide excellent lubrication and protection for moving mechanical parts. Its unique consistency allows it to adhere to surfaces and effectively reduce friction, preventing wear and tear on machinery. It is manufactured by mixing a base oil with thickening agents, such as metallic soaps or polymers, additives, and extreme pressure agents to achieve the desired consistency and texture. The mixture undergoes intense shearing and blending to ensure uniform distribution of all components. It serves as a barrier against moisture and contaminants while maintaining optimal performance, making it an indispensable component in the industrial landscape.
Market Trends:
The global market is primarily driven by the expanding manufacturing and industrial sectors, leading to an increased demand for reliable lubrication solutions. Moreover, the growing production of automobiles necessitating high-performance lubrication for engines and moving parts is resulting in a higher product uptake. In line with this, with industries relying on machinery and equipment for large-scale production, there is an augmenting need for effective lubricating agents to prevent costly downtime, which in turn, is stimulating the market. Additionally, the rising preference for eco-friendly and biodegradable product variants due to the growing environmental consciousness among the masses providing an impetus to the market.
Furthermore, the introduction of innovative product formulations with reduced environmental impact by the major manufacturers are further bolstering the market growth. Besides this, continual technological advancements, such as the development of high-performance synthetic greases and the integration of smart technology into lubrication systems is fueling the market. Apart from this, rapid expansion of mining and construction activities requiring robust lubrication solutions to ensure the reliability and durability of heavy machinery in these sectors is propelling the market. The market is further driven by the rapid globalization of supply chains requiring reliable lubrication to ensure the seamless operation of machinery across different regions. Some of the other factors contributing to the market include rapid industrialization, considerable growth in infrastructure development, rise in agriculture mechanization, and extensive research and development (R&D) activities.
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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 (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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