Automotive Grease Market Poised for Growth Amid Rising Vehicle Demand and Technological Advancements

Automotive grease plays an important role to diminish the friction and wear, thereby providing protection from corrosion and seal bearings from contamination, water, repel leakage, resist change in consistency or structure during service, maintain flexibility under conditions of application, and repel or tolerate moisture also. The consistency or hardness of the grease is measured by a penetrometer, which consists of a cone of specific weight and size. The color of the grease is determined by thickener, base oil, dye, and additive. In addition, the ability of any particular grease to be handled by grease dispensers, grease pumps, and other components in an automatic greasing system depends on the viscosity of the grease.

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Key Market Players

IKV lubricants, Harrison Manufacturing Co. PTY Ltd, Chemtool Incorporated, Hexol International Ltd., Balmer Lawrie & Co. Ltd., Axel Americas LLC, Bel-Ray Company, LLC, Citgo Petroleum Corporation

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

Rapid industrialization and growth of the automotive industry are expected to spur the demand for automotive grease over the forecast period. Moreover, the effect of the economic crisis in the coming times is estimated to hamper the growth of the market. Furthermore, industrial growth across the globe is expected to offer lucrative opportunities for the automotive grease market over the forecast period.

The automotive grease market trends are as follows:

Rapid industrialization

Developed countries are predicted to fuel the demand for rail automotive grease globally. Improving economic conditions and rapid urbanization have increased sales of automobiles in emerging markets. With growth in technological advancements within the automobile industry, there has been significant growth of the automotive grease market, and is expected to continue to boost the market over the forecast period.

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Growth in the automotive industry

High-performance equipment has witnessed significant growth over the past decade in almost every industry across the globe. In every developing economy, urbanization is growing at a rapid pace and is estimated to lead to an increase in the demand for automobiles as well as an increase in production. Therefore, this is expected to drive the automotive grease market over the forecast period.

COVID-19 scenario analysis:

The continued spread of COVID-19 is expected to negatively impact the domestic auto industry in the near term, owing to the shutting down of major manufacturing hubs for automobile and auto parts for months.

The automotive sector faces pressure not only from the supply side but also form the demand side and exports.

Production halts have been extended in China after the Chinese New Year due to a substantial rise in the COVID-19 population, which has created supply-side risks for domestic auto companies across the globe.

The transition to BHVI along with constant premiumization of vehicles in many countries has increased the reliance of OEMs on the import of technologically advanced products, which became impossible during the lockdown period.

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Key benefits of the report:

This study presents the analytical depiction of the automotive grease market along with current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the automotive grease market share.
The current market is quantitatively analyzed to highlight the automotive grease market scenario.
Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed analysis based on competitive intensity and how the competition will take shape in the coming years.

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