High Temperature Grease & Lubricants Market Size, Share 2016 Industry Trend, Growth and Forecast 2024
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In terms of thickener formulation, the high temperature grease & lubricants market could be divided into the soap-based and non-soap-based categories. The former is expected to dominate the market during the forecast period primarily due to their high operational temperature range, improved oxidative stability, and extensive usage in the industrial and automotive sectors. Soap-based high temperature grease and lubricants are further classified into the lithium complex, aluminum complex, and calcium sulfonate varieties. Lithium complex-based grease and lubricants, widely used in steel plants and in the mining and engineering industries, are manufactured from extremely refined base oils with a high viscosity index. They offer advanced thermal degradation limits and exhibit excellent water tolerance and mechanical stability. Non-soap-based high temperature grease and lubricants are split into the polyurea, clay, and silica segments. They are prepared from either inorganic or organic thickeners.
The rising demand for automobiles in emerging economies is one of the major factors driving the high temperature grease & lubricants market. The increasing requirement for soap-based lithium complex as well as production of machines and equipment in end-use industries also contributes to this market’s expansion, while fuelling the need for these lubricants. Rapid industrialization and growth in trade provide immense opportunities for industries manufacturing them.
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Based on region, the global high temperature grease & lubricants market is distributed over Asia Pacific, Europe, North America, Middle East & Africa, and Latin America. Asia Pacific is anticipated to be the market leader during the forecast period, followed by Europe and North America. This is primarily ascribed to the speedy industrialization in countries such as China and India, which propels the demand for high quality grease and lubricants. The increasing amount of disposable income of citizens of Asia Pacific boosting the demand for automobiles is another instrumental cause. North America and Europe are projected to be dominant regions in terms of car manufacturing which leads to a surge in the number of commercial and passenger vehicles in these regions. Furthermore, the automobile market in Europe is progressing quickly toward the adoption of high temperature grease and lubricants. Manufacturers are entering into partnerships to develop products that meet the specific needs of various industrial applications.
Key players operating in the global high temperature grease & lubricants market include Royal Dutch Shell Plc, Exxon Mobil Corporation, Sinopec Limited, Total S.A., BP Plc, Chevron Corporation, and Fuchs Petrolub AG.
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