The latest report by IMARC Group, titled “Grease Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global grease market size reached US$ 3.50 Billion in 2021. Grease is a semi-solid lubricant that provides protection to vehicles, vessels, machines, and their components from corrosion, and wear and tear. It contains performance-enhancing additives, petroleum-derived or synthetic oil, lubricating fluids, and thickeners. It also assists in maintaining flexibility, protecting bearing surfaces, enhancing stop-start performance, and reducing friction. Moreover, grease is used as an effective alternative for liquid lubricants due to its high viscosity. Owing to these properties, it finds extensive applications across chemical manufacturing, automotive, power generation, metallurgy, and food and beverage industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Grease Market Trends:
The market is primarily driven by the expanding automotive industry as grease is widely used to lubricate ball joints, tie-rod ends, suspension, chassis, control arm-shafts and U-joints in vehicles. In addition, the escalating demand for high-performance vehicles represents another major growth-inducing factor. Besides this, due to its stability and temperature tolerance properties, grease is widely utilized to protect auto parts, such as switches, connectors, wheel bearings and gears from corrosion and wear and tear. This, coupled with various product innovations, including the introduction of bio-based and environment-friendly grease manufactured using renewable and non-toxic materials, is positively influencing the market growth. Moreover, the market is further propelled by the extensive utilization of high-performance grease in wind power plants to remove residue and ensure cleaner operations. Furthermore, governments of numerous countries are undertaking initiatives to encourage the utilization of bio-based grease, which is anticipated to create a favorable market outlook in the coming years. Looking forward, IMARC Group expects the market value to reach US$ 4.35 Billion by 2027, exhibiting a CAGR of 3.40% during the forecast period (2022-2027).
- Based on the thickener type, the market has been classified into metallic-soap, non-soap, inorganic and other thickeners.
- On the basis of the base oil, the market has been categorized into mineral, synthetic and bio-based oil.
- Based on the end user, the market has been segmented into automotive, construction and off-highways, general manufacturing, steel, mining, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, along with the profiles of the key players being 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) and Royal Dutch Shell PLC.
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