Grease Market

Market Overview:

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.

Grease is a semi-solid lubricant used for protecting vessels, machines, vehicles and their components from corrosion, wear and tear. It contains performance-enhancing additives, lubricating fluids and thickeners. It is manufactured using rendered fat of waste animal parts, inedible lard and synthetic oil, or can be petroleum-derived containing a thickening agent. Grease acts as a sealant to minimize leakage of water and protects from contaminants. It assists in maintaining flexibility, protecting bearing surfaces, enhancing stop-start performance and reducing friction. It provides high thermal stability and wear resistance, enhanced rust-proofing performance, high viscosity index and corrosion protection. As a result, grease finds extensive application across various industries, such as automotive, chemical manufacturing, power generation, metallurgy, food and beverage.

Grease Market Trends:

Significant growth in the automotive industry across the globe is creating a positive outlook for the market. Grease is widely used to lubricate ball joints, tie-rod ends, suspension, chassis, control arm-shafts and U-joints. In line with this, the increasing demand for high-performance vehicles is favoring the market growth. In addition, grease protects various auto parts, such as switches, connectors, wheel bearings and gears from wear and tear due to its stability and temperature tolerance properties. Moreover, various product innovations, such as the development of bio-based and environment-friendly grease manufactured using renewable, non-toxic materials with low sulfur levels, are providing a considerable boost to the market growth. Additionally, the widespread adoption of high-performance grease in wind power plants to remove residue and ensure cleaner operations is positively impacting the market growth. Apart from this, the implementation of various government initiatives to encourage the utilization of bio-based grease and the increasing product demand in the manufacturing sector are anticipated to drive the market toward growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global grease market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on 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
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

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.

Report Coverage: