Global Grease Market is segmented By Type (Aluminum Complex Grease, Bentone (Clay), Calcium Grease, Lithium Grease, Lithium (12-Hydroxy Stearate) Grease, Lithium Complex Grease, Polyurea Grease, Sodium Grease (Soda Soap)), By Product Type (White Grease, Yellow Grease, Brown Grease, Fleshing Grease, Others), By Base Oil (Mineral Oil, Synthetic Oil, Bio-Based Oil), By Thickener Type (Metallic Soap Thickener, Non-Soap Thickener, Inorganic Thickener, Others), By End-User (Automotive, Construction & Off-Highways, Food & Beverages, Oil & Gas, Chemical, Metallurgy, Mining, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030
Grease Market Overview
The Global Grease Market report analyzes the global market shares, size, recent trends, future market outlook, and competitive intelligence. Grease finds applications in various industries for lubrication purposes. The market is driven by increasing demand for high-quality lubricants in the automotive and industrial sectors in America is growing, especially in emerging economies. Key players in the Grease Market include Royal Dutch Shell plc, Exxon Mobil Corporation, Chevron Corporation, and other prominent players operating in the market.
As per the American Society for Testing and Materials (ASTM), the lubricating grease is solid to a semi-fluid product of dispersion of a thickening agent in liquid lubricant. There are three components; oil, thickener, and additives that form lubricating grease. Because of its consistency, grease functions as a sealant to prevent lubricant leakage and the entrance of corrosive contaminants and foreign materials. Also, it acts to keep deteriorated seals effective.
In comparison to its other substitutes, such as oil-based lubricants, grease is easier to contain. Moreover, oil lubrication requires an expensive circulating equipment system and complex retention devices, whereas grease is easily confined with simplified, less costly retention devices.
Grease is extensively used across various industries, such as automobile, railways, construction, pharmaceuticals, food & beverage, mining, and numerous others. Hence, the increasing automotive sector and industrial developments worldwide are expected to increase the grease market over the forecast period.
Grease Market Scope
|
Metrics |
Details |
|
Market CAGR |
3.6% |
|
Segments Covered |
By Type, By Product Type, By Base Oil, By Thickener Type, By End-User, and By Region |
|
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
|
Fastest Growing Region |
Asia Pacific |
|
Largest Market Share |
Asia Pacific |
For more insights - Download the Sample
Grease Market Dynamics and Trends
The rising demand for aftermarkets parts and services in the automotive sector is expected to drive the grease market
Consumers keep their vehicles longer and are more aware of the importance of preventive maintenance and service to increase the lifetime value of their cars. This rising demand for aftermarket parts and services is spurring new growth for a wide range of businesses operating in the automotive aftermarket industry. For instance, according to a 2015 article by USA Today, the number of vehicles on the road that is at least 25 years old is about 14 million. As per the AutomotiveAftermarket.org report, the US automotive aftermarket is a $281 billion industry in 2020, with a compound annual growth rate of about 3% projected through 2023.
Hence, an aging vehicle fleet, significantly in developed regions, is a factor driving the demand for aftermarket service and maintenance, raising the need for grease over the forecast period.
Environmental regulations over the use of grease are expected to hinder its market
The growth of the grease market is hindered by regulatory guidelines issued by different governing bodies. Lubricants such as grease can be quite harmful to the environment due to improper usage, incorrect disposal, and simple spillage. As per the National Oceanic and Atmospheric Administration's (NOAA) estimation, more than 2653,000 KL of petroleum products enter the environment each year, more than half of them through irresponsible and illegal disposal.
Environmental Protection Agency enforces regulations to ensure that industries pre-treat pollutants in their wastes to protect wastewater treatment plants. The Environment Protection Act, of 1986 of India mandates the treatment of grease and other contaminants. All these regulations exert pressure on grease producers and
However, manufacturers are viewing bio-based grease as a promising market to decrease pollution.
Grease Market Segmentation Analysis
Based on type, the grease market is segmented into aluminum complex grease, lithium grease, bentonite (clay), calcium grease, polyurea grease, and sodium grease.
Aluminum complex grease is expected to dominate the segment over the forecast period
According to the NLGI survey, aluminum complex grease accounted for 3 percent of total global grease production in 2017. Aluminum complex grease is considered one of the best oil-based lubricants available in the market because of its outstanding water-resisting properties, oxidation stability, rust protection, load-carrying capacity, and high-temperature resistance. Hence, it is used as high-performance grease designed to withstand unfavorable working conditions, high loads, and extreme temperatures. It is a multipurpose grease designed to be used off-road and across various industries, such as construction, agricultural, marine, and mining industries.
Moreover, the potential shortage, higher lithium prices, and increased dependence on a single type of grease could create a vulnerable supply scenario. Hence, aluminum complex grease is one such alternative, as it could bring application benefits and offer new business opportunities.
Global Grease Market Geographical Share
Asia-Pacific is to dominate the grease market owing to the most grease consumption
As per Independent Commodity Intelligence Services (ICIS) estimates, Asia-Pacific accounts for about half of global base oil demand, approximately 37 million t/y. Also, base oil demand in Asia-Pacific rose by more than 5 million metric tons per year in the past decade. In contrast, combined demand in North America and Europe decreased by more than 6 million t/y.
Moreover, the manufacturing activities in different sectors and the growth in the industrial and automotive sectors have helped the country to stand among the major consumers and grease producers in the global landscape. As per the China Association of Automobile Manufacturers (CAAM), China has 4.6 million new energy vehicles on the road and has extended subsidies for new energy vehicles until 2022, which will remain exempt from purchase taxes for another two years. Hence, favorable policy support and a revival in demand by consumers are expected to maintain the country's growth in automobiles, thus contributing to the increasing demand for grease consumption in the region.
Grease Market Companies and Competitive Landscape
The grease market is moderately competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Exxon Mobil Corporation, FUCHS, BP plc, Royal Dutch Shell Plc, CHS Inc, Klüber Lubrication, and TAURUS PETROLEUMS PVT. LTD., Motul, Sinopec Corporation, and The Chevron Corporation among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the grease market globally.
Exxon Mobil Corporation
Overview: ExxonMobil is a publicly-traded energy provider and chemical manufacturer, headquartered in Texas, US. ExxonMobil markets its fuels and lubricants under four brands, which are Esso, Exxon, Mobil, and ExxonMobil Chemical. The company serves grease lubricant under ‘Mobil’.
Product Portfolio: The company serves the products, services, and projects within Upstream, Downstream, and Chemical businesses.
Key Developments: ExxonMobil has launched new synthetic electric motor grease, called Mobil SHC PolyrexTM 102 EM. It is scientifically proven to save energy and help increase electric motor efficiency.
Why Purchase the Report?
- Visualize the composition of the grease market segmentation by type, product type, base oil, thickener type, end-user, and region highlighting the key commercial assets and players.
- Identify commercial opportunities in the grease market by analyzing trends and co-development deals.
- Excel data sheet with thousands of data points of grease market-level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in Excel for the key product of all major market players
The global grease market report would provide access to approx. 77 market data tables, 80 figures, and 180 pages.
Target Audience
- Service Providers/ Buyers
- Industry Investors/Investment Bankers
- Education & Research Institutes
- Research Professionals
- Emerging Companies
- Manufacturers
