The global Grease Market size is projected to reach USD 6.9 billion by 2027, at a CAGR of 3.6% from USD 5.8 billion in 2022, as per the recent study by MarketsandMarkets™. Grease is defined as a solid or semisolid combination of a petroleum product and a soap or a mixture of soaps, with or without fillers, suitable for certain types of lubrication.
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Browse in-depth TOC on “Grease Market”
305 - Market Data Tables
76 - Figures
311 – Pages
List of Key Players in Grease Market:
- Shell plc (Netherlands)
- Exxon Mobil Corporation (US)
- BP p.l.c. (U.K.)
- Chevron Corporation (US)
- TotalEnergies SE (France)
- Sinopec Group (China)
- FUCHS Petrolub SE (Germany)
- Idemitsu Kosan Co. Ltd (Japan)
- Valvoline LLC (US)
- Petronas (Malaysia)
Drivers, Restraints, and Opportunities in Grease Market:
- Driver: Rise in automation in various industries
- Restraint: Lithium supply shortage
- Opportunity: Leveraging E-commerce industry to increase customer reach
Key Findings of the Study:
- “Synthetic oil was the second-largest base oil in the global grease market, in terms of value, in 2021”.
- “Non-soap thickener projected to be the second largest thickener type, in terms of value, during the forecast period”.
- “Agriculture segment is projected to be the fastest growing end-use industry, in terms of value, during the forecast period”.
- “North America is estimated to be the second-largest market for grease, in terms of value, during the forecast period”.
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Greases are manufactured using base oil, which is categorized as mineral oil, synthetic oil, and bio-based oil. Mineral oil and synthetic oil are sourced from petroleum crude, whereas bio-based oils are sourced from vegetable oil. The primary factor that is driving the global grease market is rising automation in various industries, lower crude oil prices to benefit grease suppliers after COVID-19, and improved quality of grease.
Based on base oil, the market is segmented into mineral oil, synthetic oil, and bio-based oil. The mineral oil segment dominated the overall grease market, in terms of value, in 2021 and is projected to lead the market during the forecast period. The mineral oil segment accounts for the major share due to its easy availability and low cost, particularly in developing regions.
Based on thickener type, the global grease market is segmented into metallic soap, non-soap, inorganic, and others. Metallic soap thickener accounts for the major share of the overall market and is also projected to register the highest growth rate during the forecast period. The market for this segment is driven by the increased demand from the automotive, industrial manufacturing, mining, metal, power, and construction sectors. Metallic soap thickener is sub-segmented into lithium, aluminum, calcium, sodium, and other metallic soap thickeners. Lithium metallic soap thickener is expected to witness the highest growth, in terms of value, due to the increasing demand from multiple applications, such as wheel bearings, wind turbines, electric motors, rail & roadways, and general industrial processes.
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Based on end-use industry, the global grease market is segmented into automotive, construction, general manufacturing, metal production, mining, power generation, agriculture, and others. The automotive end-use industry dominated the overall grease market, in terms of value and volume, in 2021. Passenger and commercial vehicles are the major consumers of grease. The rising vehicle production and improving standard of living in developing countries are expected to drive the grease consumption in the automotive industry.
Asia Pacific is the largest market for grease, accounting for a share of 43.4% of the global market, in terms of value, in 2021. Asia Pacific is also projected to be the fastest growing grease market. The growth is mainly attributed to rapid growth in population and increasing urbanization. The huge industrial base and increasing investments in infrastructural development also drive the demand for grease in the region. China and US are the top two consumers of grease globally, in terms of value, in 2021.
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