Increase demand from end-users will spur the market revenue growth
The global Grease market accounted for US$ 1.9 Bn in 2018 and is anticipated to grow to US$ 2.3 Bn growing at a CAGR of 2.5% during the forecast period from 2019 to 2027.
Grease is a form of semisolid lubricant typically containing vegetable or mineral oil blended soap. Grease is a by-product from the dispersal of a liquid lubricant thickening agent. Depending upon type of thickener, type of base oil and the additive technology used, the grease properties differs. Grease is used primarily to reduce friction between two moving surfaces and minimize wear and tear levels. For several purposes, grease is preferred to oils such as wax, and acts as a sealant to avert leakage of lubricants and to preserve damaged seals in cases where oil leaks out of application. Grease thwarts corrosive pollutants and foreign material from entering, the grease-demanding equipment is also simple in design, needs less room and weights considerably less than similar equipment, as a result of which the overall cost of the equipment for repair and procurement is reduced. Owing to this application and the benefits offered by grease demand for it is bolstering in the end-use industries.
Market Synopsis
Thickener Analysis
Metal Soap segment to dominate the market throughout the forecast period
Metal soap thickener segment is estimated to register the fastest-growth throughout the forecast period. This can be associated with its multifunctional properties which makes it suitable for use in various end-use industries including automotive, construction, general manufacturing industries, and chemical manufacturing among others. Metal soap thickener has high ability to maintain exceptional stability at high temperatures coupled with other complimentary properties including shear stability, rust protection, load bearing, and water resistance.
End-user Analysis
Automotive & Transportation segment expected to dominate the market during the forecast period
Automotive is the most popular end-use field on the market for grease. Increasing sales of passenger vehicles and commercial vehicles are boosting the demand for grease in the automotive and transport industries. In the automotive industry, grease has a wide applications in various automotive parts, such as universal joints, wheel bearings, levers, gear, suspension and others, due to its excellent properties including temperature tolerance, mechanical durability, anti-oxidant, and water resistance.
Additionally, grease also plays a major role in the chemical manufacturing segment, and growth in the global chemical industry has a direct impact on the grease market. Grease also has a significant application especially in the metalworking sector, and numerous upcoming projects in the Asia Pacific region are expected to boost the grease demand in this region. The rising adoption of grease over other substitutes in various end-use industry including automobile, and construction among others is propelling the growth of grease market across the globe.
Regional Analysis
Rising urbanization to bolster the growth in Asia Pacific region
Asia pacific region anticipated to lead the global grease market. The rising demand of automobile sector coupled with the infrastructural growth and growth of the manufacturing sector in the developing regions including China, India, and Japan among others are driving the growth in the region. The market is expected to register a CAGR of XX% during the forecast period.
The market for grease will hold significant market share in North America owing to the expansion of automobile as well as chemical industry in the region. On the contrary, the Middle East and Africa region is expected to witness fastest growth during the forecast period. Owing to the rapidly developing industrial sector in the region.
List of Companies Covered:
Castrol
Exxon Mobil
Dow Corning Ltd.
Chevron Corporation
Lukeoil
Royal Dutch Shell PLC
Sinopec Corporation
Balmer Lawrie & Co. Ltd
JX Nippon Oil & Energy Corporation
Petronas
Historical & Forecast Period
This study report represents analysis for each segment from 2017 to 2027 considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.
Market Segmentation
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints and opportunities that gives a better market understanding of the overall Grease market. Additionally, the global report also comprises graphical representation of competitive landscape based on their market initiatives and strategies, product portfolio and business strengths.
Key questions answered in this report
What are the current market trends and dynamics in the Grease market and valuable opportunities for emerging players?
Estimated forecast and market projections up to 2027
Which segment accounts for the fastest CAGR during the forecast period?
Which application segment holds a larger market share and why?
Are low and middle-income economies investing in the Grease market?
Which is largest regional market for Grease?
What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America and Middle East & Africa?
Worldwide market value of the Grease market in 2017 and 2018
Which are the key trends driving the global Grease market growth?
Who are the leading service providers in the Grease market worldwide?
Frequently Asked Questions:
The market for Grease Market is expected to reach US$ 2.3 Bn in 2027.
The Grease Market is expected to see significant CAGR growth over the coming years, at 2.5%.
The report is forecasted from 2019-2027.
The base year of this report is 2018.
Castrol, Exxon Mobil, Dow Corning Ltd., Chevron Corporation, Lukeoil are some of the major players in the global market.
