CHICAGO, Dec. 1, 2022 /PRNewswire/ -- The Global "Grease Market by Base Oil (Mineral, Synthetic, Bio-based), Thickener Type (Metallic Soap, Non-soap, Inorganic), And End-use Industry (Automotive, General Manufacturing, Construction, Metal, Mining, Agriculture, Power) - Global Forecast to 2027", size is projected to reach USD 6.9 billion by 2027, at a CAGR of 3.6% from USD 5.8 billion in 2022.
Browse in-depth TOC on "Grease Market"
305 - Tables
76 - Figures
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Greases' function is to remain in contact with moving surfaces and lubricate moving surfaces without leaking out under centrifugal action or gravity or squeezing out under pressure. Even though equipment surfaces may appear to be polished and smooth, they do have rough surfaces at the microscopic level. Smooth and polished motion is hampered by friction. Furthermore, it produces heat, worsens surface wear, and may even result in equipment failure. Between moving parts, a layer of film is formed when grease lubrication is properly done to reduce friction, which leads to longer equipment life and more streamlined operation. By preventing component surfaces from coming into touch with corrosive chemicals or water, the protective layer created by grease lubrication helps protect component surfaces from corrosion and rust. Additionally, grease acts as conduits, transporting and suspending impurities to separators and other filters in the system so they may be removed without damaging component parts. Grease lubrication prolongs consistency, shelf life, and efficiency of equipment by reducing wear, friction, excessive heat, corrosion, rust, contamination, and other parameters. Exposure to various parameters that leads to potentially expensive equipment breakdowns and failures is greatly decreased by grease lubrication.
"Synthetic oil was the second-largest base oil in the global grease market, in terms of value, in 2021"
The market for the synthetic oil segment is projected to register the highest CAGR in the next five years. This is due to the increasing awareness regarding the advantages of synthetic oil. The use of synthetic oil-based grease has increased as it has high drain-out intervals. The need for high-performance base oil to produce grease products is also driving the market for the synthetic oil segment. The demand can largely be attributed to the automotive sector.
"Non-soap thickener projected to be the second largest thickener type, in terms of value, during the forecast period"
Non-soap thickeners (polyurea) are expected to witness stable growth owing to their rising use in agriculture, such as crop cultivation machines, food processing, steel plants, and industrial tools & equipment. The demand for non-soap thickener-based grease is mainly supported by the demand for polyurea. It is used for high-temperature applications (400C-1800C) due to its superior properties. It is stronger than other thickeners. This type of grease has a huge demand in Japan for industrial purposes.
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"Agriculture segment is projected to be the fastest growing end-use industry, in terms of value, during the forecast period"
The agricultural industry is attributed to the growing demand for farm tractors to boost demand. The main function of grease is to lubricate moving components in tractors to minimize wear & tear and contamination that may be caused due to gravitational force, centrifugal force, or squeezing due to pressure between the moving components. Thus, the increasing demand for farm tractors and combines to increase farm produce yield is expected to fuel the demand for greasing lubricants n agriculture.
"North America is estimated to be the second-largest market for grease, in terms of value, during the forecast period"
The region is categorized by the high use of synthetic grease driven by consumer awareness and OEM recommendation. The OEM tie-up with the grease manufacturers governs the major share of the market. Major grease suppliers have tie-ups with automotive companies to supply customized lubricants suiting their requirements. North America is one of the developed regions globally and is very much affluent. North American countries such as US has one of the highest motorization rates in the world.
Market Players
The key market players profiled in the report include 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), among others.
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Industrial Lubricants Market - Global Forecast to 2024
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