CHICAGO, June 25, 2024 /PRNewswire/ -- The report "Grease Market by Base Oil (Mineral, Synthetic, Bio-based), Thickener Type (Metallic Soap, Non-soap, Inorganic), End-Use Industry (Automotive, Construction, General Manufacturing, Agriculture, Mining, Power Generation) - Global Forecast to 2029", Grease Market size is estimated to be USD 6.2 billion in 2024 and is projected to reach USD 7.4 billion by 2029, at a CAGR of 4.2%, between 2024 and 2029.
The market is projected to grow because of the evolving lifestyle across globe. The increasing emphasis on equipment reliability, efficiency, and longevity is leading industries to invest in high-quality lubricants like grease to minimize downtime and maintenance costs. Furthermore, stringent regulations and standards regarding equipment maintenance and environmental protection are pushing industries to adopt greases that offer superior performance and environmental sustainability. Lastly, advancements in grease formulations and technologies, such as synthetic and bio-based greases, are also driving market growth by offering enhanced performance characteristics and meeting the evolving needs of various applications. Collectively, these factors are contributing to the robust demand for grease in the global market.
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"Synthetic oil segment is projected to register the highest CAGR, in terms of value, of the global grease market during the forecast period."
Synthetic greases are gaining popularity due to their superior performance characteristics compared to conventional mineral oil-based greases. Synthetic oils offer advantages such as higher viscosity index, better resistance to oxidation and thermal degradation, wider temperature operating range, and improved lubrication properties. Industries such as automotive, aerospace, and manufacturing are increasingly turning to synthetic greases to meet the demanding requirements of modern machinery and equipment.
"Non-soap thickener is estimated to be the second-largest thickener type of grease market, in terms of value, during the forecast period."
In the grease market, non-thickener additives represent a significant and growing segment, often considered as the second largest after metallic soap thickeners. These additives play a crucial role in enhancing the performance and functionality of grease formulations. Non-thickener additives include a wide range of components such as antioxidants, anti-wear agents, corrosion inhibitors, friction modifiers, and viscosity index improvers.
"Construction is estimated to be the second-largest end-use industry of grease market, in terms of value, during the forecast period."
Construction indeed ranks among the top end-users for grease, often considered as one of the significant contributors to the demand for lubricants in various forms. Grease plays a pivotal role in the construction industry, where heavy machinery and equipment are subjected to rigorous and demanding operating conditions. In construction applications, grease is utilized to lubricate critical components such as excavators, bulldozers, cranes, loaders, and dump trucks. These machines operate in harsh environments characterized by high loads, extreme temperatures, dust, dirt, and moisture, making effective lubrication essential for their performance, reliability, and longevity.
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"Asia Pacific is estimated to be the largest market for the greases market, in terms of value, during the forecast period."
Asia Pacific region is experiencing a high demand for automotive products which is driven by various factors. Asia's growing middle class and rising disposable incomes have led to increased vehicle ownership, driving the automotive grease market. The presence of numerous manufacturing hubs and the continuous expansion of industries such as construction, mining, and transportation also play a crucial role. As a result, Asia's diverse and dynamic market landscape makes it the largest and one of the most vital regions for the global grease industry.
The key players profiled in the report include ExxonMobil Corporation (US), TotalEnergies SE (France), Shell Plc. (UK), Chevron Corporation (US), BP p.l.c. (UK) Fuchs Petrolub SE (Germany), Valvoline Inc. (US), China Petroleum & Chemical Corporation (China) among others.
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