Overview
Grease Market size is forecast to reach the market size of $2.4 billion by 2025, after growing at a CAGR of 2.15% during 2020-2025. The factors that boost the growth of the industrial grease industry include their extensive use in different types of industrial applications and the technological advances that result in more efficient, refined products. The higher emphasis on quality is a major factor that accelerates the revenue growth of the industrial grease market. On the other side, manufacturing greases of higher quality are appealing and achieve a great deal of momentum on the market. Such high-quality industrial greases are also extremely stable, last longer and work more effectively.
Lithium-based greases with a market share of more than 75 percent are by far the most common greases in the world. Although different types of greases may be needed in a given plant, attempts have always been made to rationalize and reduce the number of greases from a purchasing and logistics point of view. The Petroleum jellies is an odourless opaque white grease. It complies with a variety of pharmaceutical specifications for white parrifin and white petrolatum.
Report Coverage
The report: “Grease Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Grease Industry.
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Key Takeaways
In 2019, the automotive and transportation industries were found to be the dominant grease end-user industry. Whereas in chemical manufacturing the consumption of grease is expected to record the highest CAGR over the forecast period.
Recent development and new construction projects are likely to act as a catalyst in the future in North America and Asia-Pacific areas.
Asia-Pacific led the grease industry followed by North America and Europe worldwide with, among others, the highest demand from countries like the U.S, China, India, and Germany.
By Thickeners - Segment Analysis
During the forecast period, metal soap thickener is expected to see the fastest growth. This is attributed to its multifunctional properties which make it suitable for use in the general manufacturing industries of automobile, building & off-highways. In addition to other desirable properties such as load bearing, shear strength, water resistance and corrosion safety, metal soap thickener has better ability to maintain outstanding consistency at higher temperatures.
By End User - Segment Analysis
In 2019, automotive grease and other transport is the biggest and is expected to grow with the CAGR of 2.0% over the forecast period from 2020 to 2025. In the automotive industry, passenger vehicles and commercial vehicles power the demand for high-performance grease. Grease is commonly used in the automotive industry for numerous auto parts such as wheel bearings, springs, universal joints, axes, cables, and switches owing to its outstanding properties such as heat sensitivity, structural strength, antioxidants, and water resistance.
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Geography - Segment Analysis
Asia-Pacific leads the consumption-driven grease industry with the share of 42% in 2019, led by North America and Europe. During the forecast period, China, India and Indonesia are predicted to be leading countries with strong demand for grease. Asia-Pacific has been a promising area for automotive manufacturing and sales growth, with countries like China, India, Indonesia, and Malaysia displaying steady growth levels in 2019. In 2019, however, car demand in China (a major manufacturer of vehicles in the region) declined. Certain end-user sectors, such as construction and manufacturing, are rising with that investments in ASEAN countries, further leading to the development of lubricants use as a whole and grease in the region in general.
Drivers – Grease Market
The growing development in automotive industry and the production of EVs and Hybrid vehicles leads the market growth.
Electric Vehicles (EVs) and hybrids (HEVs), is expected to become more common in the future. The motor bearings used in EVs and HEVs require grease lubrication. Grease lubrication has also been adopted for large motors with relatively low speeds. As a semi-solid, grease does not require liquid sealing and circulation mechanisms such as oil lubricants, giving it an advantage in terms of reducing a vehicle's size and weight. As a result, manufacturers seek to expand the applicable range of grease lubricants and develop greases that can be used with high-speed motors as well as low-torque technologies. The growing technologies and the development of high speed motors in electric vehicles lead the market growth.
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Challenges – Grease Market
Lacks of standards, characteristics, and testing methods on grease is constraining the market growth.
Identifying issues with lubricants can often be a difficult task. The underlying cause of an issue may not be apparent even with mineral oils or chemical liquids where oil testing is popular and widely used. The picture becomes even cloudier and more complicated by matching greases. Some greases have basic characteristics that can be used to contrast with each other. The issues become even more complex with in-service oil. Very little research is conducted on in-service grease to assess how the material can hold up or whether the device will rust prematurely. There are ways to incorporate grease testing into a preventive maintenance system, but the findings of the test are far from standardized and more difficult to interpret. The low speed in R&D testing and developments is constraining the growth of grease in the world of lubricants which overall reduce the market growth.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Grease market. In 2019, the market of Grease has been consolidated by the top five players accounting for xx% of the market share. Grease Market top 10 companies are Castrol, Exxon Mobil, Dow Corning Ltd., Chevron Corporation, Lukeoil, Royal Dutch Shell PLC, Sinopec Corporation, Balmer Lawrie & Co. Ltd, and Petronas. Other major players influencing the global market are Idemitsu Kosan Co., Ltd., Citgo Petroleum Corporation, and Harrison Manufacturing Co. PTY Ltd., among others.
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