Grease Market To Be Fueled By Rising Demand Due To Tremendous Growth In Industry till 2027 By MarketsandMarkets™
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.
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Browse 305 market data Tables and 76 Figures spread through 311 Pages and in-depth TOC on "Grease Market”
Recent Development
In October 2022, TotalEnergies SE and Valeo have announced an agreement to develop an innovative method for cooling electric vehicle batteries using a new high-performance dielectric liquid. This innovation not only improves the use of electric vehicles, but also reduces the carbon footprint.
In December 2021, TotalEnergies Marketing & Services Australia announced a new partnership with Mitsubishi Motors Australia Limited to launch the latest Mitsubishi Genuine Oil Program. The partnership is based on the common goals and provides integrated solutions with a focus on innovation, advanced technology, sustainability, and customer experience.
In October 2021, TotalEnergies Specialties USA partnered with Hyperfuels to market the full range of TotalEnergies automotive lubricants nationwide.
In January 2021, Shell plc has announced a joint venture with Whitmore Manufacturing to offer multi-sector expertise, advanced equipment technologies & services, and an integrated product portfolio of all kinds of lubricants that meets the unique needs of companies engaged in North America.
“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.
“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.
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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