What Is The Size Of Global Grease Industry?
Global Grease market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F.
The Grease Market is largely driven by increased automation in multiple industries and rising demand from the automotive sector.
Rising demand from the automotive sector is one of the key factors driving the grease market. Grease is used in vehicles for suspension, chassis, arm-shafts, u-joints, and others. As per the International Organization of Motor Vehicle Manufacturers, an organization working in the interest of vehicle manufacturer and assemblers, stated that vehicle production increased by 3% from 2020 to 2021 after declining by 13% from 2019 to 2020. Automotive is the largest end-user of grease, increasing demand for vehicles will directly help the grease market.
The grease used in heavy equipment, wind power, aerospace, and food industry is specifically manufactured and graded by companies. As per International Air Transportation Association (IATA), a trade association for the world’s airlines, mentioned in the fact sheet for June 2022, cargo aerospace revenue is US$ 100.08 billion and is estimated to grow by US$191 billion from 2019 to 2022.
Furthermore, Environmental concern is one of the major challenges for the grease market as waste material is discharged to the nearby waterbodies. For instance, the Lubricating Oil and Greases Order, 1987 is an act passed in India which overlooks the restrictions imposed on the processing and storing of greases and lubricating oils.
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Global Grease Market By Thickener
The Global Grease market is segmented by Thickener into Metallic Soap, Non-Soap and Inorganic.
Metallic soap holds the largest share of the Global Grease market in 2022. Metallic soap thickener greases used in multiple industries such as automotive, manufacturing, steel, marine, construction, and others.
Sodium hydroxide, lithium hydroxide, and other materials are mixed with organic fatty acids in the oil and heated to prepare metallic greases.
Metallic soap is the most common type of thickener used in the industry. There are multiple varieties of metallic soap greases are available in the market such as lithium, calcium, aluminum, and others.
Global Grease Market By Base Oil
The Global Grease Market is segmented by Base Oil into Mineral Oil, Synthetic Oil and Bio-Based Oil.
Mineral oil segment accounted for the largest market share in 2022, as it used for multiple applications such as bearings, chains, gears, slides, and threaded connections.
According to Enerdata, an energy intelligence company, stated in a report that global crude oil output rose by less than 1% in 2021 after a 7.4% drop in 2020.
In 2021, as stated by Enerdata, the US crude oil production (17% of global output) increased by 1.3%. Increased production of crude oil is likely to propel the growth for mineral oil.
Global Grease Market By End-User
The Global Grease market is segmented by End-User into Automotive, Power Generation, Food & Beverages, Aerospace, Chemical Manufacturing and Mining and Metals.
Automation and transportation dominated the end-user segment in 2022, as grease is used in lubrication of suspension, chassis, arm-shafts, u-joints, and others.
According to the Organization of Vehicle Manufacturers (OICA), China was the largest producer of motor vehicles with 26 million units in 2021, an increase of 3% from 2020. India was the second largest producer of motor vehicles in the Asia Pacific with 4.4 million units in 2021, with an increase of 30% from 2020.
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Key Topics Covered in the Report
- Snapshot of Global Grease Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Grease Market
- Historic Growth of Overall Global Grease Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of Global Grease Industry
- Overview, Product Offerings, and Strength & Weakness of Key Competitors
- Covid 19 Impact on the Overall Global Grease Market
- Future Market Forecast and Growth Rates of the Total Global Grease Market and by Segments
- Market Size of Application / End User Segments with Historical CAGR and Future Forecasts
- Analysis of Global Grease Market
- Major Production/Supply and Consumption/Demand Hubs in Each Major Region
- Major Continent-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Continent
Key Profiled Companies Mentioned in the Report
- Royal Dutch
- Exxon Mobil
- Chevron Corporation
- FUCHS PETROLUB SE
- Sinopec Corporation
- Total Energy
- ENEOS Corporation
- Phillips 66
- Indian Oil Corporation Ltd.
Notable Emerging Companies Mentioned in the Report
- Bansal Oil and Lubricants Co.
- Henan Dongsen Lubrication Technology Co., Ltd.
- Ganga Sagar Trading Co.
- Continental Oils & Lubricants FZE
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Grease Manufacturing Companies
- Grease Distributors
- Grease Traders
- Grease Material Supplier Companies
- Potential Investors in Grease Companies
- Lubrication Association
- Grease Association
- Oil and Lubrication Sector
- Lubrication Manufacturing Companies
- Research & Development Institutes
- Government Investors
- Consulting companies in the lubrication sector
- Grease component providers
- Non-Soap and Metallic Soap component manufacturers
- Government and research organizations
- Investment banks
- Investors and financial community professionals
- Investment Funds
Time Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022-2028F
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