Farmington, Jan. 13, 2023 (GLOBE NEWSWIRE) -- The Global Industrial Greases Market Is Estimated to reach US$ 1,905.9 Million in value by 2022, exhibiting a CAGR Of 5.5% between 2022 and 2030. Industrial greases are used to lubricate machines so that they don't wear out as quickly as they would if they were used all the time. The base oil, additives, and thickeners are mixed together to make it. Industrial greases are used to take care of the machines that make things. The automotive industry is the biggest market for industrial greases, which are used on a large scale in making cars and keeping them in good shape.
Industrial greases are used for a wide range of tasks and are important for machinery because they don't get wet. Industrial greases can stay in contact with moving parts and lubricate them without leaking because of gravity, centrifugal force, or other kinds of pressure.
Request Sample Copy of Report “Industrial Greases Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030”, published by Contrive Datum Insights.
Recent Developments:
- Dec. 7, 2022, SKF and Castrol partner to offer access to circular use of industrial lubricants
SKF continues to expand its Recond Oil offering through a partnership agreement with Castrol, one of the world's leading lubricant brands. This partnership enables Castrol industrial customers to use the integrated RecondOil Double Separation Technology (DST) system. - 22 DEC 2022, Shell Acquires Allied Reliability, Further Expanding Its North American Lubricants Business
Allied Reliability is a North American provider of industrial products and services, asset performance management and reliability consulting services to B2B customers. The company operates in a variety of industries and enhances the efficiency and reliability of assets. - JULY 20, 2020, CASTROL - Global Leader in Lubricants for Wind Energy
Wind energy has grown rapidly since 2000, supported by various governments. As a result, the global demand for lubricants in the wind energy industry has increased along with the increase in the total installed capacity of wind energy. From 2008 to 2019, global wind energy installed capacity increased at an average annual rate of 16.6%, while lubricant consumption increased at an average annual rate of 13%.
Regional Outlook:
It is anticipated that North America will maintain its preeminent position during the forecast period due to its status as one of the most developed areas for the industrial grease market. The rising demand from the region's automotive and mining industries is the primary factor for this expansion. The capacity of industrial greases to maintain their lubricating properties even when exposed to high temperatures is driving up demand for these products in the automotive sector. As a result, vehicle lifespans can be extended, and maintenance expenses can be cut.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 5.5% from 2023 to 2030. |
| Revenue Forecast by 2022 | USD 1,905.9 Million |
| By Type | Mineral Oil, Synthetic Oil, Semi-Synthetic Oil, Bio-Based |
| By Application | Automotive, Mining, Construction, Heavy Industries, Others |
| By Companies | Exxon Mobil, Shell, Castrol, Dow, Chevron, Total, Other |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Dynamics:
Market Drivers
It is anticipated that the presence of a growing number of industries in the Asia-Pacific area will be the primary driver of expansion in the market for industrial greases. This region is now the world's largest consumer of grease. The expansion of the industrial and construction industries in the ASEAN area is another factor that is driving up demand for grease. It is anticipated that the expansion of the market for industrial greases would be fueled by all of these factors.
The expansion of the market for industrial greases is anticipated to be driven by the rising demand for high-performance greases that are resistant to extremes of both pressure and temperature. The market growth of industrial greases is expected to be boosted over the forecast period as a result of the growing demand for greases from the metalworking and metallurgical industries. Additionally, the increasing production of heavy machinery for advanced applications is also expected to contribute to this growth.
Market Opportunities
It is anticipated that the growing demand for food grade industrial greases that are used throughout food processing equipment would give several prospects for growth for the market for industrial greases. Bearings, linkages, and moving joints in the machinery used in the food sector are all lubricated with this food-grade grease thanks to its high level of purity. The market for industrial greases is anticipated to benefit from the introduction of food-grade greases in the near future.
During the period covered by this projection, an increase in mechanisation as well as a rise in industrial production, particularly in Asia and the Pacific, is anticipated to propel the overall expansion of the market. It is anticipated that the growing utilisation of grease in the manufacturing sector will further accelerate the market growth of industrial grease. This will be accomplished by enhancing the functionality and dependability of machinery.
Market Restraints
It is anticipated that stringent emission laws and regulations linked to dangerous gas emissions will act as a barrier to the expansion of the market for industrial greases. This is due to the growing worries of the government as well as the increased efforts being made to combat global warming. It is anticipated that this aspect will act as a barrier to the expansion of the industrial greases market.
It is anticipated that the limited output of mineral oil, in conjunction with the variable pricing of crude oil, will act as a barrier to the expansion of the market for industrial greases over the projection period.
Key Segments Covered:
Top Market Players:
Exxon Mobil, Shell, Castrol, Dow, Chevron, Total, and others.
By Type
- Mineral Oil
- Synthetic Oil
- Semi-Synthetic Oil
- Bio-Based
- Other
By Application
- Automotive
- Mining
- Construction
- Heavy Industries
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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