Dublin, Jan. 17, 2023 (GLOBE NEWSWIRE) -- The "Global Grease Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Thickener, Base Oil, End-User, and Major Region" report has been added to ResearchAndMarkets.com's offering.
The Global Grease Market is expected to record a CAGR of ~5% during the forecast period (2022-2028). The market was to be the size of US$4 billion in 2017 and US$5 billion in 2021.
Further, the market is forecasted to reach a size of US$7 billion by 2028. Increased automation in multiple industries and rising demand from the automotive sector is a driving factor for the grease market.
Rising demand from the automotive sector is one of the key factors driving the grease market. Grease is used in vehicles for suspension, chassis, arm-shafts, u-joints, and others. As per the International Organization of Motor Vehicle Manufacturers (OICA), an organization working in the interest of vehicle manufacturer and assemblers, stated that vehicle production increased by 3% from 2020 to 2021 after declining by 13% from 2019 to 2020. Automotive is the largest end-user of grease, increasing demand for vehicles will directly help the grease market to rise.
The grease used in heavy equipment, wind power, aerospace, and food industry is specifically manufactured and graded by companies. As per International Air Transportation Association (IATA), a trade association for the world's airlines, mentioned in the fact sheet for June 2022, cargo aerospace revenue is US$ 100.08 billion and is estimated to grow by US$191 billion from 2019 to 2022. Aviation grease is used for multipurpose such as landing wheel assemblies, screw jacks, servo devices, and others, positive growth in the aerospace industry certainly helps to grow the grease market.
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. Act also gives the power to the Central Government to issue directions regarding the search and seizure of the manufacturing plant.
Covid19 has slowed down the growth of the grease market. Disruption in the supply chain, temporary shutdown of manufacturing plants, and reduction in vehicle traffic globally, were all those factors that reduce the use of grease in the market.
According to the International Monetary Fund (IMF), a USA-based organization that promotes global economic growth and financial stability, provided in the growth projection released in April 2022, global economic growth is projected to slow from an estimated 6.1% in 2021 to 3.6% in 2022 and 2023. Declining economic growth will directly impact the chemical, construction, automotive, and other industries.
Competitive Landscape:
The Global Grease market is highly competitive with approximately 200 players which include globally diversified players, regional players as well as a large number of country-niche players having their niche in Grease production to multiple end-user industries. Most of the country-niche players are dealing in the production and manufacturing of lubrication
Large global players control about 40% of the market, while regional players hold the second largest share. Some of the major players in the market include Castrol India, Royal Dutch, Exxon Mobil, Eni, Chevron Corporation, FUCHS Petrolub, Sinopec Corporation, Total Energy, ENEOS Corporation, Phillips 66, CITGO, Indian Oil Corporation Ltd., and others
The leading global specialist companies such as Exxon Mobil, Chevron Corporation, and Castrol are highly focused on providing a full segment of grease for multiple solutions and multiple end users.
Recent Developments Related to Major Players
In June 2021, Castrol India announced the launch of Castrol On, a range of advanced e-fluids for improved electric vehicle performance. Castrol On advanced grease EV fluids protects the component in EV's motor for higher efficiency and long-lasting.
FUSCH announced in its Annual Report for FY21, New plant in Kaiserslautern, Germany will produce custom-made polyurea greases for e-mobility and wind power. US$15.5 million was invested in the 3 German sites in Mannheim, Keil, and Kaiserslautern.
In February 2022, RelaDyne acquired The Farley Company, a distributor of an extensive line of lubrication and chemical products. This acquisition will expand RelaDyne's distribution capabilities in the northern Ohio area, Columbus, and Akron markets.
Conclusion
The Global Grease Market witnessed significant growth during the period 2017-2021, primarily driven by growing demand from the automotive industry, and rising end-user industries. Although the growth rate is expected to remain neutral in the forecasted period, the use of Grease is anticipated to remain strong as multiple industries required lubrication in machinery.
Though the market is highly competitive with approximately 200 participants, few global players control the dominant share and regional players also hold a significant share.
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 Competitors
- Castrol
- Royal Dutch
- Exxon Mobil
- Eni
- Chevron Corporation
- FUCHS PETROLUB SE
- Sinopec Corporation
- Total Energy
- ENEOS Corporation
- Phillips 66
- CITGO
- Indian Oil Corporation Ltd.
- Inzin
- GreaseBoss
- Bansal Oil and Lubricants Co.
- Henan Dongsen Lubrication Technology Co., Ltd.
- Ganga Sagar Trading Co.
- Continental Oils & Lubricants FZE
Scope of the Report
Time Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022-2028F
By Thickener
- Metallic Soap
- Non-Soap
- Inorganic
By Base Oil
- Mineral Oil
- Synthetic Oil
- Bio-Based Oil
By End-User
- Automotive
- Power Generation
- Food & Beverages
- Aerospace
- Chemical Manufacturing
- Mining and Metals
For more information about this report visit https://www.researchandmarkets.com/r/n5gs01
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