Rockville , Nov. 06, 2023 (GLOBE NEWSWIRE) -- The global Industrial Grease Market is valued at US$ 2.12 billion in 2023 and is projected to expand at a CAGR of 5.5% from 2023 to 2033, according to the latest market study by Fact.MR.
Several industries, including manufacturing, automotive, mining, construction, power production, and transportation, employ industrial grease on a wide scale. These greases are applied to machinery components such as slides, gears, bearings, and chains to minimize wear, reduce heat, and prevent damage.
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Key Segments of Industrial Grease Industry Research Report
| By Base Oil | By End Use | By Thickener Type |
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Demand for industrial greases is driven by the expansion of infrastructure and the burgeoning industrial sector in emerging economies. With a focus on sustainability, technological advancements, and increasing need for high-performance lubrication, the global market for industrial greases is evolving to align with the shifting demands of industries.
Key Takeaways from Market Study
- The global market is projected to advance at 5.5% CAGR and reach US$ 3.62 billion by 2033-end.
- The market was pegged at a value of US$ 2.01 billion in 2022.
- The mineral-oil-based segment is predicted to expand at a CAGR of 5.8% during the forecast period (2023 to 2033).
- The United States market is projected to reach US$ 580.9 million by the end of 2033.
- The market in China is forecasted to expand at a CAGR of 6.1% and reach a valuation of US$ 1.14 billion by 2033-end.
“Shift toward synthetic industrial grease variants is predicted to be significant over the coming years,” says a Fact.MR analyst.
Market Growth Strategies
Industry players are emphasizing sustainable lubrication solutions due to growing environmental concerns. They create greases that are less harmful to the environment, more biodegradable, and less poisonous. Businesses can obtain a competitive edge and draw in environmentally sensitive clients by emphasizing the sustainable qualities of their products.
Market participants seeking to bolster their position in the market choose to engage in mergers, acquisitions, or strategic alliances. Through these partnerships, new technology, clientele, and distribution networks are made available. Enterprises can improve their capabilities, enhance their market share, and realize economies of scale by purchasing or merging with similar enterprises.
Market participants aim to enhance their market share in developing economies with expanding industrial sectors. To meet the rising demand for industrial greases, they set up production plants or distribution systems in various areas. Companies can enter new markets through geographical expansion, cut expenses associated with shipping, and provide quicker lead times to local clients.
Key Companies Profiled
- Belray Company LLC
- Texaco Inc.
- ExxonMobil Corporation
- Whitmore Manufacturing Company
- Axel Christiernsson International AB
- Dow Corning Corporation
- Sinopec Lubricant Company
- Royal Dutch Shell PLC
- Others
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| Report Attribute | Details |
| Value Projection (2033) | USD 3.62 Billion |
| Growth Rate (2023-2033) | 5.5% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 124 Tables |
| No. of Figures | 108 Figures |
In 2023, the utilization of industrial grease in the manufacturing sector is estimated to reach a market value of US$ 992.3 million.
The manufacturing industry heavily relies on machinery, where effective lubrication plays a critical role in ensuring smooth operation and preventing wear and tear. Industrial lubricants, essential for chains, slides, gears, and bearings, are in high demand due to the extensive use of machinery.
The continual expansion and growth of the manufacturing sector contribute to the increasing consumption of industrial greases. As industries expand their production capabilities, there is a proportional rise in the demand for lubrication solutions, including industrial greases, to maintain optimal machine performance and productivity.
Preventive maintenance, made possible by the use of industrial greases, is crucial for maximizing production efficiency, minimizing downtime, and extending the lifespan of equipment. Manufacturers recognize the cost-saving benefits of preventive maintenance, which ensures an ongoing demand for industrial greases.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the industrial grease market, presenting historical market data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study reveals essential insights based on base oil (mineral oil, synthetic oil, semi-synthetic oil, bio-based), end use (on-road vehicles, other transportation applications, mining & metallurgy, off-highway & construction, auto manufacturing, other manufacturing applications), and thickener type (simple metal soaps, non-soap thickeners, complex metal soaps), across major regions of the world (North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe, and the Middle East & Africa).
Checkout More Related Studies Published by Fact.MR Research:
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Polyurea-Based Greases Market: The global polyuria-based greases market is projected to grow in the forecast period due to an increase in the demand for polyuria-based greases in various industries such as steel, mining, automotive and construction.
Microfiber Synthetic Leather Market: The global microfiber synthetic leather (MSL) market is estimated to be valued at US$ 1.2 billion in 2023 and it is anticipated to grow at a CAGR of 5.0% to reach US$ 1.9 billion by the end of 2033.
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