The latest market report published by Credence Research, Inc. “Grease Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the Grease market was valued at US$ 1.9 Bn in 2018 and expected to reach US$ 2.3 Bn by 2027 at a CAGR of 2.5% throughout the forecast period from 2019 to 2027.
Market Insights
“Increasing demand for grease in end-use industries will spur revenue growth during the forecast period”
The increasing demand for grease in the construction industry, growing usage of high performance greases are factors propelling the demand of grease market. The grease industry is highly fragmented and organizations are coming up with new products. For instance, emergence of bio-based grease will create opportunities for the proliferation of overall grease market. Asia-Pacific lead the grease market followed by North America and Europe because of the increase request from the end use industries. The key factors that drives the grease market is the expanded interest of metallic thickener from the end users, rapid development in the automobile industry, and technological enhancements in the quality. However, factors including exchange rate fluctuations, R&D in developing self-lubricating equipment, and unavailability of raw materials are anticipated to hinder the grease market growth during the years to come.
“Metal Soap segment to dominate the market throughout the forecast period”
Metal soap thickener segment is estimated to register the fastest-growth throughout the forecast period. This can be associated with its multifunctional properties which makes it suitable for use in various end-use industries including automotive, construction, general manufacturing industries, and chemical manufacturing among others. Metal soap thickener has high ability to maintain exceptional stability at high temperatures coupled with other complimentary properties including shear stability, rust protection, load bearing, and water resistance.
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Industrial Developments
- June 2017, Exxon Mobil expanded its production capacity of grease by setting up a new factory in Singapore. The expansion of the Jurong lubricant plant further strengthens the company’s manufacturing capabilities and its ability to meet the growing demand for grease and synthetic lubricant products in the Asia Pacific region
Key Market Movements
- In 2018, the global paper bags market was valued US$ 1.9 Bn and is projected to grow to US$ 2.3 Bn by 2027 expanding at a CAGR of 2.5%.
- Based on end-use, the market is classified into Heavy Equipment, Power Generation, Automotive & Transportation, Food & Beverage, Chemical Manufacturing, Metal Working & Metallurgy, and Others.
- Out of these automotive and transportation segment is leading the market with major contribution in the revenue share. This can be associated with rapidly increasing sales of automotive in the Asia Pacific region.
- In 2018, Asia Pacific dominated the global grease market. This can be associated with the rapidly rising end-use industries including automotive, construction, food & beverage among others.
List of Companies Covered:
- Castrol
- Exxon Mobil
- Dow Corning Ltd.
- Chevron Corporation
- Lukeoil
- Royal Dutch Shell PLC
- Sinopec Corporation
- Balmer Lawrie & Co. Ltd
- JX Nippon Oil & Energy Corporation
- Petronas
Browse the full report at https://www.credenceresearch.com/report/grease-market