Global Grease Market 2019-2023
About this market
The bio-based grease products are expected to gain traction in the grease market during the forecast period owing to their eco-friendly characteristics. These products have emerged as a reliable substitute to petroleum-based grease products. The grease market will witness an incremental growth close to USD264 million during 2019-2023.
Growing shipbuilding business
Marine industry being one of the key end-users of the market. The increase in the production of ships and growing repair and maintenance activities of old ships and boats will act as a driving factor for the growth of the global grease market.
Volatile oil prices
Crude oil prices have been fluctuating for the past many years and are likely to be volatile during the forecast period as well. The increase in price of base oil will also affect the price of grease which can negatively affect consumption.
For the detailed list of factors that will drive and challenge the growth of the grease market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies. Factors such as bio-based grease products have emerged as a reliable alternative to petroleum-based grease products. The strong preference for the development of bio-based greases in developed economies such as Canada, the US, and Germany, is attributable to their eco-friendly properties. This will propel the growth opportunities for the market.