Global Grease Market - Segmented by Thickener, and End-User Industry - Growth, Trends and Forecasts (2018 - 2023)
The global grease market is expected to grow at a CAGR of 2.13% during the forecast period, 2018-2023. The major factors driving the growth of the grease market are the increasing automotive production in Europe and Asia-Pacific along with the booming manufacturing activities in Asia-Pacific region.
Grease is a semi-solid lubricant. Industrial and automotive greases are its primary categories. It is a mixture of a fluid lubricant (usually petroleum oil) and a thickener (soap) dispersed in the oil. The base oil (petroleum oil) can even be pre-used lubricant. Thickener plays an important role in the mixture as a sponge that holds the lubricant oil. Soap thickeners are produced by the reaction between metallic hydroxide or an alkali with a fat/fatty acid or ester. The different types of soaps used in this production are calcium soap, aluminum soap, lithium soap and sodium soap. Sodium soaps are stable at high temperatures while lithium ones are resistant to both heat and moisture.
Robust Demand from Specialized Applications
The manufacturing and other industrial activities are consistently increasing across the world, which in turn is increasing the demand for grease in related industries, such as mining and automotive. The present-day businesses, owing to the growing competition, are pushing their industrial, manufacturing and mining equipment to their limits; the equipment and machines are operating in extreme work conditions and temperatures. As a result, the end-user industries have started using advanced or high-performance greases to maintain the efficiency and performance of the machinery.
Several types of greases are proven to be in-efficient in machines that are subjected to extreme working conditions. For instance, ~ 50% of all bearing failures are related to lubrication. The bearing areas demand the use of specifically-designed, advanced greases, which does not hamper the machine performance. With the rise in running speed and operating time of the equipment, the demand for and usage of advanced greases is continuously increasing.
Asia-Pacific leading the Demand
Asia-Pacific is the largest market in terms of demand for greases, with over 40% of the global share in 2017. China, India and Indonesia are expected to be leading countries witnessing strong demand for grease consumption during the forecast period. Asia-Pacific has been a potential region for the growth in the automotive production and sales, with countries such as China and India exhibiting constant growth rates since the past few years. Other end-user industries such as construction, manufacturing are growing, with increasing investments in ASEAN countries, which is further contributing to the growth of the lubricants consumption as a whole and grease in particular, in the region.
Key Developments in the Market
July 2017: Chevron Corporation divested its majority stake in Chevron Oil Nigeria PLC, to another Nigerian indigenous downstream player, MRS Group.
April 2017: Japan’s JX Holdings Inc. and TonenGeneral Sekiyu K.K finalized an agreement to form the country’s biggest oil refiner, JXTG.
March 2017: Indian Oil Corporation Ltd. entered an agreement with Nepal Oil Corporation, to supply POL (petroleum, oil, and lubricant) products.
Major Players: Axel Christiernsson, Bel-Ray Company LLC, SKF, Royal Dutch Shell Plc, Fuchs, and Total Lubricants, amongst others
Reason to purchase this Report
Current and future of the global grease market in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in excel).
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