Global Grease market expected to record a CAGR of ~5% during the forecast period (2017-2028): Ken Research

 What Is The Size Of Global Grease Industry?

Global Grease market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F.

The Grease Market is largely driven by increased automation in multiple industries and rising demand from the automotive sector.

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, 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.

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.

Furthermore, 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.

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Global Grease Market By Thickener

The Global Grease market is segmented by Thickener into Metallic Soap, Non-Soap and Inorganic.

Metallic soap holds the largest share of the Global Grease market in 2022. Metallic soap thickener greases used in multiple industries such as automotive, manufacturing, steel, marine, construction, and others.

Sodium hydroxide, lithium hydroxide, and other materials are mixed with organic fatty acids in the oil and heated to prepare metallic greases.

Metallic soap is the most common type of thickener used in the industry. There are multiple varieties of metallic soap greases are available in the market such as lithium, calcium, aluminum, and others.

Global Grease Market By Base Oil

The Global Grease Market is segmented by Base Oil into Mineral Oil, Synthetic Oil and Bio-Based Oil.

Mineral oil segment accounted for the largest market share in 2022, as it used for multiple applications such as bearings, chains, gears, slides, and threaded connections.

According to Enerdata, an energy intelligence company, stated in a report that global crude oil output rose by less than 1% in 2021 after a 7.4% drop in 2020.

In 2021, as stated by Enerdata, the US crude oil production (17% of global output) increased by 1.3%. Increased production of crude oil is likely to propel the growth for mineral oil.

Global Grease Market By End-User

The Global Grease market is segmented by End-User into Automotive, Power Generation, Food & Beverages, Aerospace, Chemical Manufacturing and Mining and Metals.

Automation and transportation dominated the end-user segment in 2022, as grease is used in lubrication of suspension, chassis, arm-shafts, u-joints, and others.

According to the Organization of Vehicle Manufacturers (OICA), China was the largest producer of motor vehicles with 26 million units in 2021, an increase of 3% from 2020. India was the second largest producer of motor vehicles in the Asia Pacific with 4.4 million units in 2021, with an increase of 30% from 2020.

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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 Profiled Companies Mentioned in the Report

• Castrol
• Royal Dutch
• Exxon Mobil
• Eni
• Chevron Corporation
• FUCHS PETROLUB SE
• Sinopec Corporation
• Total Energy
• ENEOS Corporation
• Phillips 66
• CITGO
• Indian Oil Corporation Ltd.

Notable Emerging Companies Mentioned in the Report

• Inzin
• GreaseBoss
• Bansal Oil and Lubricants Co.
• Henan Dongsen Lubrication Technology Co., Ltd.
• Ganga Sagar Trading Co.
• Continental Oils & Lubricants FZE

Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report

• Grease Manufacturing Companies
• Grease Distributors
• Grease Traders
• Grease Material Supplier Companies
• Potential Investors in Grease Companies
• Lubrication Association
• Grease Association
• Oil and Lubrication Sector
• Lubrication Manufacturing Companies
• Research & Development Institutes
• Government Investors
• Consulting companies in the lubrication sector
• Grease component providers
• Non-Soap and Metallic Soap component manufacturers
• Government and research organizations
• Investment banks
• Investors and financial community professionals
• Investment Funds

Time Period Captured in the Report

• Historical Period: 2017-2021
• Forecast Period: 2022-2028F

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Global Grease Market

5 Key Insights on US$ 7 Billion Opportunity in Global Grease Market: Ken Research

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Driven by the Surging Automotive and Transport Industry, Rising Demand for Electric vehicles, and Increasing Use of Grease in Multiple Industries. The Global Grease is forecasted at approximately US$ 7 Bn by 2028 says Ken Research Study.

Grease is a solid or semisolid liquid lubrication. Lubricating grease consists of 65 to 95% base oil, 3 to 30% thickener, and 0 to 10% additives. The main function of grease is to provide lubrication without leaking and contacting the material. The functional properties of grease include better performance than oil, solid sealant, prevents leakage, and uncontrollable fluid level. Grease is used in multiple industries such as automotive and transport, chemical, food processing, wind generation, heavy equipment, steel, mining, general manufacturing, and others.

According to Ken Research estimates, the Global Grease Market – which grew from approximately US$4 Billion in 2017 to approximately US$5 Billion in 2022 – is forecasted to grow further into approximately US$7 Billion opportunity by 2028. Ken Research shares 5 key insights on this high opportunity market from its latest research study.

1. Rapid Growth in Manufacturing, Automotive and Construction Sectors drives the Global Grease Market.

The Global Grease Market is expected to witness significant growth during the forecast period, due to the increasing industrial, automotive and construction sectors in the Asia Pacific region. Some of the major countries in the region include China, India, Indonesia, Thailand, and Singapore. The manufacturing, automotive, food and beverages, and construction industries are rising in the Asia Pacific region. For instance, in September 2021, the Indian government approved a PLI scheme worth US$3.53 billion for the auto industry and drone industry to boost India’s manufacturing standings. Thus, advancements in the manufacturing industry is likely to have a positive impact on the growth of the grease market.

2. Usage of Non-Soap Thickener in Automotive and Power Generation Industry is Likely to Drive the Global Grease Market.

Increasing adoption of higher efficient grease in electric vehicles, wind power, steel mill, snatch bearing, car wheel bearings, air conditioner compressor, and water pumps are some of the major driving factors for polyurea grease under the non-soap segment.

For Instance, various competitors are launching specialist electric vehicle grease to accommodate the rising demand from the market. For instance, in June 2021, Castrol Ltd., one of the leading players in lubrication industry, announced the launch of Castrol On, a range of advanced e-fluids for improved electric vehicle performance. Castrol On advanced eGrease protects the electric motor from overheating and provides higher efficiency and long-lasting lubrication.

FUSCH one of the leading players in the grease market established a new plant in Kaiserslautern, Germany which 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.

3.       Strict Rules for over Production of Chemical in Plants, is Hampering the Growth of Grease Market.

United States have various regulatory bodies that supervise the chemical reporting, waste water discharge from facility, oil spills and hazardous substance releases and various others regulations. Section 313 of the Emergency Planning and Community Rights-to-know-Act (EPCRA) created the Toxic Release Inventory (TRI) program. Under the requirement of EPCRA, all U.S. facilities that meet TRI reporting criteria must submit TRI data to Environmental Protection Agency (EPA) and the relevant state government by 1^st July of each year. EPA investigates the cases of EPCRA non-compliances leads to civil penalties, including monetary fines.

4.  Mineral Oil Dominates the Market, Accounting for a Major Chunk of the Revenue share in 2021, and is Likely to Maintain Dominance During the Forecast Period

Mineral oil is extracted through moderate refining of base oil. Mineral oil is soluble with a wide range of additives, along with compatibility with various grease thickener systems, and has a lower cost, which is driving the growth of the mineral oil segment. According to Enerdata, an energy intelligence company, stated in a report that in 2021, the US crude oil production (17% of global output) increased by 1.3%. Increased production of crude oil is likely to propel the growth for mineral oil.

5. Asia Pacific Accounts for the Largest Market Share and is forecasted to be the Fastest Growing Region in the Global Grease Market.

Asia Pacific is expected to be the largest and fastest-growing region among others. This is because of the large presence of lubricating companies. According to the Indian Brand Equity Foundation (IBEF), a semi-government trust formulated by the department of commerce mention that an investment of US$107 billon is forecasted in the Indian chemicals and petrochemicals sector by 2025, the demand for chemicals is expected to widen by 9% per annum by 2025.

Europe is expected to be the 2nd fastest growing region during the forecasted period because of its rising demand for electric vehicles arising after the COVID-19 pandemic. RAVE, a news website with emphasis on electric vehicle and wind energy, stated that in 2021 Germany has accounted for 10.2% of total EV sales, the UK has accounted for 4.8%, France has accounted for 4.7%, Norway has accounted for 2.3%, and Italy has accounted for 2.1%. Electric vehicles required dedicated lubrication for multiple usage such as lower noise, lower heat, and others. Thus, increasing sales of electric vehicles is likely to drive the grease market.

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Global Grease Market

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