According to IMARC Group latest report titled “Grease Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on grease market share. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global grease market reached a value of US$ 3.50 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 4.35 Billion by 2027 exhibiting a CAGR of 3.40% during 2022-2027.
Grease refers to a semi-solid compound prepared by the deposition of a thickening agent in a liquid lubricant. It comprises of performance-enhancing additives, lubricating fluids, and thickeners. Grease is manufactured by utilizing the rendered fat of waste animal parts, inedible lard, synthetic oil, etc. It is used for protecting vessels, machines, vehicles, and numerous automotive parts from corrosion, wear, and tear. Grease acts as a sealant to reduce water leakage and protect the components from contaminants. It also helps in maintaining flexibility, protecting bearing surfaces, improving stop-start performance, minimizing friction, etc. As a result, grease is widely adopted across several sectors, including automotive, chemical, manufacturing, power generation, metallurgy, food and beverage (F&B), etc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Market Trends:
The escalating demand for high-performance vehicles is one of the primary factors driving the grease market across the globe. In line with this, the expanding automotive industry is also augmenting the market growth. Furthermore, various product innovations, such as the development of bio-based and environment-friendly grease that is manufactured from renewable and non-toxic materials with low sulfur content, are acting as significant growth-inducing factors. Besides this, the growing adoption of high-performance oil in wind power plants to eliminate residues and ensure cleaner operations is also stimulating the global market. Additionally, the launch of numerous initiatives by government bodies and manufacturers alike to encourage the usage of bio-based grease is anticipated to bolster the grease market over the forecasted period.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- AXEL Christiernsson AB
- Carl Bechem GmbH
- Chemtool Incorporated (Lubrizol Corporation)
- ENEOS Holdings Inc
- Exxon Mobil Corporation
- Fuchs Petrolub SE
- Gazpromneft – Lubricants Ltd. (Gazprom Neft PJSC)
- Harrison Manufacturing Company
- Klüber Lubrication (Freudenberg Chemical Specialities SE & Co. KG)
- LUKOIL
- Petromin Corporation (Al Dabbagh Group Holding Company Limited)
- Royal Dutch Shell PLC
Grease Market Segmentation:
Our report has categorized the market based on region, thickener type, base oil and end user.
Breakup by Thickener Type:
- Metallic-Soap Thickener
- Non-Soap Thickener
- Inorganic Thickener
- Others
Breakup by Base Oil:
- Mineral Oil
- Synthetic Oil
- Bio-based Oil
Breakup by End User:
- Automotive
- Construction and Off-Highways
- General Manufacturing
- Steel
- Mining
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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