In terms of value, the grease market is estimated to grow from USD 6.2 billion in 2024 to USD 7.4 billion by 2029, at a CAGR of 3.6%. Several key factors are driving the demand for grease in the global market. Firstly, the expanding industrial sector, particularly in emerging economies, is driving significant demand for grease as it is essential for the lubrication of machinery and equipment across various industries such as manufacturing, construction, mining, and agriculture. Additionally, the rapid growth of the automotive industry, especially in regions like Asia-Pacific, is fueling the demand for grease for lubricating components like wheel bearings, chassis, and gears.
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Based on base oil, the grease market is segmented as mineral oil, synthetic oil and bio-based oil. Mineral oil continues to maintain its dominant position as the largest segment in the grease market, propelled by its wide availability, cost-effectiveness, and versatile performance attributes. The enduring prevalence of mineral oil in the grease market is driven by ongoing advancements in refining techniques, which continually enhance its quality and efficacy. Despite the emergence of synthetic and bio-based alternatives, the established infrastructure, cost advantages, and established performance track record of mineral oil underscore its enduring significance in the global grease market.
Based on thickener type, the grease industry is segmented as metallic soap thickener, non-soap thickener, inorganic thickener, and others. Metallic soap thickener dominated the overall grease market in terms of value, in 2023. With the increasing complexity and demands of modern machinery, there is a growing need for greases that can withstand extreme pressures and temperatures while providing long-lasting protection against wear and corrosion. Metallic soap thickeners excel in meeting these requirements, driving their popularity and adoption in the global grease market. As industries continue to prioritize efficiency, durability, and performance, the demand for metallic soap thickeners is expected to remain robust, fueling ongoing innovation and advancements in grease technology.
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Based on end-use industry, the grease market is segmented as automotive, construction, general manufacturing, metal production, mining, power generation, agriculture and others. The automotive industry stands as the largest consumer of grease globally, relying heavily on this lubricant for the smooth operation and longevity of critical components. With the ever-expanding global fleet of vehicles and the continuous evolution of automotive technology, the demand for high-quality grease remains consistently high. As, automotive manufacturers and service providers prioritize efficiency and reliability, the importance of grease in maintaining vehicle performance underscores its status as a cornerstone of automotive maintenance and safety.
Based on region, Asia Pacific is the largest market for grease, in terms of both value and volume, in 2023. The demand for grease in Asia is significantly driven by the thriving automotive industry, fueled by the region’s burgeoning population and rapid economic growth. With Asia emerging as a major manufacturing hub for vehicles, including cars, trucks, motorcycles, and other transportation equipment, the need for grease for lubricating critical components such as wheel bearings, chassis, and engine parts is escalating. Moreover, the increasing urbanization and infrastructure development across Asia necessitate the use of heavy machinery and construction equipment, further propelling the demand for grease in industrial applications. As countries in Asia continue to modernize and expand their transportation and infrastructure networks, the demand for grease is expected to remain robust, driven by the sustained growth in the automotive and industrial sectors.
The key players profiled in the report include ExxonMobil Corporation (US), TotalEnergies SE (France), Shell Plc. (UK), Chevron Corporation (US), BP p.l.c. (UK) Fuchs Petrolub SE (Germany), Valvoline Inc. (US), China Petroleum & Chemical Corporation (China) among others. These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, Asia Pacific, and the Middle East & Africa. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies.
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