According to IMARC Group latest report titled “Grease Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on grease market trends. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global grease market size reached US$ 3.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.5 Billion by 2028, exhibiting a growth rate (CAGR) of 3.2% during 2023-2028.
Grease is a specialized lubricant commonly used in various industrial applications to reduce friction and wear between moving mechanical components. It is a semi-solid substance composed of a thickening agent, typically a soap or metallic soap, dispersed in a base oil. The thickening agent gives grease its characteristic consistency, allowing it to stay in place and adhere to surfaces, even under high-pressure and extreme temperature conditions. The working mechanism of grease involves the gradual release of lubricating oil from the thickening agent as the equipment operates. Moreover, grease possesses excellent sealing properties, providing protection against moisture and contaminants, thus extending the lifespan of the machinery and equipment it lubricates.
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Market Trends:
The global market is primarily driven by the escalating demand for efficient lubrication solutions in automotive manufacturing and transportation sectors. Additionally, continual advancements in manufacturing techniques and the proliferation of complex machinery across various sectors are bolstering the demand for specialized grease formulations tailored to specific application needs. Moreover, the increasing emphasis on environmental sustainability and regulatory compliance is resulting in a higher uptake of bio-based greases that exhibit low volatile organic compounds (VOCs) and are biodegradable, thereby fueling the market. Furthermore, the rising maintenance requirements of modern industrial machinery necessitating superior lubrication solutions to optimize performance and minimize downtime is creating lucrative opportunities in the market.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- 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 (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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