CHICAGO, Sept. 14, 2020
CHICAGO, Sept. 14, 2020 /PRNewswire/ -- According to the new market research report "Grease Market by Base Oil (Mineral, Synthetic, Bio-Based), Thickener Type (Metallic Soap, Non-Soap, Inorganic), End-Use Industry (Automotive, Construction, General Manufacturing, Metal, Mining, Food & Beverage, Power) - Global Forecast to 2025", published by MarketsandMarkets™, the Grease Market is projected to reach USD 6.1 billion by 2025, at a CAGR of 2.9% from USD 5.3 billion in 2020. The growth of the grease market is primarily triggered by the rise in automation in various end-use industries. Manufacturing, construction, and mining are some of the industries that use various heavy load equipment, which require regular lubrication. Owing to increasing competition and growing challenges in manual operations, the use of highly updated technology is vital for the growth of all these industries.
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The improvement in the quality of grease acts as a major driver for the market. Consumers prefer improved quality products primarily due to their extended durability and shelf life, which results in enhanced performance of machinery and equipment. The use of high-quality grease is also cost-saving, as it reduces the frequency of replacing grease. There is a rising demand for higher quality grease in Europe and North America.
Mineral oil is the largest base oil of the grease market.
The mineral oil segment accounted for the largest share of the global grease market in terms of volume in 2019. This is mainly due to its easy availability and low-cost, particularly in the developing regions. The market in the synthetic oil segment is projected to register the highest CAGR in the next five years. This is due to the increasing awareness regarding the benefits of synthetic oil. The need for high-performance base oil to produce grease products is also driving the market in the synthetic oil segment. The use of synthetic grease has increased as it has high drain out intervals. Owing to stringent environmental regulations in Europe and North America, the use of bio-based oil is expected to increase in the next five years.
Automotive is estimated to be the largest end-use industry of the grease market during the forecast period.
The market in this segment is driven by good lubrication, water resistance, high & low-temperature tolerance, oxidation resistance, and shear stability of grease.
Grease is used in the general manufacturing industry to smoothen tools and equipment during the manufacturing operations. The growing construction industry in emerging economies is expected to drive the demand for grease for off-highways application.
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APAC is estimated to be the largest market for grease during the forecast period.
APAC is the largest market for grease, followed by Europe and North America. The massive industrial growth in APAC has been fueling the grease market for the past few years, and this is expected to continue over the next five years. Domestic and foreign investments in key sectors, such as energy, manufacturing, and construction, have been consistently growing over the past decade. This is expected to drive the grease market between 2020 and 2025. The increasing population in the region is also fueling the market.
The key market players profiled in the report include as Royal Dutch Shell PLC. (Netherlands), The Chevron Corporation (US), Idemitsu Kosan Co., Ltd. (Japan), Sinopec Corporation (China), BP p.l.c. (UK), Total SA (France), and ExxonMobil Corporation (US), among others.
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