Nov 24, 2020   SOURCE: BusinessWire

Global Grease Market Report 2020: Automotive, Construction, General Manufacturing, Metal, Mining, Food & Beverage, Power - Market to Grow from $5.3 Billion in 2020 to $6.1 Billion by 2025 - ResearchAndMarkets.com

The "Global Grease Market Report" report has been added to ResearchAndMarkets.com's offering.

The global grease market is estimated to grow from USD 5.3 billion in 2020 to USD 6.1 billion by 2025, at a CAGR of 2.9%.

"Rise in automation in various industries is expected to drive the grease market"

The grease market is driven mainly by rising automation in end-use industries and improved quality of grease. However, stringent environmental regulations are expected to restrain the market growth.

The general manufacturing, construction, mining, and other industries use various heavy load equipment, which requires regular lubrication. Due to the increasing cost of workforce and safety requirements, the demand for process automation is rising. Automation helps in increasing production rate, reducing labor costs, and improving worker safety. Hence, a majority of companies are automating their operating systems, which, in turn, is driving the consumption of grease.

"Synthetic expected to be the fastest-growing base oil of the grease market, in terms of value, between 2020 and 2025"

The mineral oil segment accounted for the largest share in the grease market in terms of value in 2019. The dominance of mineral oil is due to its easy availability and low cost.

The synthetic oil segment is projected to register the highest CAGR in terms of value during the forecast period. Although synthetic oil is much costlier than mineral oil, its high performance at extreme conditions and long drain out intervals are the major factors driving its high growth in the grease market.

"The automotive industry is estimated to account for the largest share of the overall grease market, in terms of value, between 2020 and 2025"

The grease market based on the end-use industry is segmented as automotive, construction, general manufacturing, metal production, mining, power generation, food & beverage, and others. The automotive segment is expected to account for the largest market share during the forecast period. Grease helps in reducing friction and wear, protecting against corrosion, and preventing dirt, water, and other contaminants from entering the components being lubricated. The growing automotive industry in developing countries is fueling the grease market.

"Strong foothold of grease manufacturers in APAC to drive the demand for grease in the region"

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.

Europe was the second-largest market in 2019. The strong demand for high-performance products and the presence of key market players are expected to fuel the demand for grease in the region. The need for advanced and high-performance products is also driving the demand for greases.

The key players profiled in the report include Royal Dutch Shell PLC (Netherlands), The Chevron Corporation (US), Idemitsu Kosan Co. Ltd. (Japan), Sinopec Corporation (China), BP plc (UK), Total SA (France), and ExxonMobil Corporation (US), among others.

Market Dynamics

Drivers

  • Rise in Automation in Various Industries
  • Improved Quality of Grease
  • Lower Crude Oil Prices to Benefit Grease Suppliers After COVID-19

Restraints

  • Stringent Environmental Regulations
  • Unstable Economic Situation
  • Low-Quality and Cheaper Product Offerings

Opportunities

  • Technological Advancements Leading to Innovation
  • Rising Trend of Polyurea Grease Over Lithium Grease

Challenges

  • Bleeding of Base Oil from Grease

Companies Mentioned

  • Axel Americas LLC
  • Balmer Lawrie & Co. Ltd.
  • Bel-Ray Company, LLC
  • BP PLC
  • Chemtool Inc.
  • Chevron Corporation
  • Citgo Petroleum Corporation
  • ExxonMobil Corporation
  • Fuchs Petrolub SE
  • Harrison Manufacturing Co. Pty. Ltd.
  • Hexol International Ltd.
  • Idemitsu Kosan Co. Ltd.
  • Indian Oil Corporation Ltd.
  • JX Nippon Oil & Energy Corporation
  • Lubri-Lab Inc.
  • Lukeoil
  • Marathon Petroleum Corporation
  • Penrite Oil Company
  • Petroliam Nasional Berhad (Petronas)
  • Phillips 66 Lubricants
  • Royal Dutch Shell PLC
  • Sinopec Corporation
  • The Dow Chemical Company
  • Total SA
  • Valvoline LLC

For more information about this report visit https://www.researchandmarkets.com/r/biwuwu