Rising Automotive Sector Demand is a key market driver

Dublin, Jan. 17, 2023 — (GLOBE NEWSWIRE). “Global Grease Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Thickener, Base Oil, End-User, and Major Region” A report has been added ResearchAndMarkets.com’s offering.

Global Grease Market is forecast to grow by 5% between 2022 and 2028. In 2017, the market was estimated to reach US$4 Billion and US$5 Billion in 2021.

In addition, the market is projected to grow to US$7billion by 2028. Grease market growth is being driven by automation in multiple industries as well as rising automotive demand.

The key driver of the grease market is the rising demand from the automotive industry. Grease is used to make vehicles such as chassis, suspension, arm-shafts and u-joints. The International Organization of Motor Vehicle Manufacturers is an organization that works in the interests of vehicle manufacturers and assemblers. It stated that vehicle production increased by 33% between 2020-2021, after decreasing by 13% between 2019-20 2020. The largest end-users of grease are automotive and will drive the growth in the grease market.

Companies are responsible for manufacturing and grading the grease that is used in heavy equipment, aviation, and the food industry. The International Air Transportation Association, a trade organization representing all world’s airlines, stated that cargo aerospace revenue was US$ 100.08 Billion and will grow by US$191 Billion between 2019-2022. Aviation grease can be used for multiple purposes such as landing wheels assemblies, screw jacks and servo device. The positive growth of the aerospace industry is sure to help increase the market for aviation grease.

The grease market faces environmental challenges as much of its waste is dumped into nearby waterbodies. Indian legislation, such as the Lubricating Oil and Greases Order 1987, allows for the exemption of restrictions on the storage and processing of greases and lubricating oil. The Central Government has the power to issue directions to search and seize the manufacturing plant.

Covid19 has slow down the growth in the grease market. The market is affected by disruptions in the supply chain, temporary shut down of manufacturing plants, as well as a reduction in global vehicle traffic.

The International Monetary Fund (IMF) is a USA-based organisation that promotes global economic stability and growth. According to their April 2022 growth projection, global economic growth will slow from 6.1% in 2021 down to 3.6% 2022 and 2023, according to the IMF. Decreased economic growth will have an immediate impact on the chemical, automotive, and other industries.

Competitive Landscape

Global Grease is highly competitive. There are approximately 200 players in the market. These include regional players and players that are globally diversified. The majority of country-niche players deal in the production and manufacture of lubrication.

About 40% of the market is held by global players while the remainder are controlled by smaller regional players. Castrol India is one of the key players in this market. Other major players include Exxon Mobil and Royal Dutch as well as Exxon Mobil and Sinopec Corporation.

Exxon Mobil, Chevron Corporation and Castrol, all global experts, are focused on providing the full range of greases for multiple end users.

Recent Developments in Relation to Major Players

Castrol India launched Castrol On in June 2021. This range of advanced e fluids is designed to improve electric vehicle performance. Castrol On EV fluids provide protection for the motor component. They are more efficient and last longer.

FUSCH reported in its Annual Report for FY21 that a new Kaiserslautern plant will produce custom-made urea greases for emobility and wind power. US$15.5 Million was invested at the three German sites in Mannheim and Keil.

RelaDyne bought The Farley Company (a distributor of a large range of lubrication chemicals) in February 2022. RelaDyne is expanding its distribution network in the Akron and Columbus markets.

Conclusion

Global Grease Market experienced significant growth between 2017-2021. This was primarily due to growing demand from the automobile industry and increasing end-user industries. The growth rate for the forecasted period is expected to be neutral, but Grease use is expected to continue to grow as many industries require lubrication in their machinery.

Although the market is competitive with over 200 players, very few global players have the majority share. Some regional players also hold significant shares.

Report Highlights

• Snapshot of Global Grease Market

• Ecosystem Analysis and Industry Value Chain

• Global Grease Market Market Size and Segmentation

• Historical Growth of the Overall Global Grease Market Segments and the Overall Grease Market

• Key developments of competitors and the competition scenario on the market

• Porter’s Five Forces Analysis of Global Grease Industry

• Overview, Product Offerings, and Strength & Weakness of Key Competitors

• The Global Grease Market: Covid 19

• Future Market Forecasts and Growth Rates for the Global Grease Market as a Whole and Segments

• Market Size for Application/End User Segments – Historical CAGR and Future Forecasts

• Global Grease Market Analysis

• Major Production/Supply/Demand Hubs in Each Major Region

• Historical and Future Market Growth Rates for the Total Market and Segments of Major Continents

• Overview of Emerging Competitor Firms in Every Major Continent

Key Competitors

• Castrol

• Royal Dutch

• Exxon Mobil

• Eni

• Chevron Corporation

• FUCHS PETROLUB SER

• Sinopec Corporation

• Total Energy

• ENEOS Corporation

• Phillips 66

• CITGO

• Indian Oil Corporation Ltd.

• Inzin

• GreaseBoss

• Bansal Oil and Lubricants Co.

• Henan Dongsen Lubrication Technology Co., Ltd.

• Ganga Sagar Trading Co.

• Continental Oils & Lubricants FZE

Scope of this Report

Report Time Period

By Thickener

• Metallic Soap

• Non-Soap

• Inorganic

By base oil

• Mineral Oil

• Synthetic oil

• Bio-Based Oil

End-User

• Automotive

• Power Generation

• Food & Beverages

• Aerospace

• Chemical Manufacturing

• Mining and Metals

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