Global Grease Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Thickener (Metallic Soap, Non-Soap, and Inorganic), Base Oil (Mineral Oil, Synthetic Oil, and Bio-Based Oil), End-User (Automotive, Power Generation, Food & Beverages, Aerospa

Global Grease Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Thickener (Metallic Soap, Non-Soap, and Inorganic), Base Oil (Mineral Oil, Synthetic Oil, and Bio-Based Oil), End-User (Automotive, Power Generation, Food & Beverages, Aerospace, Chemical Manufacturing, and Metals & Mining), and Major Region (North America, Europe, Asia Pacific, Latin America Middle East, and Africa)

Market Overview:

Grease is a solid or semisolid liquid lubrication. Lubricating grease consists of 65 to 95% base oil, 3 to 30% thickener, and 0 to 10% additives. The main function of grease is to provide lubrication without leaking and contacting the material. The functional properties of grease include better performance than oil, solid sealant, prevents leakage, and uncontrollable fluid level. The grease is used in multiple industries such as automotive and transport, chemical, food processing, wind generation, heavy equipment, steel, mining, general manufacturing, and others.

The Global Grease Market is expected to record a CAGR of ~5% during the forecast period (2022-2028). The market was to be the size of US$4 billion in 2017 and US$5 billion in 2021. Further, the market is forecasted to reach a size of US$7 billion by 2028. Increased automation in multiple industries and rising demand from the automotive sector is a driving factor for the grease market.

Rising demand from the automotive sector is one of the key factors driving the grease market. Grease is used in vehicles for suspension, chassis, arm-shafts, u-joints, and others. As per the International Organization of Motor Vehicle Manufacturers (OICA), an organization working in the interest of vehicle manufacturer and assemblers, stated that vehicle production increased by 3% from 2020 to 2021 after declining by 13% from 2019 to 2020. Automotive is the largest end-user of grease, increasing demand for vehicles will directly help the grease market to rise.

The grease used in heavy equipment, wind power, aerospace, and food industry is specifically manufactured and graded by companies. As per International Air Transportation Association (IATA), a trade association for the world’s airlines, mentioned in the fact sheet for June 2022, cargo aerospace revenue is US$ 100.08 billion and is estimated to grow by US$191 billion from 2019 to 2022. Aviation grease is used for multipurpose such as landing wheel assemblies, screw jacks, servo devices, and others, positive growth in the aerospace industry certainly helps to grow the grease market.

Environmental concern is one of the major challenges for the grease market as waste material is discharged to the nearby waterbodies. For instance, the Lubricating Oil and Greases Order, 1987 is an act passed in India which overlooks the restrictions imposed on the processing and storing of greases and lubricating oils. Act also gives the power to the Central Government to issue directions regarding the search and seizure of the manufacturing plant.

Covid19 has slowed down the growth of the grease market. Disruption in the supply chain, temporary shutdown of manufacturing plants, and reduction in vehicle traffic globally, were all those factors that reduce the use of grease in the market. According to the International Monetary Fund (IMF), a USA-based organization that promotes global economic growth and financial stability, provided in the growth projection released in April 2022, global economic growth is projected to slow from an estimated 6.1% in 2021 to 3.6% in 2022 and 2023. Declining economic growth will directly impact the chemical, construction, automotive, and other industries.

Scope of the Report:

The grease market is segmented by Thickener, Base Oil, and End User. In addition, the report also covers market size and forecasts for the region's four major Region' Grease markets. The revenue used to size and forecast the market for each segment is US$ billion.

By Thickener

Metallic Soap
Non-Soap
Inorganic

By Base Oil

Mineral Oil
Synthetic Oil
Bio-Based Oil

By End-User

Automotive
Power Generation
Food & Beverages
Aerospace
Chemical Manufacturing
Mining and Metals

By Geography

North America (USA, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
Asia Pacific (China, Japan, South Korea, India, Indonesia, Australia, Rest of Asia Pacific)
LAMEA (Latin America, Middle East, Africa)

Key Trends by Market Segment:

By Thickener: Metallic soap holds the largest share of the Global Grease market in 2021. Metallic soap thickener greases used in multiple industries such as automotive, manufacturing, steel, marine, construction, and others.

Sodium hydroxide, lithium hydroxide, and other materials are mixed with organic fatty acids in the oil and heated to prepare metallic greases.
Metallic soap is the most common type of thickener used in the industry. There are multiple varieties of metallic soap greases are available in the market such as lithium, calcium, aluminum, and others.
According to Trading Economy, a website that provides historical data on economic indicator, exchange rate, stock market index, and others stated that in 2022 lithium carbonate prices rose to 80% year-to-date in China as surging demand coincides with lower supply. Thus, the rise in demand for lithium is likely to propel the market for metallic soap during the forecast period.

By Base Oil: Mineral oil segment accounted for the largest market share in 2021, as it used for multiple applications such as bearings, chains, gears, slides, and threaded connections.

According to Enerdata, an energy intelligence company, stated in a report that global crude oil output rose by less than 1% in 2021 after a 7.4% drop in 2020.
In 2021, as stated by Enerdata, the US crude oil production (17% of global output) increased by 1.3%. Increased production of crude oil is likely to propel the growth for mineral oil.

By End-User: Automation and transportation dominated the end-user segment in 2021, as grease is used in lubrication of suspension, chassis, arm-shafts, u-joints, and others.

According to the Organization of Vehicle Manufacturers (OICA), China was the largest producer of motor vehicles with 26 million units in 2021, an increase of 3% from 2020. India was the second largest producer of motor vehicles in the Asia Pacific with 4.4 million units in 2021, with an increase of 30% from 2020.
The growing wind power industry also has a positive impact on the grease market. According to the International Energy Agency (IEA), an autonomous intergovernmental organization, in 2021, mentioned that a total of 830 GW of wind capacity was installed worldwide, into which China covers more than 50% of the market share. Grease in wind power is used for lubricating multiple applications such as bearings, shafts, pitch drive gears, rotor, blade, and yaw bearings.

By Geography: TheAsia Pacific accounted for the largest market share within the global grease market, accounting major chunk of total market revenue in 2021 as it houses most of the lubricating companies.

According to the Indian Brand Equity Foundation (IBEF), a semi-government trust formulated by the department of commerce. Mentioned that an investment of US$107 billion is forecasted in the Indian chemicals and petrochemicals sector by 2025, the demand for chemicals is expected to widen by 9% per annum by 2025.
Europe is expected to be the 2nd fastest growing region during the forecasted period because of the rising demand for electric vehicles. As per Organization of Vehicle Manufacturers (OICA), Europe’s motor vehicle production decline by 24% from 21 million units in 2019 to 16 million in 2021, has impacted the growth of the region. Rising demand for EVs will positively impact the grease market, as automotive is the major end-user of grease products.
Food-grade grease is formulated to deliver high performance without compromising health and safety. As per the U.S. Department of Agriculture, food accounted for 11.9% of U.S. household expenditures in 2020, just behind the household and automotive industries. As food expenditure continues to hold a significant share in the US expenditure, it will boost the demand for food-grade grease.

Competitive Landscape:

The Global Grease market is highly competitive with approximately 200 players which include globally diversified players, regional players as well as a large number of country-niche players having their niche in Grease production to multiple end-user industries. Most of the country-niche players are dealing in the production and manufacturing of lubrication.
Large global players control about 40% of the market, while regional players hold the second largest share. Some of the major players in the market include Castrol India, Royal Dutch, Exxon Mobil, Eni, Chevron Corporation, FUCHS Petrolub, Sinopec Corporation, Total Energy, ENEOS Corporation, Phillips 66, CITGO, Indian Oil Corporation Ltd., and others.
The leading global specialist companies such as Exxon Mobil, Chevron Corporation, and Castrol are highly focused on providing a full segment of grease for multiple solutions and multiple end users.

Recent Developments Related to Major Players

In June 2021, Castrol India announced the launch of Castrol On, a range of advanced e-fluids for improved electric vehicle performance. Castrol On advanced grease EV fluids protects the component in EV’s motor for higher efficiency and long-lasting.
FUSCH announced in its Annual Report for FY21, New plant in Kaiserslautern, Germany will produce custom-made polyurea greases for e-mobility and wind power. US$15.5 million was invested in the 3 German sites in Mannheim, Keil, and Kaiserslautern.
In February 2022, RelaDyne acquired The Farley Company, a distributor of an extensive line of lubrication and chemical products. This acquisition will expand RelaDyne’s distribution capabilities in the northern Ohio area, Columbus, and Akron markets.

Conclusion

The Global Grease Market witnessed significant growth during the period 2017-2021, primarily driven by growing demand from the automotive industry, and rising end-user industries. Although the growth rate is expected to remain neutral in the forecasted period, the use of Grease is anticipated to remain strong as multiple industries required lubrication in machinery.
Though the market is highly competitive with approximately 200 participants, few global players control the dominant share and regional players also hold a significant share.

Note:This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients and report delivered within maximum 2 working weeks

Key Topics Covered in the Report

Snapshot of Global Grease Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of the Global Grease Market
Historic Growth of Overall Global Grease Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter’s 5 Forces Analysis of Global Grease Industry
Overview, Product Offerings, and Strength & Weakness of Key Competitors
Covid 19 Impact on the Overall Global Grease Market
Future Market Forecast and Growth Rates of the Total Global Grease Market and by Segments
Market Size of Application / End User Segments with Historical CAGR and Future Forecasts
Analysis of Global Grease Market
Major Production/Supply and Consumption/Demand Hubs in Each Major Region
Major Continent-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging Competitor Companies within Each Major Continent

Key Profiled Companies Mentioned in the Report

Castrol
Royal Dutch
Exxon Mobil
Eni
Chevron Corporation
FUCHS PETROLUB SE
Sinopec Corporation
Total Energy
ENEOS Corporation
Phillips 66
CITGO
Indian Oil Corporation Ltd.

Notable Emerging Companies Mentioned in the Report

Inzin
GreaseBoss
Bansal Oil and Lubricants Co.
Henan Dongsen Lubrication Technology Co., Ltd.
Ganga Sagar Trading Co.
Continental Oils & Lubricants FZE

Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report

Grease Manufacturing Companies
Grease Distributors
Grease Traders
Grease Material Supplier Companies
Potential Investors in Grease Companies
Lubrication Association
Grease Association
Oil and Lubrication Sector
Lubrication Manufacturing Companies
Research & Development Institutes
Government Investors
Consulting companies in the lubrication sector
Grease component providers
Non-Soap and Metallic Soap component manufacturers
Government and research organizations
Investment banks
Investors and financial community professionals
Investment Funds

Time Period Captured in the Report

Historical Period: 2017-2021
Forecast Period: 2022-2028F

Frequently Asked Questions

What is the Study Period of this Market Report?

The Global Grease Market is covered from 2017– 2028 in this report, which includes a forecast for the period 2022-2028.
What is the Future Growth Rate of the Global Grease Market?
The Global Grease Market is expected to witness a CAGR of ~3% over the next 7 years.
What are the Key Factors Driving the Global Grease Market?
Growing automotive and transportation industry, rising demand of polyurea grease from electric vehicle and wind power industry.
Which is the Largest Thickener Segment within the Global Grease Market?
Metallic Soap Thickener held the largest share of the Global Grease Market in 2021.

Who are the Key Players in Global Grease Market?

Castrol India Ltd., Royal Dutch, Exxon Mobil, Eni SpA, Chevron Corporation, FUCHS, Sinopec Corporation, Total Energy, ENEOS Corporation, Phillips 66, CITGO, and Indian Oil Corporation Ltd. among others are the major companies operating in Global Grease Market.

Key Segments Covered in Global Grease Market: -

By Thickener

Metallic Soap
Non-Soap
Inorganic

By Base Oil

Mineral Oil
Synthetic Oil
Bio-Based Oil

By End-User

Automotive
Power Generation
Food & Beverages
Aerospace
Chemical Manufacturing
Mining and Metals

By Geography

North America (USA, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
Asia Pacific (China, Japan, South Korea, India, Indonesia, Australia, Rest of Asia Pacific)
LAMEA (Latin America, Middle East, Africa)

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