Grease Market by Base Oil (Mineral, Synthetic, Bio-based), Thickener Type (Metallic Soap, Non-soap, Inorganic), And End-use Industry (Automotive, General Manufacturing, Construction, Metal, Mining, Agriculture, Power) - Global Forecast to 2027

Grease Market by Base Oil (Mineral, Synthetic, Bio-based), Thickener Type (Metallic Soap, Non-soap, Inorganic), And End-use Industry (Automotive, General Manufacturing, Construction, Metal, Mining, Agriculture, Power) - Global Forecast to 2027

The global grease market size is projected to reach USD 6.9 billion by 2027 from USD 5.8 billion in 2022, at a CAGR OF 3.6%. Grease are widely used in automotive, construction, general manufacturing, metal production, mining, power generation, agriculture, and other industries. It is used in places where lubricating oil would not stay in position. It consists of base oil and additives that are mixed with a thickener. Grease also acts as a sealant to prevent the ingress of water and incompressible material.

“Mineral oil was the largest base oil of the global grease market, in terms of value, in 2021”

This owes to the fact that mineral oil grease is cheaper than synthetic oil grease. Synthetic grease costs 40% - 50% more than mineral oil. Thus, mineral oil is widely used in price sensitive regions like Asia Pacific, Middle East & Africa, and South America. However, mineral oil is projected to register slow growth in developed regions due to government regulations and growing environmental concerns.

“By thickener type, metallic soap accounted for the largest market share in global grease market, in terms of value in 2021”

Metallic soap was the largest segment in the global grease market by thickener type, in terms of value, in 2021. Metallic soap thickener has a broad range of usability including all types of soaps i.e., lithium, aluminum, calcium, sodium, and others. The market for this segment is driven by the increased demand from the automotive, industrial manufacturing, mining, marine, metal, power, and construction sectors. Widespread applications, oxidative stability, and operational temperature range are the key factors driving the metallic soap thickener segment of the grease market.

“Asia Pacific is projected to be the fastest-growing market during the forecast period, in terms of both volume and value”

Asia Pacific was the largest grease market, in terms of value, in 2021. The growth is attributed to increasing urbanization, rapid growth in population, and blooming industrialization. The tremendous growth of industrial production, rise in the number of vehicles, and increased trade are primarily responsible for the high consumption of grease in this region.

In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees are as follows:

By Company Type: Tier 1 - 69%, Tier 2 - 23%, and Tier 3 - 8%

By Designation: C-Level - 23%, Director Level - 37%, and Others - 40%

By Region: North America - 32%, Europe - 21%, Asia Pacific - 28%, South America and Middle East & Africa - 12%, South America – 7%

The key players profiled in the report include as Shell plc (Netherlands), Exxon Mobil Corporation(US), BP p.l.c. (UK), Chevron Corporation (US), TotalEnergies SE (France), Idemitsu Kosan Co., Ltd. (Japan), Sinopec Group (China), FUCHS Petrolub SE (Germany), Valvoline (US), and Petronas (Malaysia) among others.

Research Coverage

This report segments the market for grease based on base oil, thickener type, end-use industry, and region, and provides estimations for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, and key strategies associated with the market for grease.

Reasons to Buy this Report

This research report is focused on various levels of analysis — industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the grease market; high-growth regions; and market drivers, restraints, and opportunities.

The report provides insights on the following pointers:

Market Penetration: Comprehensive information on grease offered by top players in the global market

Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for grease across regions

Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global grease market

Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the grease market