Grease Market forecast to witness phenomenal growth opportunities by 2024

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Grease market share research by applications and
regions for 2018-2024 Global Market Insights,
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Overview of Grease Market

• North America and Europe were prominent regions
  in global grease market in 2017, which can be
  attributed to their well-established automobile
  industries. Asia Pacific held the largest market
  share in 2017. The product demand is prominently
  driven by India, China, Thailand and Japan owing
  to rapidly growing automobile sector in these
  countries. Moreover, growing infrastructure and
  increasing participation of foreign direct
  investors in this region shall directly drive
  construction industry dynamics which will propel
  product demand over the forecast period. Latin
  America is likely to foster the product demand
  over the next few years due to growing
  industrialization and urbanization in Brazil.
• Global Grease Market size shall grow with a
  prominent CAGR in forecast timeframe. Grease is a
  semi solid lubricant. It is a mixture of
  thickener dispersed in oil and fluid lubricant.
  The product is used in automotive industry on a
  vast scale Greased machinery consume less amount
  of power and have very less impact to any wear
  tear damage.

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• The product consists of three components such as
  base oil, thickener and additives and the
  thickener decides the type of product. Basic
  types of product include soap type and non-soap
  thickener greases. There are three segments in
  soap type base greases simple soap, mixed soap
  and complex soap. Simple grease produces simple
  lithium which is very commonly used product
  globally. Non-soap is also of three types clay,
  polyurea and others.
• The product is popularly used across various
  industries such as automobile, railway,
  construction, pharmaceutical, food beverage,
  mining and numerous others. Its water resistance
  property is very important in many machines and
  in their applications. It has an ability to
  retain its properties at any temperature.
  Greases super lubricating attributes make it
  useful in bushings, bearing axles and most of the
  moving parts of machinery and automobiles.
• It is useful in commercial and manufacturing
  industry owing to its properties such as
  contamination prevention, protection against rust
  and corrosion and withstanding high low
  temperature. Increasing product application scope
  in industries such as wind turbines will fuel the
  demand for low viscosity lubricating oils in the
  coming years. Demand for low viscosity fluids in
  automobile industry shall extend the market
  opportunities over the forecast period.

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• Grease market has witnessed increasing use of
  biodegradable greases in past few years. These
  are high performing and their additives are
  either synthetic ester or vegetable oil based. It
  degrades sooner compared to its mineral oil-based
  alternatives and do not release environmentally
  harmful residues after use. Moreover, their
  manufacturers comply with environmental
  regulations Automobile industry has been a major
  product consumer keeping the exponential growth
  it has registered in past few years. Automobile
  industry growth will positively impact product
  demand in the coming years. Long component life,
  low friction and easily renewable raw material
  shall make product market more sustainable during
  the forecast period.
• However, factors such as development of
  self-lubricant equipment, unfavorable
  availability of raw material and fluctuation in
  exchange rate shall restrain the grease market
  growth over the forecast timeframe. Insufficient
  knowledge regarding right product grades among
  consumers usually lead to dissatisfaction about
  the product. Consolidation of manufacturers has
  resulted into reduced number of grease plants.
  Product globalization is likely to possess a
  threat for small local manufacturers. These
  factors may hamper the grease market size growth
  during forecast timeframe.

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• Acquisition of small vendors by these chief
  companies has resulted into fragmentation of
  grease market. However, in recent years there is
  consistent rise in local vendors, due to easy
  availability of technology and different
  cost-effective production techniques. Some
  prominent players operating in the industry are
  Exxon Mobil Corporation, Shell Global, Chevron
  Corporation, Idemitsu Kosan Co. Ltd, China
  Petrochemical corporation, Total, FUCHS,
  Petroliam Nasional Barhad, BP plc, DowDuPont,
  CITGO Petroliam Corporation, Harrison
  Manufacturing and Indian oil corporation Ltd. In
  June 2017, Exxon Mobil announced the completion
  of its expansion project in Singapore. It will
  augment synthetic lubricants and grease
  production. This new synthetic lubricants and
  grease facility is located in Asia Pacific and it
  will ensure the reliable product supply across
  the region.

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Methodology

• Market
  research reports Key analytical components

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