Dublin, Dec. 21, 2022 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering. 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. Market Dynamics Drivers Rise in Automation in Various IndustriesLower Crude Oil Prices to Benefit Grease Suppliers After COVID-19Improved Quality of Grease Restraints Lithium Supply ShortageLack of Proper Training and Product AwarenessProduction of Electric and Hybrid Vehicles Opportunities Leveraging E-Commerce Industry to Increase Customer ReachRising Trend of Polyurea Grease Over Simple Lithium Grease Challenges Bleeding of Base Oil from GreaseRegreasing Intervals Not Followed in Emerging Economies Report AttributeDetailsNo. of Pages300Forecast Period2022 - 2027Estimated Market Value (USD) in 2022$5.8 BillionForecasted Market Value (USD) by 2027$6.9 BillionCompound Annual Growth Rate3.6%Regions CoveredGlobal Key Topics Covered: 1 Introduction 2 Research Methodology 3 Executive Summary 4 Premium Insights 5 Market Overview 6 Industry Trends 7 Grease Market, by Base Oil7.1 Introduction7.2 Mineral Oil7.3 Synthetic Oil7.4 Bio-Based Oil 8 Grease Market, by Thickener Type8.1 Introduction8.2 Metallic Soap Thickener Grease8.3 Non-Soap Thickener Grease8.4 Inorganic Thickener Grease8.5 Others 9 Grease Market, by End-Use Industry9.1 Introduction9.2 Automotive9.3 Construction9.4 General Manufacturing9.5 Metal Production9.6 Mining9.7 Power Generation9.8 Agriculture 10 Grease Market, by Region 11 Competitive Landscape 12 Company Profiles 13 Adjacent & Related Markets 14 Appendix Companies Mentioned Axel Americas LLCBalmer Lawrie & Co LtdBel-Ray Company, LLCBP PLCChemtool IncChevron CorporationCitgo Petroleum CorporationEneos Holdings, IncExxon Mobil CorporationFuchs Petrolub SeHarrison Manufacturing Co Pty LtdHexol International LtdIdemitsu Kosan Co LtdIndian Oil Corporation Limited (Iocl)Lubri-Lab IncLukoilMarathon Petroleum CorporationPenrite Oil CompanyPetronasPhillipsProducts OfferedShell plcSinopec GroupTotalenergies SEValvoline For more information about this report visit https://www.researchandmarkets.com/r/5a8uni
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Global Grease Market