The global grease market size is projected to reach USD 6.9 billion by 2027 from USD 5.8 billion in 2022, growing at a CAGR of 3.6% in terms of value during the forecast period. Grease is used as a lubricant to reduce friction between moving parts, protect against wear and tear, and prevent rust and corrosion. It is used in various industries such as automotive, construction, food and beverage, and manufacturing.

One of the key drivers of the grease market is the growing demand for energy-efficient machinery and equipment in various industries, which requires the use of high-performance lubricants such as grease. The increasing demand for bio-based and synthetic grease is also expected to drive market growth in the coming years.

Grease Market Key Players

The grease market is evolving, with major players playing a crucial role in the development of new and advanced products. 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 Petrolube SE (Germany), Petronas (Malaysia), and Valvoline LLC (US) are key players in the grease market.

DOwnload PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=88373349

Shell plc is the largest player in the grease market. It is vertically active in both upstream and downstream activities in the oil & gas industry. Its well-established distribution network and brand value serve as crucial factors for its growth prospects. The company is focused on its downstream business segment, as it has a strong revenue-generating segment with a high return on investment. It focuses on expansion as the key growth strategy. It has made enormous number of expansions to meet increasing demand from customers and strengthen its position in the grease market.

Exxon Mobil Corporation is the second-largest player in the grease market. In terms of revenue generation, Exxon Mobil Corporation is one of the largest companies. The company owns hundreds of small subsidiaries like Imperial Oil Limited, across the globe. In 1970s, the company developed commercial synthetic motor oil and is now a pioneer in synthetic oil technology. Exxon Mobil Corporation is currently operating in more than 160 countries.

“North America is estimated to be the second-largest market for grease, in terms of value, during the forecast period”

The region is categorized by the high use of synthetic grease driven by consumer awareness and OEM recommendation. The OEM tie-up with the grease manufacturers governs the major share of the market. Major grease suppliers have tie-ups with automotive companies to supply customized lubricants suiting their requirements. North America is one of the developed regions globally and is very much affluent. North American countries such as US has one of the highest motorization rates in the world.

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

The market for the synthetic oil segment is projected to register the highest CAGR in the next five years. This is due to the increasing awareness regarding the advantages of synthetic oil. The use of synthetic oil-based grease has increased as it has high drain-out intervals. The need for high-performance base oil to produce grease products is also driving the market for the synthetic oil segment. The demand can largely be attributed to the automotive sector.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=88373349

“Non-soap thickener projected to be the second largest thickener type, in terms of value, during the forecast period”

Non-soap thickeners (polyurea) are expected to witness stable growth owing to their rising use in agriculture, such as crop cultivation machines, food processing, steel plants, and industrial tools & equipment. The demand for non-soap thickener-based grease is mainly supported by the demand for polyurea. It is used for high-temperature applications (400C–1800C) due to its superior properties. It is stronger than other thickeners. This type of grease has a huge demand in Japan for industrial purposes.

“Agriculture segment is projected to be the fastest growing end-use industry, in terms of value, during the forecast period”

The agricultural industry is attributed to the growing demand for farm tractors to boost demand. The main function of grease is to lubricate moving components in tractors to minimize wear & tear and contamination that may be caused due to gravitational force, centrifugal force, or squeezing due to pressure between the moving components. Thus, the increasing demand for farm tractors and combines to increase farm produce yield is expected to fuel the demand for greasing lubricants n agriculture.