Grease Market Set for Robust Growth by 2024

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Grease Market

Global Grease Market: Overview

Grease is a solid or semi-solid lubricating oil. It is usually comprised of emulsified soap with mineral oil or vegetable oil. Grease possesses characteristic feature such as high initial viscosity, which make it frictional. Grease can be used in mechanisms where lubrication is required frequently and where a lubricating oil does not stay for long. Grease is sealants to avert ingress of water and incompressible materials. Grease is being used as a lubricant, as it prevents entry of contaminants or loss of lubricant. Soft grease used in gearboxes, for noise reduction, as leakage resistant, and for suspension of solid additives. Greased machinery consumes a small amount of power and is an even less vulnerable impact to any wear tear damage.

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Global Grease Market: Growth Factors

Grease is popularly used in various sectors such as commercial and manufacturing industries, construction, pharmaceutical, railways, auto manufacturing, wind turbines, mining, food and beverage, and many others. Water-resistant property of the grease is useful in many applications and is very important for machines. Grease has the ability to retain its properties at any temperatures. Lubricating property of grease makes it useful in bearings, bushings, axles and most of moving the part in automobiles and machinery. Grease protects against rust and corrosion. Moreover, lubrication, sealant, prevention of contamination, withstand high or low temperature are various properties of grease and thus is used commercially and in manufacturing industries. This is anticipated to boost the global grease market in the next few years. The increase in need of bio-greases in environmentally sensitive nations and the demand for more high-performance products can be seen as an opportunity for the global grease market in future. Furthermore, progress in the automobile industry is also fuelling the growth of the global market.

Global Grease Market: Segmentation

The global grease market has been broadly bifurcated as soap base grease, non-soap base grease, and grease applications. Soap base in further divided into calcium soap, sodium soap, lithium soap, aluminum soap, polyuria, organoclay, and other metallic soaps. The non-soap base is segmented by oil base, which is solvent refined, hydrotreated, hydrocracked, poly alpha olefins, and others. Grease applications are segregated by high temperature or extreme pressure grease, silicone lubricating grease, silicone dielectric grease, and super lube multi-purpose grease

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Global Grease Market: Regional Analysis

Geographically, the global grease market is fragmented as North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa. North America and Europe are the major global grease markets owing to growth in the automobile sector. Asia Pacific is growing at a faster rate due to increasing disposal income. In addition, emerging economies such as China and India are expected to lead the production in the global grease market in the coming future. South America is anticipated to foster the global market in coming years due to growing industrialization.

Global Grease Market: Competitive Players

Key players in the global grease market are Castrol, Exxon Mobil, Dow Corning Ltd., Chevron Corporation, Lukeoil, Royal Dutch Shell PLC, Sinopec Corporation, Balmer Lawrie & Co. Ltd, and Petronas. Other major players influencing the global market are Idemitsu Kosan Co., Ltd., Citgo Petroleum Corporation, and Harrison Manufacturing Co. PTY Ltd

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