PUBLISHER: Daedal Research | PRODUCT CODE: 1500191
PUBLISHER: Daedal Research | PRODUCT CODE: 1500191
Global Grease Additives Market: Analysis By Type, By Application, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2029
The global grease additives market was valued at US$483.93 million in 2023. The market value is expected to reach US$614.63 million by 2029. Grease additives are certain chemicals added to lubricating grease to increase its longevity and efficacy in a range of automotive and industrial applications. These additives are designed to protect metal surfaces from wear and corrosion, improve the lubricating properties of the grease, and preserve the grease's consistency under a variety of operating circumstances. One essential category of grease additives consists of anti-wear compounds, which coat metal surfaces to reduce friction and prevent mechanical wear.
The major drivers for the grease additives market include growing demand for specialty greases from various industries, including aerospace, marine, and food processing and rising demand for grease additives from the automotive industry. In addition, as manufacturing processes become more precise and sophisticated, the grease additives market is expected to witness increased adoption of specialized formulations, driving revenue growth, and establishing a solid foundation for the industry's expansion in the foreseeable future. Thus, the expansion of industrialization and manufacturing activities is projected to offer lucrative growth opportunities for the grease additives market. The market is expected to grow at a CAGR of approx. 4% during the forecasted period of 2024-2029.
Market Segmentation Analysis:
By Type: The report provides the bifurcation of the global grease additives market into three types: Oxidation Inhibitors, Corrosion Inhibitors, Antiwear Agents, Pressure Additives, Metal Deactivators, and Others. The oxidation inhibitors additives segment held the highest share of the market. Oxidation inhibitors are chemical additives commonly used in greases to prevent or slow down the process of oxidation, which can lead to degradation and deterioration of the grease. As consumers and industries prioritize long-lasting and more sustainable products, oxidation inhibitors have become essential to mitigate the harmful effects of oxidative processes, ensuring product freshness and integrity. This growing awareness of the economic and environmental benefits of oxidation inhibitors is driving their heightened demand across various sectors.
By Application: The global grease additives market has been further analyzed based on the application: Automotive, Construction Machinery, Mining, Aerospace, Marine, Steel Mill, and Others. The automotive segment held the dominant share in the market. As vehicles become more advanced and the need for efficient and durable lubrication solutions increases, the grease additive market is experiencing a surge in demand. This is primarily driven by the automotive sector's constant innovation and production, requiring high-performance lubricants to ensure smooth and reliable vehicle operation.
By Region: In the report, the global grease additives market is divided into five regions: Asia Pacific (China, India, Japan, South Korea, Australia and rest of Asia Pacific), Europe (Germany, Russia, France, Italy, and Rest of Europe), North America (The US, Canada, and Mexico), Middle East and Africa and South and Central America. In 2023, the Asia Pacific region led the grease additives market, propelled by growing activities in the construction, industrial and automotive sector on account of emerging economies such as China and India. During 2024-2029, the US is forecasted to maintain its lead within North America. The US is the largest and fastest growing segment of the region, due to growing utilization of grease additives in various end user industries, presence of major grease additives companies that are focused expanding their manufacturing plants to meet the rising demand for long-life lubricants and advancements in additive technology to enhance lubricant efficiency and durability in the region.
Market Dynamics:
Growth Drivers: The global grease additives market growth is predicted to be supported by numerous growth drivers such as increasing demand from aerospace & defense sectors, heightened demand from automotive industry, proliferating construction activities in developing economies, expansion of industrialization & manufacturing activities, and many other factors. The rapid expansion of air travel, both commercial and military, has led to a surge in demand for advanced grease solutions in the aerospace industry. Aircraft manufacturers and operators require grease additives that ensure smooth operation, reduce friction, and enhance fuel efficiency. Moreover, the defense sector's need for grease additives extends to applications in military vehicles, weapons systems, and naval vessels, where reliability and performance are important. The growth in these sectors is driving R&D efforts to create specialized grease formulations that meet the stringent requirements. Therefore, increasing demand from aerospace and defense sectors has significantly aided growth of the grease additives market, globally.
Challenges: However, the market growth would be negatively impacted by various challenges such as fluctuating prices of raw materials, rise in stringent government policies, etc.
Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as growth in wind turbine installations, consolidation, upsurge in adoption of nanotechnology, escalating demand for synthetic grease, etc. Furthermore, the rise in the adoption of nanotechnology in grease additives is driven by the advantages provided by nanomaterials in improving the performance of lubricating greases. Additionally, nanoparticle additives offer advantages such as low-friction coefficients, exceptional load-carrying capacities, and enhanced thermal stability. These benefits collectively contribute to improved grease performance. Therefore, increasing adoption of nanotechnology in grease additives production process for improving production efficiency, product quality, and supply chain management is expected to provide countless opportunities for the grease additives market in coming years.
Impact Analysis of COVID-19 and Way Forward:
The COVID-19 pandemic had a significant impact on the grease additives market. COVID-19 pandemic impacted all the sectors in some way or the other but the services that were most affected by the pandemic included accommodation and food services, aviation, hospitality, arts/entertainment, tourism and retail. Lockdown policies, imposed by the government to prevent the spread of virus forced various end user industries to either shut down or run low on production capacity, resulting in lower production and manufacturing activities by various end user industries and since end user industries including automotive, electronics, construction, textiles, pharmaceuticals, etc. demand grease additives that are essential to the performance and quality of the machinery. These factors hampered the profitability of various small-scale and large-scale grease additives manufacturers. There was a sudden fall in the demand of grease additives as result of reduced production activities, having negative impact on both demand and consumption of these additives, impending the growth of the global grease additives market during the period, 2019-2020. The major impact was observed in the automotive and construction industry, However, the market started growing steadily, owing to increased automotive and construction activities, since 2021. Manufacturers were permitted to operate at full capacity, which helped them overcome the demand and supply gap and other repercussions. The growing demand for automobile and industrial machinery post-COVID-19 outbreak created the demand for grease additives. Hence, the demand for grease additives increased in automobiles, construction, mining, and other industries.
Competitive Landscape:
The global grease additives market is highly competitive in nature, with major players leading the market with their innovative products and strong market presence. The key players in the global grease additives market are:
BASF SE
NewMarket Corporation (Afton Chemical Corporation)
Clariant AG
Croda International Plc
Evonik Industries AG
Berkshire Hathaway Inc. (The Lubrizol Corporation)
Lanxess AG
Arkema Group (Arkema S.A.)
International Petroleum Products & Additives Company, Inc.
R.T. Vanderbilt Holding Company, Inc.
Shamrock Technologies, Inc.
Tianhe Chemicals Group
Players operating in the global grease additives market focus on providing high-quality products to fulfill customer demand. The leading players of the market are also focusing on adopting different strategies, such as investments in research & development activities, new product launches, mergers & acquisitions, and many others. For instance, in July 2022, Afton Chemical Corporation, announced the recent completion of a US$70 million investment in its Sauget, IL Plant's Automatic Transmission Fluid (ATF) additive production facility. The investment would help support the growing needs of oil marketers and Original Equipment Manufacturers (OEMs) for next-generation developments in electric vehicle (EV) fluids, including hybrid and battery electric vehicles (HEV, BEV).
Table of Contents
- 2.1 Grease additives: An Overview
- 2.1.1 Definition of Grease Additives
- 2.1.2 Major Categories of Grease Additives
- 2.2 Grease Additives Segmentation: An Overview
- 2.2.1 Grease Additives Segmentation
- 3.1 Global Grease Additives Market: An Analysis
- 3.1.1 Global Grease Additives Market: An Overview
- 3.1.2 Global Grease Additives Market by Value
- 3.1.3 Global Grease Additives Market by Type
- 3.1.4 Global Grease Additives Market by Application
- 3.1.5 Global Grease Additives Market by Region
- 3.2 Global Grease Additives Market: Volume Analysis
- 3.2.1 Global Grease Additives Market Volume: An Overview
- 3.2.2 Global Grease Additives Market by Volume
- 3.2.3 Global Grease Additives Market Volume by Type
- 3.2.4 Global Oxidation Inhibitors Grease Additives Market by Volume
- 3.2.5 Global Corrosion Inhibitors Grease Additives Market by Volume
- 3.2.6 Global Pressure Additives Grease Additives Market by Volume
- 3.2.7 Global Antiwear Agents Grease Additives Market by Volume
- 3.2.8 Global Metal Deactivators Grease Additives Market by Volume
- 3.2.9 Global Other Grease Additives Market by Volume
- 3.3 Global Grease Additives Market: Type Analysis
- 3.3.1 Global Grease Additives Market by Type: An Overview
- 3.3.2 Global Oxidation Inhibitors Grease Additives Market by Value
- 3.3.3 Global Pressure Additives Market by Value
- 3.3.4 Global Corrosion Inhibitors Grease Additives Market by Value
- 3.3.5 Global Antiwear Agents Grease Additives Market by Value
- 3.3.6 Global Metal Deactivators Grease Additives Market by Value
- 3.3.7 Global Others Grease Additives Market by Value
- 3.4 Global Grease Additives Market: Application Analysis
- 3.4.1 Global Grease Additives Market by Application: An Overview
- 3.4.2 Global Automotive Grease Additives Market by Value
- 3.4.3 Global Steel Mill Grease Additives Market by Value
- 3.4.4 Global Construction Machinery Grease Additives Market by Value
- 3.4.5 Global Mining Grease Additives Market by Value
- 3.4.6 Global Aerospace Grease Additives Market by Value
- 3.4.7 Global Marine Grease Additives Market by Value
- 3.4.8 Global Others Grease Additives Market by Value
- 4.1 Asia Pacific Grease Additives Market: An Analysis
- 4.1.1 Asia Pacific Grease Additives Market: An Overview
- 4.1.2 Asia Pacific Grease Additives Market by Value
- 4.1.3 Asia Pacific Grease Additives Market by Region
- 4.1.4 China Grease Additives Market by Value
- 4.1.5 India Grease Additives Market by Value
- 4.1.6 Japan Grease Additives Market by Value
- 4.1.7 South Korea Grease Additives Market by Value
- 4.1.8 Australia Grease Additives Market by Value
- 4.1.9 Rest of Asia Pacific Grease Additives Market by Value
- 4.2 Europe Grease Additives Market: An Analysis
- 4.2.1 Europe Grease Additives Market: An Overview
- 4.2.2 Europe Grease Additives Market by Value
- 4.2.3 Europe Grease Additives Market by Region
- 4.2.4 Germany Grease Additives Market by Value
- 4.2.5 Russia Grease Additives Market by Value
- 4.2.6 France Grease Additives Market by Value
- 4.2.7 Italy Grease Additives Market by Value
- 4.2.8 Rest of Europe Grease Additives Market by Value
- 4.3 North America Grease Additives Market: An Analysis
- 4.3.1 North America Grease Additives Market: An Overview
- 4.3.2 North America Grease Additives Market by Value
- 4.3.3 North America Grease Additives Market by Region
- 4.3.4 The US Grease Additives Market by Value
- 4.3.5 The US Grease Additives Market by Volume
- 4.3.6 The US Grease Additives Market Volume by Type
- 4.3.7 The US Grease Additives Market Type by Volume
- 4.3.8 Canada Grease Additives Market by Value
- 4.3.9 Mexico Grease Additives Market by Value
- 4.4 Middle East and Africa Grease Additives Market: An Analysis
- 4.4.1 Middle East and Africa Grease Additives Market: An Overview
- 4.4.2 Middle East and Africa Grease Additives Market by Value
- 4.5 South & Central America Grease Additives Market: An Analysis
- 4.5.1 South & Central America Grease Additives Market: An Overview
- 4.5.2 South & Central America Grease Additives Market by Value
- 5.1 Impact of COVID-19 on Grease Additives Market
- 5.1.1 Declining Automotive Sales
- 5.2 Post COVID-19 Impact on Grease Additives Market
- 6.1 Growth Drivers
- 6.1.1 Increasing Demand from Aerospace & Defense Sectors
- 6.1.2 Heightened Demand from Automotive Industry
- 6.1.3 Proliferating Construction Activities in Developing Economies
- 6.1.4 Surging Demand for Specialty Greases
- 6.1.5 Expansion of Industrialization & Manufacturing Activities
- 6.2 Challenges
- 6.2.1 Rise in Stringent Government Policies
- 6.2.2 Limited Compatibility with Base Greases
- 6.2.3 Fluctuating Prices of Raw Materials
- 6.3 Market Trends
- 6.3.1 Growth in Wind Turbine Installations
- 6.3.2 Upsurge in Adoption of Nanotechnology
- 6.3.3 Escalating Demand for Synthetic Grease
- 7.1 Global Grease Additives Market: Recent Developments
- 8.1 BASF SE
- 8.1.1 Business Overview
- 8.1.2 Operating Segments
- 8.1.3 Business Strategy
- 8.2 NewMarket Corporation (Afton Chemical Corporation)
- 8.2.1 Business Overview
- 8.2.2 Operating Segments
- 8.2.3 Business Strategy
- 8.3 Clariant AG
- 8.3.1 Business Overview
- 8.3.2 Operating Segments
- 8.3.3 Business Strategy
- 8.4 Croda International Plc
- 8.4.1 Business Overview
- 8.4.2 Operating Segment
- 8.4.3 Business Strategy
- 8.5 Evonik Industries AG
- 8.5.1 Business Overview
- 8.5.2 Operating Segments
- 8.5.3 Business Strategy
- 8.6 Berkshire Hathaway Inc. (The Lubrizol Corporation)
- 8.6.1 Business Overview
- 8.6.2 Operating Segments
- 8.6.3 Business Strategies
- 8.7 Lanxess AG
- 8.7.1 Business Overview
- 8.7.2 Operating Segments
- 8.7.3 Business Strategy
- 8.8 Arkema Group (Arkema S.A.)
- 8.8.1 Business Overview
- 8.8.2 Operating Segments
- 8.8.3 Business Strategy
- 8.9 International Petroleum Products & Additives Company, Inc.
- 8.9.1 Business Overview
- 8.9.2 Business Strategy
- 8.10 R.T. Vanderbilt Holding Company, Inc.
- 8.10.1 Business Overview
- 8.10.2 Business Strategies
- 8.11 Shamrock Technologies, Inc.
- 8.11.1 Business Overview
- 8.12 Tianhe Chemicals Group
- 8.12.1 Business Overview
1. Executive Summary
2. Introduction
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
7. Competitive Landscape
8. Company Profiles
List of Tables
- Table 1: Global Grease Additives Market: Recent Developments & Product Offerings
List of Figures
- Figure 1: Major Categories of Grease Additives
- Figure 2: Grease Additives Segmentation
- Figure 3: Global Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 4: Global Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 5: Global Grease Additives Market by Type; 2023 (Percentage, %)
- Figure 6: Global Grease Additives Market by Application; 2023 (Percentage, %)
- Figure 7: Global Grease Additives Market by Region; 2023 (Percentage, %)
- Figure 8: Global Grease Additives Market by Volume; 2019-2023 (Thousand Tons)
- Figure 9: Global Grease Additives Market by Volume; 2024-2029 (Thousand Tons)
- Figure 10: Global Grease Additives Market Volume by Type; 2023 (Percentage, %)
- Figure 11: Global Oxidation Inhibitors Grease Additives Market by Volume, 2019-2023(Thousand Tons)
- Figure 12: Global Oxidation Inhibitors Grease Additives Market by Value, 2024-2029 (Thousand Tons)
- Figure 13: Global Corrosion Inhibitors Grease Additives Market by Volume, 2019-2023 (Thousand Tons)
- Figure 14: Global Corrosion Inhibitors Grease Additives Market by Volume, 2024-2029 (Thousand Tons)
- Figure 15: Global Pressure Grease Additives Market by Volume, 2019-2023 (Thousand Tons)
- Figure 16: Global Pressure Grease Additives Market by Volume, 2024-2029 (Thousand Tons)
- Figure 17: Global Antiwear Agents Grease Additives Market by Volume, 2019-2023 (Thousand Tons)
- Figure 18: Global Antiwear Agents Grease Additives Market by Volume, 2024-2029 (Thousand Tons)
- Figure 19: Global Metal Deactivators Grease Additives Market by Volume, 2019-2023 (Thousand Tons)
- Figure 20: Global Metal Deactivators Grease Additives Market by Volume, 2024-2029 (Thousand Tons)
- Figure 21: Global Other Grease Additives Market by Volume, 2019-2023 (Thousand Tons)
- Figure 22: Global Other Grease Additives Market by Volume, 2024-2029 (Thousand Tons)
- Figure 23: Global Oxidation Inhibitors Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 24: Global Oxidation Inhibitors Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 25: Global Pressure Additives Market by Value; 2019-2023 (US$ Million)
- Figure 26: Global Pressure Additives Market by Value; 2024-2029 (US$ Million)
- Figure 27: Global Corrosion Inhibitors Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 28: Global Corrosion Inhibitors Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 29: Global Antiwear Agents Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 30: Global Antiwear Agents Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 31: Global Metal Deactivators Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 32: Global Metal Deactivators Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 33: Global Others Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 34: Global Others Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 35: Global Automotive Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 36: Global Automotive Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 37: Global Steel Mill Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 38: Global Steel Mill Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 39: Global Construction Machinery Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 40: Global Construction Machinery Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 41: Global Mining Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 42: Global Mining Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 43: Global Aerospace Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 44: Global Aerospace Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 45: Global Marine Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 46: Global Marine Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 47: Global Others Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 48: Global Others Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 49: Asia Pacific Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 50: Asia Pacific Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 51: Asia Pacific Grease Additives Market by Region; 2023 (Percentage, %)
- Figure 52: China Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 53: China Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 54: India Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 55: India Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 56: Japan Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 57: Japan Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 58: South Korea Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 59: South Korea Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 60: Australia Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 61: Australia Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 62: Rest of Asia Pacific Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 63: Rest of Asia Pacific Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 64: Europe Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 65: Europe Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 66: Europe Grease Additives Market by Region; 2023 (Percentage, %)
- Figure 67: Germany Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 68: Germany Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 69: Russia Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 70: Russia Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 71: France Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 72: France Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 73: Italy Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 74: Italy Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 75: Rest of Europe Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 76: Rest of Europe Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 77: North America Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 78: North America Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 79: North America Grease Additives Market by Region; 2023 (Percentage, %)
- Figure 80: The US Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 81: The US Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 82: The US Grease Additives Market by Volume; 2019-2023 (Thousand Tons)
- Figure 83: The US Grease Additives Market by Volume; 2024-2029 (Thousand Tons)
- Figure 84: The US Grease Additives Market by Type; 2023 (Percentage, %)
- Figure 85: The US Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 86: The US Grease Additives Market Type by Volume; 2024-2029 (US$ Million)
- Figure 87: Canada Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 88: Canada Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 89: Mexico Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 90: Mexico Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 91: Middle East and Africa Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 92: Middle East and Africa Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 93: South & Central America Grease Additives Market by Value; 2019-2023 (US$ Million)
- Figure 94: South & Central America Grease Additives Market by Value; 2024-2029 (US$ Million)
- Figure 95: Global Light Vehicle Sales; February 2019-February 2020 (Thousand Units)
- Figure 96: Global Estimated Aircraft Deliveries; 2019-2026 (US$ Billion)
- Figure 97: Estimated Global Motor Vehicle Production; 2020-2023 (Million)
- Figure 98: Global Construction Industry Spending; 2019-2025 (US$ Trillion)
- Figure 99: Global Cumulative Installed Wind Power Capacity; 2018-2023 (Gigawatts)
- Figure 100: BASF SE Sales by Segments; 2023 (Percentage, %)
- Figure 101: NewMarket Corporation Net Sales by Segments; 2023 (Percentage, %)
- Figure 102: Clariant AG Sales by Segment; 2023 (Percentage, %)
- Figure 103: Croda International Plc Revenue by Segment; 2023 (Percentage, %)
- Figure 104: Evonik Industries AG Sales by Segment; 2023 (Percentage, %)
- Figure 105: Berkshire Hathaway, Inc. Revenue by Segment; 2023 (Percentage, %)
- Figure 106: Lanxess AG Sales by Segments; 2023 (Percentage,%)
- Figure 107: Arkema Sales by Segment; 2023 (Percentage, %)
