PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1504297
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1504297
In terms of value, the grease market is estimated to grow from USD 6.2 billion in 2024 to USD 7.4 billion by 2029, at a CAGR of 4.2%. The rise in automation across various industries is expected to drive the demand for grease globally, as automated systems rely heavily on precise and reliable lubrication to maintain optimal performance. Automation involves the use of machinery and robotic systems to perform tasks with minimal human intervention, resulting in increased efficiency, accuracy, and productivity. These automated systems often consist of intricate mechanical components such as bearings, gears, slides, and actuators, which require effective lubrication to operate smoothly and prevent premature wear and failure.
Scope of the Report | |
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Years Considered for the Study | 2022-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million/Billion) |
Segments | Type, Grade, Processing Technique, End-use Industries, and Region |
Regions covered | Asia Pacific, North America, Europe, South America, and Middle East & Africa |
"Non-Soap Thickener are estimated to be the second-largest thickener type of grease market, in terms of value, during the forecast period."
The demand for grease with non-thickener additives is driven by the increasing emphasis on equipment performance, maintenance cost reduction, and environmental sustainability. As industries continue to seek high-performance lubrication solutions tailored to their specific needs, the importance of non-thickener additives in grease formulations is expected to grow further, cementing its status as a significant segment in the grease market.
"Synthetic oil is projected to register highest CAGR, in terms of value, during the forecast period."
Environmental concerns and regulatory pressures are driving the adoption of synthetic lubricants, which often have lower environmental impact and longer service life compared to conventional greases. While mineral oil remains the dominant segment in the grease market due to its widespread availability and lower cost, the demand for synthetic greases is expected to continue growing steadily as industries seek higher performance and efficiency in lubrication solutions.
"Construction is estimated to be the second-largest end-use industry of grease market, in terms of value, during the forecast period"
Grease formulations tailored for construction applications often exhibit properties such as water resistance, adhesion, and pumpability, ensuring optimal lubrication even in challenging conditions. As the construction industry continues to expand globally, driven by infrastructure development, urbanization, and industrialization, the demand for grease in construction applications is expected to remain robust. Therefore, construction stands as one of the key end-users contributing significantly to the demand for grease in the market..
"Middle East & Africa is projected to be the second fastest-growing region, in terms of value, during the forecast period in the grease market."
The Middle East & Africa (MEA) region emerges as the second fastest-growing market for grease, driven by a combination of factors such as industrialization, infrastructure development, and increasing demand across various end-user industries. As countries in the MEA region continue to invest in sectors like construction, mining, manufacturing, and automotive, there is a corresponding rise in the need for lubrication solutions to ensure smooth and efficient operation of machinery and equipment. Moreover, the growing emphasis on energy efficiency, equipment reliability, and maintenance cost reduction further propels the demand for high-quality grease in the region..
The key players profiled in the report include ExxonMobil Corporation (US), TotalEnergies SE (France), Shell Plc. (UK), Chevron Corporation (US), BP p.l.c. (UK) Fuchs Petrolub SE (Germany), Valvoline Inc. (US), China Petroleum & Chemical Corporation (China) among others.
Research Coverage
This report segments the market for grease based on thickener type, base oil, end-use industry, and region and provides estimations of volume (kiloton) and value (USD Million) for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, services, and key strategies associated with the market grease.
Reasons to Buy this Report
This research report is focused on various levels of analysis - industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view of the competitive landscape, emerging and high-growth segments of the grease market; high-growth regions; and market drivers, restraints, and opportunities.