The grease market is expected to reach $4.5 billion by 2027 from $3.6 billion in 2021.
Chicago, July 21, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, the grease market is expected to grow at a CAGR of 3.57% during the forecast period. To increase sustainable practices, the use of sustainable grease should be increased. These greases are made from food-derived ingredients, making them environmentally friendly and petroleum-free. As a result, such lubricating greases are biodegradable and do not generate toxic waste. Grease is a product that lubricates mechanical parts and other components, reducing friction and increasing component efficiency.
Grease Market Report Scope
MARKET SIZE (2027)
MARKET SIZE (2021)
Type, Base-Oil, End-Use
North America, Europe, APAC, Latin America, Middle East & Africa
Most prominent manufacturers of grease are focusing on innovation and product diversification to enter emerging markets. The demand for high-performance grease has increased as the efficiency of the system depends on the grease being used. An increase in sustainability standards will be driving the grease market.
Regions such as North America and Europe are adopting polyurea grease for lubrication over other metallic greases due to stringent government regulations and demand for high-performance greases. In the coming year, APAC will be the major market for polyurea grease due to the high adoption rate and increase in the lifespan of grease. Countries such as China, India, and Japan will be the major markets for polyurea due to the replacement of metallic grease with organic greases.
In future, the rapid surge in demand for electric and hybrid vehicles will fuel the demand for lubricants that are compatible with these vehicles. Consequently, many lubricant manufacturers have formed partnerships with electric and hybrid vehicle manufacturers to develop new grease variants, which will optimize the performance of these vehicles.
Polyurea being organic is gaining importance due to several advantages over lithium grease. In addition, polyurea greases have a bright scope for standardization of manufacturing procedures which makes them a cost-effective alternative to lithium complex grease. In addition, polyurea is made from organic components, thus they are more environmentally friendly as compared with other metallic greases.
Growing Trends in Alternate Powertrain Vehicles
The use of various digital technologies, such as advanced computing systems, internet connectivity, smart devices and components has revolutionized the automobile industry. Emerging economies with a high population of middle-income groups will witness a considerable surge in demand for vehicles equipped with alternate powertrains. Such developments will positively impact the global grease market as alternate powertrain engines are like conventional fuel engines, and therefore, the rise in demand for these vehicles will propel the demand for grease.
Currently, metallic grease type is used in most applications. However, the rise in the stringency of environmental regulations is expected to trigger a shift toward organic grease.
Polyurea being organic, is gaining importance due to several advantages over lithium grease.
The organic grease segment is expected to grow at a CAGR of 5.66% during the forecast period
Presently, the mineral oil-based grease segment dominates the market due to its low cost, availability, and suitability for a wide range of applications.
Several end users in the market are shifting toward sustainable and eco-friendly alternatives, such as synthetic and bio-based greases
The automotive sector is a major end-user segment followed by the general manufacturing segment.
APAC is the largest geographical segment in the global grease market. Factors such as the large market size, the presence of emerging economies and well-established manufacturing infrastructure, and the surge in construction activities are expected to drive the demand for grease.
Factors such as technological advances and stringent environmental regulations have adversely affected vendors by compelling them to invest heavily in R&D initiatives to develop environment-friendly products.
Rest Of Europe
Rest Of APAC
Rest Of Latin America
Middle East & Africa
Rest Of Middle East and Africa
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