Grease, a versatile lubricating substance, has emerged as a crucial component across various industries. Its widespread adoption can be attributed to its exceptional lubrication, protection, and sealing properties. The Global "Grease Market by Base Oil (Mineral, Synthetic, Bio-based), Thickener Type (Metallic Soap, Non-soap, Inorganic), And End-use Industry (Automotive, General Manufacturing, Construction, Metal, Mining, Agriculture, Power) - Global Forecast to 2027", size is projected to reach USD 6.9 billion by 2027, at a CAGR of 3.6% from USD 5.8 billion in 2022.

Browse in-depth TOC on "Grease Market"

305 – Tables
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The grease market, driven by diverse end-use industries, continues to grow at a remarkable pace.  

✔️ Automotive: The automotive sector is a key consumer of grease, utilizing it for engine components, wheel bearings, chassis, and other moving parts. Grease ensures smooth operation, reduces friction, and protects against wear and corrosion, enhancing vehicle performance and longevity.

✔️ Industrial Machinery: Grease finds extensive usage in industrial machinery, including manufacturing equipment, conveyors, bearings, gears, and hydraulics. Its application in heavy machinery and equipment contributes to the efficient functioning of critical operations, minimizing downtime and maintenance costs.

✔️ Marine: The marine industry relies on grease to lubricate ship engines, stern tubes, propellers, and various onboard equipment. Grease provides water resistance, corrosion protection, and exceptional load-carrying capacity, ensuring smooth sailing, reducing frictional losses, and extending equipment lifespan.

✔️ Aerospace: In the aerospace sector, where precision, reliability, and safety are paramount, grease plays a vital role. It is utilized in aircraft engines, landing gears, actuators, and  other critical components. Grease withstands extreme temperatures, high loads, and harsh conditions, ensuring optimal performance and reducing maintenance requirements.

✔️ Construction: Grease is widely employed in the construction industry for heavy-duty equipment, such as cranes, excavators, loaders, and bulldozers. It facilitates smooth movement, protects against contaminants, and extends equipment life, enabling efficient construction operations even in demanding environments.

✔️ Mining: The mining industry extensively relies on grease for its mining equipment and machinery. Grease helps in lubricating gears, bearings, conveyor systems, and underground  equipment, ensuring smooth operation and reducing the risk of breakdowns, thereby enhancing productivity and operational efficiency.

With such a broad range of end-use applications, the grease market is poised for continuous growth. Rising industrialization, infrastructure development, and increasing demand for efficient machinery across various sectors are propelling the demand for grease. Manufacturers continue to innovate, developing specialized greases to meet industry-specific requirements, further expanding the market's scope.

"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.

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"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.

"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.

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Market Players

The key market players profiled in the report include Shell plc (Netherlands), Exxon Mobil Corporation (US), BP p.l.c. (U.K.), Chevron Corporation (US), TotalEnergies SE (France), Sinopec Group (China), FUCHS Petrolub SE (Germany), Idemitsu Kosan Co. Ltd (Japan), Valvoline LLC (US), Petronas (Malaysia), among others.

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. In August 2020, the company and Ducati announced a three-year extension of their first oil-filled contract for all Ducati motorcycles manufactured at their plants in Bologna (Italy) and Rayong (Thailand). Also, Ducati extended its aftermarket agreement with Shell to Germany, UK, and France for Shell’s exclusive advanced Ducati engine oil, already used in the Italian and North American markets. In March 2020, Shell Indonesia announced to double the production capacity of its world class Lube Blending Plant (LOBP) in Marunda Center near Jakarta, Indonesia. After the completion, the facility produces up to three hundred million liters of finished lubricants per year on this 9-hectare site.