Grease Market To Be Fueled By Rising Demand Due To Tremendous Growth In Industry till 2027 By MarketsandMarkets™
Grease is defined as a semisolid or solid combination of a petroleum product and a soap or a mixture of soaps, with or without fillers, suitable for certain types of lubrication. The global Grease Market size was USD 5,601.9 million in 2021 and is projected to reach USD 6,907.7 million by 2027 at a CAGR of 3.59%. The key factors driving the market are rise in automation in various industries, lower crude oil prices to benefit grease suppliers after COVID-19, and improved quality of grease.
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EVs are rapidly gaining a mainstream market globally. Lithium is the key element in EV batteries, which is making a parallel transition to the mainstream chemical from specialty products. Lithium is also a key ingredient in lubricating greases. However, with the introduction of new processing technologies, methods, and capacity, scarcity concerns have eased to some extent. The diversion of lithium to energy storage could still affect the pricing for lithium greases, depending on the scenario of EV adoption. Also, the automotive industry is an important consumer of lithium grease, so the grease lubrication needs of EVs could influence the future lithium demand.
The major players in operating in global grease market are Shell plc, Exxon Mobil Corporation, BP p.l.c., Chevron Corporation, TotalEnergies SE, FUCHS PETROLUB SE, Valvoline LLC, Sinopec Group, ENEOS Holdings, Inc., and Idemitsu Kosan Co., Ltd. They are focusing on expanding their geographic reach to cater to consumer demand. These companies are vital in their domestic regions and explore geographic diversification alternatives to grow their businesses. They focus on increasing their market shares through new product launches and partnerships and enhancing their product portfolios.
For instance, in July 2022, Chevron announced the launch of its Clarity Synthetic E.A. Grease 0, an anhydrous calcium-thickened lubricating grease based on biodegradable synthetic esters that meet the parameters of marine applications. Moreover, in December 2021, TotalEnergies Marketing & Services Australia announced a new partnership with Mitsubishi Motors Australia Limited to launch the latest Mitsubishi Genuine Oil Program. The partnership is based on offering advanced technology to customers. This will help the company spread its business.
The major end-use industries are automotive, construction, general manufacturing, metal production, mining, power generation, agriculture, and others. The automotive end-use industry accounted for the largest share of 41.3%, in terms of value, of the overall market in 2021. The large market share in the automotive segment is attributed to high grease consumption in passenger vehicles. Passenger and commercial vehicles are the major consumers of grease. The rising vehicle production and improving standard of living in developing countries are expected to drive grease consumption in the automotive industry.
Shell plc, Exxon Mobil Corporation, and BP p.l.c. are focusing on automotive, construction, and general manufacturing industries. Due to the growing use of lithium in EVs, the manufacturers are shifting towards polyurea type non-soap thickener greases which are highly preferred for their longer life expectancy (three to five times more than lithium grease). Unlike lithium grease, polyurea grease does not leave behind any wetter sediments. Recent studies have proposed that using preformed polyurea grease thickener (PUGT) and conventional processing techniques can solve the problem, as no hazardous amines and toxic isocyanates are produced promoting sustainability.
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