Grease Market Analysis | 2024-2032

Market Insights

"The global grease market size was US$ 6.0 Billion in 2023 and is likely to grow at an impressive CAGR of 3.6% in the long run to reach US$ 8.6 Billion in 2032."

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Grease plays a pivotal role in ensuring smooth operations across various industries, from automotive to manufacturing and beyond. Its importance lies in reducing friction, preventing wear and tear, and enhancing the longevity of mechanical components. The function of grease is to remain in contact with and lubricate moving surfaces without leaking out under the force of gravity, centrifugal action or being squeezed out under pressure.

Market Dynamics

Market Drivers

The grease market is being propelled by the surge in automation across industries, coupled with the growing automotive sector's demand for lubricants. Furthermore, the increasing adoption of higher-performance greases in the wind power and electric vehicle industries is driving innovation and expansion within the grease market.

COVID-19 Impact

The COVID-19 pandemic sent shockwaves through the grease market, prompting swift adaptations to mitigate its impact. With manufacturing slowdowns and disruptions to supply chains, demand for lubricants fluctuated, challenging the industry. However, as economies reopened and operations resumed, strategic partnerships and a focus on sustainability propelled the market's recovery, showcasing resilience in navigating through turbulent times, and the pre-COVID demand was gradually restored.

Key Players

Most of the major players compete in some of the governing factors including price, service offerings, regional presence, etc. The following are the key players in the grease market:

Here is the list of the top players (Based on Dominance)

• Shell plc
• Exxon Mobil Corporation
• BP p.l.c.
• Chevron Corporation
• TotalEnergies SE
• Idemitsu Kosan Co., Ltd.
• Sinopec Group
• FUCHS SE
• Valvoline Inc
• Petronas

Note: The above list does not necessarily include all the top players in the market.

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Segments Analysis

Base Oil Trends

"The mineral segment accounted for the largest market share."

The grease market is segmented into mineral, synthetic, and bio-based. Mineral oil is expected to remain dominant whereas synthetic oil will be the fastest-growing base oil type in the market during the forecast period. Mineral oil leads due to its lower price and widespread availability. Synthetic oil on the other hand offers superior qualities.

Thickener Trends

"The metallic soap segment accounted for the largest market share."

The market is segmented into metallic soap, non-soap, and inorganic. Metallic Soap is expected to remain the dominant and fastest-growing thickener type in the market during the forecast period. The segment’s growth is primarily driven by its high operational temperature range, oxidative stability, and versatile applications. Moreover, it is predominantly used, particularly in passenger vehicles within the automotive industry.

End-Use Industry Trends

"The automotive segment accounted for the largest market share."

The market is segmented into automotive, general manufacturing, construction, metal mining, agriculture, and power. Automotive is expected to remain the key demand generator for grease during the forecast period. The dominance is linked to the significant consumption of grease in passenger vehicles. Ensuring the durability and optimal performance of vehicles necessitates regular grease application. Both commercial and passenger vehicles are driving the increasing demand for high-performance grease within this sector.

Regional Insights

"Asia-Pacific accounted for the largest market share."

Asia-Pacific is expected to remain the largest market for grease during the forecast period. The region will emerge as a key hub for the grease industry, driven by factors such as its burgeoning population, increasing industrial investments, and infrastructural advancements, particularly in China, India, and Japan.

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Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

The grease market is segmented into the following categories:

By Base Oil Type

• Mineral
• Synthetic
• Bio-based

By Thickener Type

• Metallic Soap
• Non-Soap
• Inorganic

By End-User Type

• Automotive
• General Manufacturing
• Construction
• Metal Mining
• Agriculture
• Power

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

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Research Methodology

This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s grease market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players).
• SWOT analysis of key players (up to three players).

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.