PUNE, India, November 27, 2015 /PRNewswire/ --
The report "Vacuum Grease Market by Type (Fluorocarbon-based Vacuum Grease, Hydrocarbon-based Vacuum Grease, Silicone-based Vacuum Grease), by Application (Laboratory Equipment, Food Processing, Pharmaceuticals, Aerospace/Aviation, Others), by Region - Global Forecast to 2020", published by MarketsandMarkets, The Market is expected to reach USD 229.7 Million by 2020, at a CAGR of 11.3% between 2015 and 2020.
Browse 112 market data Tables and 53 Figures spread through 151 Pages and in-depth TOC on "Vacuum Grease Market"
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Europe - The most dominant region in the vacuum grease market
The vacuum grease market in the Asia-Pacific region is the fastest-growing market across the globe, and this trend is expected to continue in the near future as well. Europe accounted for a share of 33.1% of the vacuum grease, in terms of volume, in 2014. The U.K. has contributed the maximum share in the vacuum grease market among all countries in Europe. The growth is mainly attributed to the demand for vacuum grease in the laboratory & industrial equipment industry. North American vacuum grease market is the second-largest of all regional segments. The U.S. is the biggest producer and consumer of vacuum grease in this region. It is also the biggest exporter of laboratory & industrial equipment in the world. It exports 30-35% of its products to the European markets. In Canada, the laboratory & industrial equipment market is led by the medical industry equipment.
The U.S. consumes the maximum volume of vacuum grease in the world, followed by Canada and the U.K., wherein the consumption of vacuum grease is growing at a steady pace. Demand of vacuum grease is expected to grow the fastest in the Asia-Pacific region, followed by Europe. In Asia-Pacific, the market for vacuum grease will grow with the growth in the food processing industry. The reason behind this growth is the increasing consumption of packaged and processed goods by the middle-class of the region.
Laboratory & industrial equipment segment is projected to be the biggest and the second fastest-growing application of the vacuum grease market between 2015 and 2020. The laboratory & industrial equipment application is expected to grow in Europe and North America. It is expected to rise in the fields of biotech, clinical, diagnostic, research and forensic labs. Here, vacuum grease is primary used as a sealant. It also prevents contamination of equipment and systems. It is used in the O-rings of binoculars and microscopes to prevent clouding of lenses. Food processing industry is the second-largest application segment of vacuum grease. In this industry, vacuum grease is used in vacuum pumps and other vacuum and corrosion environments. It is also used in bearings, valves, seals, and O-rings. Many of these products are kosher-halal approved. North America and Asia-Pacific are the biggest regional segments of this application. Pharmaceutical is another important application of vacuum grease. There are many vacuum applications of vacuum grease in distillation, degassing, drying, crystallization, sublimation, and filling & transfer of material. It is mostly used in North America and Europe.
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The vacuum grease industry is growing with a strong market of laboratory & industrial equipment in Europe and North America. The recent growth in the food processing industry in China and India is another driver of the market. In the near future, the development of laboratory & industrial equipment market in Asia and rise in commercial aerospace market will also lead to a growth in the market. However, vacuum grease can be used in limited applications due to their niche vacuum functions, which acts as a restraint of the market.
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