Grease Market size is set to grow by USD 1.27 bn from 2024-2028,growing shipbuilding business boost the market- Technavio

NEW YORK, March 23, 2024 /PRNewswire/ -- The global grease market size is estimated to grow by USD 1.27 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 3.77%  during the forecast period.  The marine industry, driven by shipbuilding, utilizes a significant portion of the global grease market. Greases, known for their extreme pressure resistance, water resistance, long-lasting properties, and corrosion protection, are essential in applications like trailer chassis and wheel bearings. From 2010, the shipbuilding sector experienced growth due to FDI, seaborne trade expansion, and multinational business growth. Key industries using greases include manufacturing, mining, and heavy-load equipment, facing competition, challenges, and process automation. Grease suppliers cater to these industries amidst fluctuating crude oil prices in the market. 

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Segment Overview 

This grease market report extensively covers market segmentation by End-user (Automotive, Construction and off-highway, Metal production, General manufacturing, Power generation and others) Source (Mineral oil, Synthetic oil, Bio-based oil) Geography (APAC, North America, Europe, Middle East and Africa, South America)

Market segmentation by End-user- The global grease market experienced significant growth in the automotive sector in 2023. Grease is essential in both commercial and passenger vehicles. In commercial vehicles, it ensures high shear stability for engine oils, enhancing engine performance and protection against wear and tear. In passenger vehicles, grease promotes fuel economy, reduces emissions, and minimizes friction and potential damage from wear and tear, ensuring optimal engine functionality.

Geography Overview

The APAC region dominated the global grease market in 2023, driven by the surge in automobile production and related components. Countries like India and China are key contributors to this growth. Major players, including ExxonMobil, are expanding their presence in APAC to capitalize on these opportunities. In March 2023, ExxonMobil announced a USD110 million investment to build a lubricant manufacturing plant in Maharashtra, India. Once operational, the plant will produce 159,000 kiloliters of lubricants annually, catering to various industries such as automotive and construction. 

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• The APAC automotive industry's growth, driven by China, Japan, and South Korea, is fueled by rising per capita income and population. Passenger and commercial vehicle sales increase, benefiting the global industry. Manufacturing sectors, including mining and heavy-load equipment, require lubrication. Grease suppliers face competition and challenges from manual operations and highly efficient technology. Crude oil prices impact the market, with mining and manufacturing industries as key consumers.
• In 2023, APAC led global rail passenger transport, with commuter rail prevalent in metropolitan areas. Manufacturing, mining, and heavy-load equipment industries rely on rail for cost-effective transportation. Maintaining old infrastructure is a challenge. High-speed rail growth is limited due to rising competition and increasing operational complexities. Grease suppliers play a crucial role in lubricating rail machinery amidst these challenges and the fluctuating crude oil market.

Insights on Market Drivers, trends, & Challenges, historic period(2018 - 2022) and forecast period(2024-2028)- Request a sample report!

Market Research Overview

In the dynamic world of Grease Market, mankind and machines collaborate to ensure seamless production and distribution of essential lubricants. Markets play a crucial role in this process, providing a platform for manufacturers and buyers to connect. The Grease Market is marked by a diverse range of products, including manufacterters, marketers, sellers, dealers, and distributors. These entities operate in a complex network, with select entities specializing in specific segments such as automotive, industrial, or food processing. The value chain involves production, testing, packaging, transportation, and ultimately, consumption. Seldom is the Grease Market a static entity; it is characterized by constant shifts in technology, demand, and supply. The digital age has brought about significant changes, with online platforms and e-commerce revolutionizing the way greases are bought and sold. Despite these advancements, the human touch remains an integral part of the Grease Market, with expertise and experience continuing to play a pivotal role in the industry.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio