Grease Market

Report Code CH 4269
Published in Jun, 2024, By MarketsandMarkets™
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Grease Market by Base Oil (Mineral, Synthetic, Bio-based), Thickener Type (Metallic Soap, Non-soap, Inorganic), End-Use Industry (Automotive, Construction, General Manufacturing, Agriculture, Mining, Power Generation) - Global Forecast to 2029

Overview

In terms of value, the grease market is estimated to grow from USD 6.2 billion in 2024 to USD 7.4 billion by 2029, at a CAGR of 3.6%. One of the major reasons which is driving the demand for grease is the changing lifestyle globally, and increasing populatrity for new and advanced vehicles with better comfort, safety and features, especially among young generation. Also, there has been great advancements in grease market. Major payers are investing in R&D to develop more effect products. All these factors are increasing the consumption of grease in different applications.

Attractive Opportunities in the Grease Market

ASIA PACIFIC:

Industrial growth, increasing demand from automotive and construction industries are expected to drive the market for grease in Asia Pacific region.

The global market growth is attributed to growing demand for advanced vehicles.

Mergers & acquisitions would offer lucrative opportunities for market players in the next 5 years.

Asia Pacific is the fastest growing market for grease market.

Increasing demand from various applications including construction will offer lucrative opportunities for market players during the forecast period.

Global Grease Market Dynamics

DRIVER: Improved quality of grease

The global demand for grease is majorly driven by advancements in grease quality. High-quality greases extend the lifespan of machinery by reducing wear and tear, enhance performance with better temperature and load-carrying capacities, and lower maintenance costs through less frequent applications. They also improve energy efficiency by reducing friction and comply with environmental regulations with eco-friendly formulations. These greases reliably operate under harsh conditions, meeting the specialized needs of sectors like automotive, aerospace, and industrial manufacturing. As industries recognize the long-term cost benefits and operational efficiencies of using superior lubricants, the shift towards high-quality greases continues to propel market growth.

RESTRAINTS: Stringent environmental regulations

Implementing strict environmental regulations to restrict the demand for grease globally involves a multifaceted approach. This includes setting stringent emission and waste disposal standards for grease manufacturers, promoting the use of renewable resources, and mandating energy-efficient production processes. Product standards such as eco-labeling and biodegradability requirements can encourage the development of greener alternatives. Additionally, promoting research and development of sustainable substitutes, along with providing financial incentives for their use, is crucial. Usage restrictions, proper maintenance, and disposal guidelines will minimize environmental contamination. Raising consumer awareness through public campaigns and training programs can drive the adoption of eco-friendly practices. International cooperation to align regulations and enforce compliance is essential for creating a level playing field and ensuring effective implementation. These measures collectively aim to reduce the environmental footprint of grease, fostering a transition to sustainable alternatives on a global scale.

OPPORTUNITIES: Rising trend of polyurea grease over lithium grease

The rising trend of polyurea grease over lithium grease is creating significant new opportunities in the market. Polyurea grease, known for its superior thermal stability, oxidation resistance, and longer service life, is increasingly preferred in various industries, including automotive, manufacturing, and heavy machinery. Its ability to perform well under high temperatures and in harsh environments makes it an attractive alternative to traditional lithium grease, which often falls short in these demanding conditions. This shift is driving innovation and investment in the development and production of polyurea-based lubricants. As industries seek more durable and efficient solutions, the market for polyurea grease is poised for substantial growth which offers a chance to the manufacturers to capitalize on the demand for high-performance lubricants that meet stringent environmental and operational standards.

CHALLENGES: Bleeding of base oil from grease

The bleeding of base oil from grease is a significant challenge in lubrication applications, posing risks to both equipment performance and maintenance efficiency. When high temperatures, mechanical loads, or extended storage cause the base oil to separate from the thickening matrix, this process takes place. This causes the grease to lose its lubricating qualities, which increases wear and friction and may even cause equipment failure. Additionally, oil bleeding can cause contamination of surrounding components and environments, complicating maintenance and increasing downtime. Addressing this issue requires advancements in grease formulation to enhance the stability and retention of the base oil, ensuring consistent performance under various conditions. Innovations in additives, thickeners, and manufacturing processes are crucial to developing greases that can effectively minimize oil bleeding, thereby improving reliability and longevity in critical applications.

Global Grease Market Ecosystem Analysis

Prominent companies in this market include well-established, financially stable manufacturers of grease. These companies have been in business for a while and have a broad range of products, cutting-edge technologies, and robust international sales and marketing networks. Prominent companies in this market include ExxonMobil Corporation (US), TotalEnergies SE (France), Shell Plc. (UK), Chevron Corporation (US), BP p.l.c. (UK) Fuchs Petrolub SE (Germany), Valvoline Inc. (US), China Petroleum & Chemical Corporation (China) among others.

Based on thickener type, metallic soap thickener was the largest segment of the grease market in terms of value, in 2023.

The high demand for metallic soap thickeners in the grease market underscores their critical role in enhancing grease performance across various applications. Metallic soap thickeners, such as lithium, calcium, and aluminum soaps, are prized for their excellent thickening efficiency, mechanical stability, and water resistance. These thickeners improve the consistency and structural integrity of greases, enabling them to withstand extreme pressures and temperatures. Industries such as automotive, industrial machinery, and marine rely heavily on metallic soap-thickened greases to ensure reliable lubrication and protection of moving parts. The ongoing push for higher performance standards and the increasing complexity of machinery continue to drive the demand for these versatile thickeners. As a result, manufacturers are investing in advanced formulations and production techniques to meet the growing needs of a diverse and expanding market.

Based on base oil, mineral oil was the largest segment of grease market, in terms of value, in 2023.

Mineral oil remains the largest segment in the grease market, driven by its widespread availability, cost-effectiveness, and versatile performance characteristics. Derived from refining crude oil, mineral oil is a key component in many grease formulations due to its excellent lubricating properties and compatibility with a variety of thickening agents. Industries ranging from automotive to industrial machinery heavily rely on mineral oil-based greases for their ability to reduce friction, protect against wear, and perform reliably under a broad range of operating conditions.Based on end-use industry, automotive was the largest segment of grease market, in terms of value, in 2023.The automotive sector is the largest end-use market for grease, reflecting its critical role in ensuring the optimal performance and longevity of vehicles. Grease is essential for lubricating various automotive components, including wheel bearings, chassis, and universal joints, where it reduces friction, prevents wear, and protects against contaminants and corrosion. The demand for automotive grease is driven by the ever-increasing global vehicle production and the need for regular maintenance in both passenger and commercial vehicles.

ASIA PACIFIC Region Holds the Largest Share of the Grease Market.

Asia is the largest market for grease, driven by its booming industrial and automotive sectors, rapid urbanization, and increasing infrastructure development. Countries like China, India, and Japan are significant contributors to this demand due to their expansive manufacturing bases and high vehicle production rates. Asia Pacific’s robust economic growth fuels the need for efficient machinery maintenance and automotive upkeep, further amplifying the demand for various grease products. Additionally, Asia's growing middle class and rising disposable incomes have led to increased vehicle ownership, driving the automotive grease market. Also, the presence of numerous manufacturing hubs and the continuous expansion of industries such as construction, mining, and transportation fuel the market demand.

Recent Developments of Grease Market industry

  • In February 2024, ExxonMobil announced the expansion of its Mobil Serv? program, a strategic move aimed at enhancing its service offerings and strengthening its market presence. This expansion includes a broader range of solutions designed to improve the efficiency and reliability of industrial operations. Mobil Serv? now provides advanced lubrication analysis, monitoring, and maintenance services tailored to meet the specific needs of various industries such as manufacturing, energy, and transportation. In January 2019, Total Energies made a significant stride in the lubricants market with the launch of its long-life perfluoropolyether (PFPE) product line. PFPE lubricants are renowned for their exceptional thermal stability, chemical resistance, and longevity, making them ideal for demanding industrial applications in sectors such as aerospace, electronics, and semiconductor manufacturing.
  • In March 2024, TotalEnergies Holdings USA acquired Talos Low Carbon Solutions LLC from Talos Energy. With this acquisition the company plans to to expand its presence in the low-carbon solutions sector, particularly in carbon capture and sequestration (CCS) projects along the Gulf Coast.

Key Market Players

KEY PLAYERS IN THE Grease Market INCLUDE

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Scope of the Report

Report Attribute Details
Years considered for the study 2018–2029
Base year considered 2023
Forecast period 2024–2029
Units considered Volume (Kiloton) and Value (USD Million)
Segments Covered Thickener Type, Base Oil, End-use Industry, and Region
Regions covered Asia Pacific, North America, Europe, Middle East & Africa, and South America
Companies profiled The key players profiled in the report include ExxonMobil Corporation (US), TotalEnergies SE (France), Shell Plc. (UK), Chevron Corporation (US), BP p.l.c. (UK) Fuchs Petrolub SE (Germany), Valvoline Inc. (US), China Petroleum & Chemical Corporation (China) among others.

 

Key Questions Addressed by the Report

Which are the major players in the grease market?
The key players profiled in the report include ExxonMobil Corporation (US), TotalEnergies SE (France), Shell Plc. (UK), Chevron Corporation (US), BP p.l.c. (UK) Fuchs Petrolub SE (Germany), Valvoline Inc. (US), China Petroleum & Chemical Corporation (China) among others.
What are the drivers and opportunities for the grease market?
Increasing demand for new and advanced vehicles and improved quality of grease are some major drives and opportunities of the market.
What are the various strategies key players are focusing within grease market?
New product launches, expansion and partnerships are some of the strategies adopted by key players to expand their global presence.
What is the CAGR of the grease Market?
The market is projected to grow at a CAGR of 3.6% in terms of value, during the forecast period.
What are the major factors restraining grease market growth during the forecast period?
Production of EVs and Hybrid vehicles is expected to restrict the market demand. 

 

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Table of Contents

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TITLE
PAGE NO
Table of Content
 
1 Introduction 
    1.1 Objective of the study 
    1.2 Market definition 
    1.3 Market Scope 
           1.3.1 Years considered for the study
           1.3.2 Regions covered
    1.4 Currency 
    1.5 Unit Considered 
    1.6 Stakeholders 
    1.7 Summary of changes 
           1.7.1 Impact of Recession
 
2 Research Methodology 
    2.1 Research Data 
           2.1.1 Secondary Data
                    2.1.1.1 Key data from secondary sources
           2.1.2 Primary Data
                    2.1.2.1 Key data from primary sources
                    2.1.2.2 Breakdown of Primary Interviews
    2.2 Market Size Estimation 
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Data Triangulation 
    2.4 Growth Rate Assumption/ Growth Forecast 
           2.4.1 Supply Side
           2.4.2 Demand Side
    2.5 Factor Analysis 
    2.6 Assumptions 
    2.7 Limitations 
    2.8 Risk Assessment 
    2.9 Impact of Recession 
 
3 Executive Summary 
 
4 Premium Insights 
    4.1 Opportunities in Grease Market 
    4.2 Grease Market, By Thickener Type 
    4.3 Grease Market, By Base Oil 
    4.4 Grease Market, By End-use Industry 
    4.5 Grease Market, By Region 
 
5 Market Overview 
    5.1 Introduction 
    5.2 Market Dynamics 
           5.2.1 Drivers
           5.2.2 Restraints 
           5.2.3 Opportunities
           5.2.4 Challenges
    5.3 Porter’s Five Forces Analysis 
           5.3.1 Threat of New Entrants
           5.3.2 Threat of Substitutes
           5.3.3 Bargaining Power of Buyers
           5.3.4 Bargaining Power of Suppliers
           5.3.5 Intensity of Competitive Rivalry
    5.4 Macroeconomic Indicators 
 
6 Industry Trends 
    6.1 Key Stakeholders and Buying Criteria 
           6.1.1 Key Stakeholders in Buying Process
           6.1.2 Buying Criteria
    6.2 Supply Chain Analysis 
           6.2.1 Raw Material
           6.2.2 Manufacturing Process
           6.2.3 Distribution
           6.2.4 End-User
    6.3 Ecosystem Analysis / Market Map 
    6.4 Case Studies 
    6.5 Regulatory Landscape 
           6.5.1 Regulatory Bodies, Government Agencies & Other Organizations
    6.6 Technology Analysis 
           6.6.1 Key Technologies
           6.6.2 Complementary Technologies
    6.7 Trends Disruptions Impacting Customer’s Business 
    6.8 Trade Analysis 
           6.8.1 Import Data
           6.8.2 Export Data
    6.9 Key Conferences & Events In 2024-2025 
    6.10 Pricing Analysis 
           6.10.1 Average Selling Price Trend, By Region
           6.10.2 Average Selling Price Trend of Key Players, by End-use industry
    6.11 Investment and Funding Scenario 
    6.12 Patent Analysis 
           6.12.1 Approach
           6.12.2 Document Type
           6.12.3 Legal Status of the Patents
           6.12.4 Jurisdiction Analysis
           6.12.5 Top Applicants
 
7 Grease Market, By Thickener Type 
    7.1 Introduction 
    7.2 Metallic Soap Thickener 
    7.3 Non-soap Thickener 
    7.4 Inorganic Thickener 
 
8 Grease Market, By Base Oil 
    8.1 Introduction 
    8.2 Mineral Oil 
    8.3 Synthetic Oil 
    8.4 Bio-based Oil 
 
9 Grease Market, By End-use Industry 
    9.1 Introduction 
           9.1.1 Automotive
           9.1.2 Construction
           9.1.3 Mining 
           9.1.4 General Manufacturing
           9.1.5 Metal Production
           9.1.6 Power Generation
           9.1.7 Agriculture 
           9.1.8 Others
 
10 Grease Market, By Region 
     10.1 Introduction 
     10.2 Asia Pacific 
             10.2.1 Impact of Recession
             10.2.2 Asia Pacific Grease Market, By Thickener Type
             10.2.3 Asia Pacific Grease Market, By Base Oil
             10.2.4 Asia Pacific Grease Market, By End-use Industry
             10.2.5 Asia Pacific Grease Market, By Country
                        10.2.5.1 China
                        10.2.5.2 Japan
                        10.2.5.3 India
                        10.2.5.4 Australia
                        10.2.5.5 South Korea
                        10.2.5.6 Thailand
                        10.2.5.7 Rest of Asia Pacific
     10.3 North America 
             10.3.1 Impact of Recession
             10.3.2 North America Grease Market, By Thickener Type
             10.3.3 North America Grease Market, By Base Oil
             10.3.4 North America Grease Market, By End-use Industry
             10.3.5 North America Grease Market, By Country
                        10.3.5.1 US
                        10.3.5.2 Mexico
                        10.3.5.3 Canada
     10.4 Europe  
             10.4.1 Impact of Recession
             10.4.2 Europe Grease Market, By Thickener Type
             10.4.3 Europe Grease Market, By Base Oil
             10.4.4 Europe Grease Market, By End-use Industry
             10.4.5 Europe Grease Market, By Country
                        10.4.5.1 Germany
                        10.4.5.2 UK
                        10.4.5.3 France
                        10.4.5.4 Russia
                        10.4.5.5 Italy
                        10.4.5.6 Rest of Europe
     10.5 South America 
             10.5.1 Impact of Recession
             10.5.2 South America Grease Market, By Thickener Type
             10.5.3 South America Grease Market, By Base Oil
             10.5.4 South America Grease Market, By End-use Industry
                        10.5.4.1 Brazil
                        10.5.4.2 Argentina
                        10.5.4.3 Rest of South America
 
     10.6 Middle East & Africa 
             10.6.1 Impact of Recession
             10.6.2 Middle East & Africa Grease Market, By Thickener Type
             10.6.3 Middle East & Africa Grease Market, By Base Oil
             10.6.4 Middle East & Africa Grease Market, By End-use Industry
                        10.6.4.1 Iran
                        10.6.4.2 Saudi Arabia
                        10.6.4.3 Turkey
                        10.6.4.4 South Africa
                        10.6.4.5 Egypt
                        10.6.4.6 Rest of Middle East & Africa
 
11 Competitive Landscape 
     11.1 Introduction 
     11.2 Key Players' Strategies 
     11.3 Market Share Analysis 
             11.3.1 Ranking of Key Market Players, 2023
     11.4 Revenue Analysis (2017-2023) 
     11.5 Company Valuation and Financial Metrics 
     11.6 Brand/Product Comparison 
     11.7 Company Evaluation Matrix: Key Players, 2023 
             11.7.1 Stars
             11.7.2 Emerging Leaders 
             11.7.3 Pervasive Players
             11.7.4 Participants
             11.7.5 Company Footprint: Key Players, 2023
                        11.7.5.1 Company Footprint
                        11.7.5.2 Region Footprint
                        11.7.5.3 Type Footprint
                        11.7.5.4 Product Type Footprint
                        11.7.5.5 End-Use Industry Footprint
     11.8 Company Evaluation Matrix: Startups/SMEs, 2023  
             11.8.1 Progressive Companies
             11.8.2 Responsive Companies
             11.8.3 Dynamic Companies
             11.8.4 Starting Blocks
             11.8.5 Competitive Benchmarking: Startups/SMEs, 2023
                        11.8.5.1 Detailed List of Key Start-ups/SMEs
                        11.8.5.2 Competitive Benchmarking of Key Start-ups/SMEs 
     11.9 Competitive Situation & Trends 
             11.9.1 New Product Launches
             11.9.2 Contracts & Agreements
             11.9.3 Partnerships & Collaborations
             11.9.4 Joint Ventures
             11.9.5 Expansions
 
12 Company Profile 
     12.1 Key Players 
             12.1.1 ExxonMobil Corporation
                        12.1.1.1 Business Overview
                        12.1.1.2 Products Offered
                        12.1.1.3 Recent Development
                        12.1.1.4 MnM View
             12.1.2 Shell Plc
             12.1.3 TotalEnergies SE
             12.1.4 BP plc
             12.1.5 FUCHS Petrolub SE
             12.1.6 Valvoline
             12.1.7 Sinopec Group
             12.1.8 Eneos Holdings
             12.1.9 Petronas
             12.1.10 Idemitsu Kosan Co. Ltd.
     12.2 Startups/SMEs Players 
 
13 Adjacent & Related Market 
 
14 Appendix 
     14.1 Discussion Guide 
     14.2 Related Reports 

The study involved four major activities in estimating the market size for grease market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.

Secondary Research

Secondary sources used in this study included annual reports, press releases, and investor presentations of companies; white papers; certified publications; articles from recognized authors; and gold standard & silver standard websites such as Factiva, ICIS, Bloomberg, and others. The findings of this study were verified through primary research by conducting extensive interviews with key officials such as CEOs, VPs, directors, and other executives. The breakdown of profiles of the primary interviewees is illustrated in the figure below:

Primary Research

The grease market comprises several stakeholders, such as raw material suppliers, end-product manufacturers, and regulatory organizations in the supply chain. The demand side of this market is characterized by end-use industries such as construction, automotive, mining and others. The supply side is characterized by advancements in technology and diverse application industries. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.

Breakdown of Primary Participants

Grease Market Size, and Share

Note: Tier 1, Tier 2, and Tier 3 companies are classified based on their market revenue in 2023, available in the public domain, product portfolios, and geographical presence.

Other designations include consultants and sales, marketing, and procurement managers.

To know about the assumptions considered for the study, download the pdf brochure

COMPANY NAME

DESIGNATION

ExxonMobil Corporation

Senior Manager

Shell plc.

Innovation Manager

BP p.l.c.

Vice-President

TotalEnergies SE

Production Supervisor

Chevron Corporation

Sales Manager

Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the grease market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

  • The key players in the industry have been identified through extensive secondary research.
  • The supply chain of the industry has been determined through primary and secondary research.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
  • All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.

Grease Market: Bottom-Up Approach

Grease Market Size, and Share

To know about the assumptions considered for the study, Request for Free Sample Report

Grease Market: Top-Down Approach

Grease Market Size, and Share

Data Triangulation

After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the grease industry.

Market Definition

Grease is a semi-solid lubricant consisting of a base oil, thickener, and various additives formulated to provide superior lubrication and protection for moving parts and equipment. Unlike liquid lubricants such as oils, grease remains in place and adheres to surfaces, forming a protective layer that reduces friction, minimizes wear, and prevents corrosion. The base oil, which can be mineral, synthetic, or vegetable-based, serves as the primary lubricating agent, while the thickener, typically metallic soap or complex soap, provides the grease with its semi-solid consistency and structural stability. Additives such as antioxidants, anti-wear agents, and corrosion inhibitors are incorporated to enhance the grease's performance under specific operating conditions. Grease is commonly used in automotive, industrial, marine, and aerospace applications where reliable lubrication is essential for equipment performance, longevity, and efficiency.

Key Stakeholders

  • Grease manufacturers
  • Grease suppliers
  • Raw material suppliers
  • Service providers
  • Application sector companies
  • Government bodies

Report Objectives

  • To define, describe, and forecast the grease market in terms of value and volume
  • To provide detailed information regarding the drivers, opportunities, restraints, and challenges influencing market growth
  • To estimate and forecast the market size by thickener type, base oil, end-use industry, and region
  • To forecast the size of the market for five main regions: Asia Pacific, Europe, North America, South America, and the Middle East & Africa, along with their key countries
  • To strategically analyze micromarkets1 with respect to their growth trends, prospects, and contribution to the overall market
  • To analyze opportunities in the market for stakeholders and provide a competitive landscape for market leaders
  • To analyze competitive developments, such as deals and expansions, in the market
  • To analyze the impact of the recession on the market
  • To analyze the impact of COVID-19 on the market and end-use industries
  • To strategically profile key players and comprehensively analyze their growth strategies

Available Customizations

Along with the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:

Regional Analysis

  • Further breakdown of a region with respect to a particular country or additional application type

Company Information

  • Detailed analysis and profiles of additional market players (up to five)

Previous Versions of this Report

Grease Market by Base Oil (Mineral, Synthetic, Bio-Based), Thickener Type (Metallic Soap, Non-Soap, Inorganic), End-Use Industry (Automotive, Construction, General Manufacturing, Metal, Mining, Food & Beverage, Power) - Global Forecast to 2025

Report Code CH 4269
Published in Nov, 2022, By MarketsandMarkets™

Grease Market by Base Oil (Mineral, Synthetic, Bio-Based), Thickener Type (Metallic Soap, Non-Soap, Inorganic), End-Use Industry (Automotive, Construction, General Manufacturing, Metal, Mining, Food & Beverage, Power) - Global Forecast to 2025

Report Code CH 4269
Published in Sep, 2020, By MarketsandMarkets™

Grease Market by Base Oil (Mineral, Synthetic, Bio-Based), Thickener Type (Metallic Soap, Non-Soap, Inorganic), End-Use Industry (Automotive, Construction, General Manufacturing, Metal, Mining, Food & Beverage, Power) - Global Forecast to 2025

Report Code CH 4269
Published in May, 2016, By MarketsandMarkets™
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