The latest market report published by Credence Research, Inc. “Grease Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the Grease market was valued at US$ 1.9 Bn in 2018 and expected to reach US$ 2.3 Bn by 2027 at a CAGR of 2.5% throughout the forecast period from 2019 to 2027.
“Increasing demand for grease in end-use industries will spur revenue growth during the forecast period”
The increasing demand for grease in the construction industry, growing usage of high performance greases are factors propelling the demand of grease market. The grease industry is highly fragmented and organizations are coming up with new products. For instance, emergence of bio-based grease will create opportunities for the proliferation of overall grease market. Asia-Pacific lead the grease market followed by North America and Europe because of the increase request from the end use industries. The key factors that drives the grease market is the expanded interest of metallic thickener from the end users, rapid development in the automobile industry, and technological enhancements in the quality. However, factors including exchange rate fluctuations, R&D in developing self-lubricating equipment, and unavailability of raw materials are anticipated to hinder the grease market growth during the years to come.
- June 2017, Exxon Mobil expanded its production capacity of grease by setting up a new factory in Singapore. The expansion of the Jurong lubricant plant further strengthens the company’s manufacturing capabilities and its ability to meet the growing demand for grease and synthetic lubricant products in the Asia Pacific region
Key Market Movements
- In 2018, the global paper bags market was valued US$ 1.9 Bn and is projected to grow to US$ 2.3 Bn by 2027 expanding at a CAGR of 2.5%.
- Based on end-use, the market is classified into Heavy Equipment, Power Generation, Automotive & Transportation, Food & Beverage, Chemical Manufacturing, Metal Working & Metallurgy, and Others.
- Out of these automotive and transportation segment is leading the market with major contribution in the revenue share. This can be associated with rapidly increasing sales of automotive in the Asia Pacific region.
- In 2018, Asia Pacific dominated the global grease market. This can be associated with the rapidly rising end-use industries including automotive, construction, food & beverage among others.
List of Companies Covered:
- Exxon Mobil
- Dow Corning Ltd.
- Chevron Corporation
- Royal Dutch Shell PLC
- Sinopec Corporation
- Balmer Lawrie & Co. Ltd
- JX Nippon Oil & Energy Corporation
Browse the full report at https://www.credenceresearch.com/report/grease-market
The Global Grease Market is Segmented into:
|Segmentation||By Thickener Segment (2017–2027; US$ Bn)|
|By End-use Segment (2017–2027; US$ Bn)|
|By Geography Segment (2017–2027; US$ Bn)|
*Complete segmentation list is on report page