Grease Market Estimated to Grow 2.28 Billion USD by 2021

Currently, Asia-Pacific is the largest and fastest-growing market for the grease market. The growing automotive and the manufacturing industry in the region are expected to drive the increasing demand for grease.

Seattle, United States – October 27, 2016 /MarketersMedia/ —

The report “Grease Market by Type (Metallic Soap Thickener, Non-Soap Thickener, Inorganic Thickener, and Others), and by End-use Industry (automotive, construction & off-highways, general manufacturing, steel, mining, and other) – Global Forecasts to 2021″,

The market is estimated at USD 2.04 Billion in 2015 and is projected to reach USD 2.28 Billion by 2021, registering a CAGR of 2.0% between 2016 and 2021. The market is largely driven by the increased demand from the automotive industry. Grease is highly used in the automotive industry for wheel bearings, universal joints, suspensions, gears, and connectors.

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“Passenger vehicles and commercial vehicles of automotive industry drive the grease market”

Automotive is the largest and fastest-growing end-use industry for grease. The passenger vehicles and commercial vehicles are driving the demand for high performance grease in the automotive industry. In the automotive industry, grease is extensively used in various auto parts such as wheel bearings, universal joints, suspensions, gears, switches, and connectors because of their excellent properties such as mechanical stability, temperature tolerance, water resistance, and anti-oxidants. The need for high performance grease is rising in the increasing manufacturing of machines and equipment for end-use industries.

“Metallic soap thickener expected to witness the highest growth”

Metallic soap thickener is expected to witness the fastest-growth during the forecast period. This is because of its multifunctional properties that make it suitable to be used in automotive, construction & off-highways, general manufacturing industries. Metallic soap thickener has higher capability of maintaining excellent stability at higher temperature along with other favorable properties such as load bearing, water resistance, shear stability, and rust protection.

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“Asia-Pacific is the key market for grease”

Asia-Pacific dominated the global grease market in 2015. The demand for grease in the Asia-Pacific region is mainly driven by China, India, Japan, and Thailand. The growing automotive industry coupled with the increased demand from the construction segment drives the market for grease in the region. Moreover, the heavy investment and growing infrastructure are increasing the demand for grease in the region.

Royal Dutch Shell plc (Netherlands), Sinopec Corporation (Shina), Fuchs Petrolub SE (Germany), BP Plc (U.K.), Petronas (Malaysia), and Exxon Mobil Corporation (U.S.) are some of the major players in the global grease market profiled in this report.

This report covers the market size, by value and volume, for grease and forecasts the market size till 2021. The report includes the market segmentation based on type, end-use industry, and region. It also provides company profiles and competitive strategies adopted by the major market players in the global grease market.

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