The report “Grease Market by Base Oil (Mineral, Synthetic, Bio-based), Thickener Type (Metallic Soap, Non-soap, Inorganic), And End-use Industry (Automotive, General Manufacturing, Construction, Metal, Mining, Agriculture, Power) – Global Forecast to 2027″, size is projected to reach USD 6.9 billion by 2027, at a CAGR of 3.6% from USD 5.8 billion in 2022.
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• 305 Market data Tables
• 76 Figures
• 311 Pages and in-depth TOC on “Grease Market – Global Forecast to 2027″
Some of the prominent key players are:
· Shell plc (Netherlands)
· Exxon Mobil Corporation (US)
· BP p.l.c. (U.K.)
· Chevron Corporation (US)
· TotalEnergies SE (France)
· Sinopec Group (China)
· FUCHS Petrolub SE (Germany)
· Idemitsu Kosan Co. Ltd (Japan)
· Valvoline LLC (US)
· Petronas (Malaysia)
Opportunity: Leveraging E-commerce industry to increase customer reach
E-commerce is an internet platform where manufacturers and sellers can directly sell their grease products without involving any shop, dealer, or distributor. This platform helps the manufacturers of grease to cut down the value chain and improve their margins. Several grease manufacturing companies also started to leverage this revolutionary virtual marketplace to gain a customer base using digital market techniques and online campaigns.
Synthetic oil was the second-largest base oil in the global grease market, in terms of value, in 2021
The market for the synthetic oil segment is projected to register the highest CAGR in the next five years. This is due to the increasing awareness regarding the advantages of synthetic oil. The use of synthetic oil-based grease has increased as it has high drain-out intervals. The need for high-performance base oil to produce grease products is also driving the market for the synthetic oil segment. The demand can largely be attributed to the automotive sector.
North America is estimated to be the second-largest market for grease, in terms of value, during the forecast period
The region is categorized by the high use of synthetic grease driven by consumer awareness and OEM recommendation. The OEM tie-up with the grease manufacturers governs the major share of the market. Major grease suppliers have tie-ups with automotive companies to supply customized lubricants suiting their requirements. North America is one of the developed regions globally and is very much affluent. North American countries such as US has one of the highest motorization rates in the world.
