Research Nester recently published report titled “Grease Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of grease market in terms of market segmentation by type, by end user and by region.
The market is segmented by type into metallic-soap, non-soap, inorganic, and others; by end user into automotive, construction & off-highways, general manufacturing, steel, mining, and others. Metallic-soap segment is projected to capture the largest market share owing to multifunctional properties that makes it suitable for automotive, construction & off-highways and general manufacturing industries. The grease market is anticipated to record a CAGR of around 5.65% during the forecast period i.e. 2019-2027.
Rise in Shipbuilding Business
A key factor driving the growth of the market is the growing shipbuilding business. The marine sector is one of the major end user of the global grease market. The shipbuilding business in the marine industry consumes the highest volume of grease. With the growing shipbuilding business, the inflow of global foreign direct investment (FDI), seaborne trade and business expansions of multinational companies has triggered the rapid market growth.
Rising popularity of bio-based grease
The eco-friendly products are gaining popularity across numerous industries and the grease market is no exception to it. The emergence and application of bio-based grease, which is produced from renewable feedstock including plant-based oil and sugar through ultrafiltration, fermentation, and crystallization techniques is increasing. Moreover, the use of eco-friendly grease helps in maintaining the ecological balance in the environment, as it reduces Volatile Organic Compounds (VOCs) and the toxicity of gases from nearby industries.
However, rise in crude oil prices is anticipated to be a key restraint for the growth of grease market during forecast period. Crude oil prices have been fluctuating for the past many years and are likely to be volatile during the forecast period as well. The increase in price of base oil will also affect the price of grease which can negatively affect consumption in the industry. This, in turn, may obstruct the growth of global grease market.
On the basis of regional analysis, the grease market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Asia Pacific market is anticipated to capture the largest market share in the grease market owing to increase demand from the end users and high expenditure in strategic developments such as R&D activities and expansion in the region. With rapid growth in the automotive industries, Asia Pacific region is expected to hold a significant revenue share by 2027.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of grease market which includes JX Nippon Oil, Royal Dutch Shell PLC, Chevron Corporation, Idemitsu Kosan Co., Sinopec Corporation, Total S.A., Fuchs Petrolub SE, Exxonmobil Corporation, Petroliam Nasional Berhad (Petronas), BP PLC, DOW Chemical Company and other prominent players. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the grease market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.