(MENAFN- America News Hour) A recent report published by research nester 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.
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.
The grease market is segmented by type into metallic soap thickener, non-soap thickener, inorganic thickener and others; by end-use industry into automotive, construction & off-highways, general manufacturing, steel, mining and other. The grease market is anticipated to record a CAGR of around 5.65% during the forecast period i.e. 2019-2027.
Rising Demand for Vehicles
The passenger vehicles and commercial vehicles are driving the interest for high performance grease in the automotive industry. In the automotive industry, grease is broadly utilized in different vehicle parts, such as, wheel direction, all inclusive joints, suspensions, gears, switches, and connectors due to its amazing properties, for example mechanical dependability, temperature resilience, water obstruction, and enemies of oxidants. Rising requirement for high performance grease in the expanding assembling of machines and hardware for end-use industries.
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Rising application of Metallic Soap Thickener
Metallic soap thickener is anticipated to show fastest growth during forecast period. This growth is attributed to its multifunctional properties making it reasonable for the manufacturing of cars and general manufacturing industries. Metallic soap thickener has higher capacity of maintaining excellent stability steadiness at higher temperature alongside other ideal properties such as load bearing, water opposition, shear dependability, and rust insurance.
Hike in Demand of Bio-degradable Grease
Bio-degradable grease usually have high performance and their additives are either synthetic ester or vegetable oil based. It degrades sooner compared to its mineral oil-based alternatives and do not release environmentally harmful residues after use. Moreover, their manufacturers comply with environmental regulations Automobile industry has been a major product consumer keeping the exponential growth, it has registered in past few years. Automobile industry growth will positively impact product (grease) demand in the coming years. Long component life, low friction and easily renewable raw material shall make product market more sustainable during the forecast period.
However, high cost of crude oil is projected to hinder the market growth over the forecast period. Furthermore, higher quality industrial greases are highly durable and are more effective in their functioning. Thus the users don't need to replace such kind of greases for a long time as compared to their conventional counterparts. This reduces the replacement rate of industrial greases and hence, the amount of greases consumed is less, which acts as a restraint.
Asia Pacific region is expected to be the leading market during the forecast period, followed by Europe and North America. This is mainly due to the increasing industrialization in developing countries, such as China and India, which is propelling the demand for high-quality grease. Moreover, increasing disposable income of citizens in Asia Pacific region is boosting the demand for automobiles, which is the other influential cause for market growth.
North America and Europe are projected to be the dominant regions in terms of car manufacturing, which leads to a surge in the number of commercial and passenger vehicles in these regions. Furthermore, the automobile market in Europe is progressing quickly towards the adoption of grease and lubricants. Manufacturers are entering into partnerships for the development of products in order to counter the specific needs of various industrial applications.
This report also provides the existing competitive scenario of some of the key players of grease market which includes 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.
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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.
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