Impact Analysis of Covid-19
The complete version of the REPORT will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Industrial greases are classified as lubricant used to reduce the friction between two surfaces making it slippery and smooth. Greases reduce the risk of wear and tear of the machinery component and increase the reliability of the machine. It has an excellent water-resistant property which is beneficial for preventing any leakage due to gravity. Automotive is the largest consumer of greases where it is used in automobile production. Greases are also used across a wide range of construction industry, especially in the residential sector. Industrial greases are also efficient in blocking the contaminant, reducing noise and power consumption.
The global industrial greases market is projected to reach around US$ 2623.3 million by the end of 2027, in terms of revenue, growing at CAGR of 5.5% during the forecast period (2020-2027).
Rising demand for industrial greases from the Asia Pacific region as it is accounted for the largest consumer of grease due to the presence of a large number of industries is expected to propel the market growth. Growth in the construction and manufacturing industries across the ASEAN region is further increasing the consumption of greases. All these factors are expected to augment the market growth of industrial greases.
Rising demand for high-performance greases that can withstand high pressure and the temperature is projected to augment the market growth industrial grease. Growing demand for greases from metalworking and metallurgical industry coupled with the increasing production of heavy equipment for high-end applications is further anticipated to augment the market growth of industrial grease over the forecast period.
Figure 1. Global Industrial Greases Market Share (%) in terms of Value, By Region, in 2019
Asia Pacific region dominated the global industrial greases market in 2019, accounting for 39.2% share in terms of value, followed by North America and Europe, respectively.
Strict emission rules and regulations related to emissions of harmful gases is expected to hamper the market growth of industrial grease. This is attributed to rising government concerns and efforts in order to reduce global warming. This factor is projected to restrict the market growth of industrial grease.
Limited production of mineral oils coupled with the volatile prices of crude oil is expected to hinder the market growth of the industrial grease over the forecast period.
Rising demand for food-grade industrial grease used across food processing equipment is expected to offer numerous growth opportunities to the market of industrial grease. These food-grade greases are used across lubricant bearings, linkages, and moving joints of the equipment used in the food industry. Food grade greases are expected to offer a new opportunity to the market of industrial grease.
Growth in mechanization coupled with the increase in industrial production especially across the Asia Pacific region is expected to augment the market growth over the forecast period. Increasing utilization of grease across the manufacturing sector for enhancing the performance and reliability of machines is further expected to fuel the market growth of industrial grease.
Figure 2. Global Industrial Greases Market– Opportunity Analysis
Growth in the oil &gas industry especially in the UAE region due to increasing investment by the regional government is projected to accelerate the market growth of the industrial greases over the forecast period. For instance, in November 2018, Abu Dhabi’s Supreme Petroleum Council (SPC) has approved a five-year, $132bn investment plan proposed by Abu Dhabi National Oil Company’s (Adnoc) aimed at increasing the UAE’s oil and gas production capacity.
The growing demand for grease from the marine and boating industry is anticipated to be a major factor propelling the market growth of industrial greases. For instance, in March 2019, Zaeto launched five environmentally friendly grease and lubricant products for the marine industry. This includes marine engine treatment, marine 4 stroke engine treatment, marine grease, marine aerosol lubricant, and marine aerosol grease. Thus growing demand for grease from the marine industry is expected to propel the market growth.
Figure 3. Global Industrial Greases Market Share (%) in terms of Value, By Application, in 2019
On the basis of application in 2019, the other manufacturing segment has accounted the largest market share of 27.6% in terms of value, followed by on road vehicles and mining & metallurgy respectively
- Belray Company LLC
- Texaco Inc.
- Exxon Mobil
- Whitmore Manufacturing Co.
- Axel Christiernsson
- Klüber Lubrication München SE & Co. KG
- Dow Corning Corporation
- Sinopec Lubricant Company
- Lubriplate lubricant Co.
- Royal Dutch Shell plc
- Chemtool Incorporated
- ETS Australia
- Total SE
- Fuchs Petrolub SE
- Caltex Australia