Industrial greases are used for lubrication across various industrial machines in order to reduce the tear and wear from frequent use of machinery that is produced from additives base oils, and thickeners. The use of greases enhances the performance of machines as they keep the moving surface in contact in the process of lubricating and protect the equipment. Grease increases the shelf-life of the machine components and also enhance the reliability by protecting it from corrosion and other damages. They are widely used across the automotive industry on a large scale for maintenance of the automotive component. Construction & mining, textile, cement production, metal production, power generation, chemical, and food processing are some of the major end-user of industrial greases.
Global industrial greases market is estimated to account for around US$ 1709.4 million in terms of value in the year 2019 and it predicted to grow at a CAGR of 5.5% during the forecast period (2020-2027).
Increasing demand for grease from the automotive industry in the manufacturing automobile where it is used in chassis, steering, and suspension is expected to accelerate the market growth of industrial greases. The rising need for high-performance passenger and commercial cars is further propelling demand for greases in the automotive industry. Thus, the growing demand for greases from the automotive industry for producing high-performance vehicles is expected to accelerate market growth over the forecast period.
Increasing demand for bio-based industrial greases is projected to open up new avenues to the market of industrial grease. This is attributed to the growing environmental concerns coupled with the rising need for sustainability. Increasing launch of vegetable oil-based industrial greases by the manufacturer in response to the growing demand for eco-friendly products is expected to fuel the market growth over the forecast period.
Availability of dry (powder) lubricants which are widely used across various lubricating application such as high-temperature conditions, extreme contact pressures, and reciprocating motions are expected to hinder market growth of industrial grease. Thus, the growing use of dry powder lubricants is expected to hamper the market growth over the forecast timeframe.
On the basis of thickener type, simple metal soaps segment dominated the global industrial greases market in 2019 with a 61.1% of market share in terms of value, followed by complex metal soaps.
On the basis of base oil type, the mineral oil segment dominated the global industrial greases market in 2019 with 50.9 % of market share in terms of value, followed by synthetic and semi-synthetic respectively.
Growth in the construction industry coupled with the increasing population base rate is expected to fuel the demand for industrial grease. Growing demand for grease for the heavy construction machinery in order to enhance the performance and speed up the construction activities is further anticipated to accelerate the market growth of the industrial greases over the forecast timeframe. Moreover, the rising focus of manufacturers to enhance the properties of industrial grease is also expected to augment the market growth.
Increasing focus of manufacturers to raise the production capacity of industrial grease is expected to be a major trend in the market. For instance, in April 2020, Aerospace Lubricants, which serves the specialized grease needs of military and commercial aviation, announced a plant expansion that will add 10 million pounds of grease production capacity at its Columbus, Ohio, U.S.A. location.
By Base Oil type
By Thickener Type