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Lubricating Grease Market is expected to reach US$ 4.72 billion by 2030

The lubricating grease market estimated to value US$ 4.72 billion by 2030. Study offers trends, growth and opportunity analysis

By The Insight Partners

Increasing Automotive Production and Rising Adoption of Bio-Based Grease Drive Lubricating Grease Market Growth

According to the latest market study on “Lubricating Grease Market Forecast to 2030 – Global and Regional Share, Trend, and Growth Opportunity Analysis – by Base Oil, Thickener Type, and End-Use Industry,” the market was valued at US$ 3.44 billion in 2022 and is projected to reach US$ 4.72 billion by 2030; it is estimated to register a CAGR of 4.0% from 2022 to 2030. The report highlights key factors contributing to the lubricating grease market size and prominent players, along with their developments in the market.

Lubricating greases are semi-solid to solid materials composed of base oil, thickener, and various additives designed to reduce friction and provide long-lasting lubrication in a variety of thickener types. These greases play a crucial role in machinery and equipment by preventing wear and corrosion, enhancing operational efficiency, and extending the lifespan of components subjected to continuous motion and stress. The growth of the lubricating grease market is underpinned by the constant demand for efficient lubrication solutions that contribute to the extended lifespan and optimal performance of machinery and equipment. As manufacturing, automotive, construction, and other sectors continue to evolve and advance technologically, the need for reliable lubrication becomes increasingly essential.

Lubricating Grease Market Breakdown – by Region

To get sample Copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/sample/TIPRE00013643

In 2022, the automotive industry held a significant lubricating grease market share. Lubricating grease is an essential component in the automotive sector, serving a multitude of critical applications to ensure the smooth operation and longevity of various vehicle components. The widespread use of lubricating grease in automotive bearings, chassis components, and other moving parts to reduce friction, minimize wear, and enhance overall performance is a significant contributor to the market growth. Additionally, advancements in automotive technologies, such as electric vehicles and sophisticated drivetrain systems, have fueled the demand for specialized lubricating greases. These innovations often involve components that require lubricants to withstand higher temperatures and extreme pressure and offer superior protection. Lubricating grease, formulated to meet these specific requirements, is essential for supporting the evolving needs of the automotive industry. Numerous companies operating in the automotive market are investing heavily in the automobile manufacturing sector to increase production and sales. In addition, as the global automotive sector undergoes a transformative shift toward electrification, lubricating grease is becoming crucial for ensuring the optimal functioning and longevity of various components within electric vehicles. Thus, the growing automotive industry with rising demand for electric vehicles drives the market growth. 

The lubricating grease market trends include the increasing adoption of bio-based greases. In the industrial sector, lubricating grease is one of the key components that help the equipment operate efficiently and with maximum reliability. The lubricating greases are used across various industries, including automotive, oil & gas, textile, automotive, power generation, paper & pulp, chemicals & petrochemicals, agriculture, manufacturing, food & beverages, and pharmaceuticals. Mineral and synthetic lubricants pollute the environment in small but extensive quantities. Most of these lubricants are nonaqueous liquids. They can also cause major environmental damage due to accidental spillage, improper disposal, leakages, and lost lubrication. Increasing environmental and climate-protection directives ensure robust demand for bio-based products in high-growth and specialty-product categories.

Compared to traditional mineral oil lubricating grease, synthetic and quasi-synthetic oils and bio-lubricants have gained strong traction owing to benefits such as environmental compatibility, longer product life, and high performance. Conventional mineral-based lubricants can adversely affect the operators' health and the environment. Also, several studies have proven that these lubricants may contain carcinogenic additives and impurities in their formulation, which causes dermatitis and skin cancer. Strong environmental concerns and growing regulations over environmental contamination and pollution have increased the need for renewable and biodegradable lubricating grease.

Biobased lubricating greases, being biodegradable and exhibiting lower toxicity, contribute to a reduction in environmental impact. Industries are increasingly recognizing the importance of adopting greases that provide effective lubrication and align with their sustainability goals, driving the incorporation of biobased alternatives into their operations. Public demand, industrial concern, and government agencies have also driven accelerated research and development in biobased lubricating grease. Better ways to protect the ecosystem or reduce the negative impact of spills or leakage of lubricants are required to be highlighted. Regulatory initiatives around the world are further propelling the role of biobased lubricating greases in the market.

The lubricating grease market analysis is carried out by identifying and evaluating key players in the market across different regions. Exxon Mobil Corp, Fuchs SE, Petroliam Nasional Bhd, Shell Plc, Kluber Lubrication GmbH & Co KG, TotalEnergies SE, BP Plc, Chevron Corp, Valvoline Inc, and Axel Christiernsson AB are among the key players profiled in the lubricating grease market report.

The report includes the segmentation of the lubricating grease market as follows:

The global lubricating grease market is segmented on the basis of base oil, thickener type, and end-use industry. Based on base oil, the market is segmented into mineral oil, synthetic oil (polyalkylene glycol, polyalphaolefin, and esters), and bio-based. Based on thickener type, the market is divided into lithium, lithium complex, polyurea, calcium sulfonate, anhydrous calcium, aluminum complex, and others. On the basis of end-use industry, the market is segmented into conventional vehicles, electric vehicles, building & construction, mining, marine, food, energy & power, and others. Geographically, the lubricating grease market report focuses on regions including North America (the US, Canada, and Mexico), Europe (Germany, France, the UK, Italy, Russia, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

By geography, Asia Pacific dominated the lubricating grease market share, owing to growing infrastructure development in the region. The lubricating grease market growth in Asia Pacific is attributed to the surging industrial activities across the region, ranging from manufacturing to mining, necessitating effective lubrication solutions to ensure the smooth operation and longevity of machinery and equipment. The region's automotive industry, which relies mainly on import and export revenue generation, considerably creates lucrative opportunities for lubricating grease. The rise in passenger car sales is the prime factor driving the lubricating grease market in the region. The diverse climates and geographical conditions in the region pose challenges to machinery maintenance. Lubricating greases become crucial in protecting against corrosion, rust, and extreme temperatures. Industries operating in sectors such as agriculture, where machinery is exposed to varied environmental conditions, rely on greases to ensure uninterrupted performance. In addition, the flourishing residential and commercial sectors in Asia Pacific are the prime contributors to the market. As countries in the Asia Pacific experience economic growth and increasing urbanization, there is a notable expansion in the construction and development of energy infrastructure. This includes power generation facilities, electrical grids, and various energy production equipment, all of which require adequate lubrication for optimal performance. All these factors led to the rising demand for lubricating grease in the region.

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