The lubricating grease market size was valued at US$ 3.44 billion in 2022 and is expected to reach US$ 4.72 billion by 2030; it is estimated to register a CAGR of 4.0% from 2022 to 2030.
Market Insights and Analyst View:
Lubricating grease is a semi-fluid or solid lubricant composed of a base oil, thickener, and additives. The base oil provides lubrication, the thickener gives the grease its consistency, and additives enhance its performance. Grease reduces friction, protects against wear, and provides sealing in various applications such as automotive, industrial machinery, and bearings. Its ability to adhere to surfaces makes it effective in situations where oil alone might not stay in place. Choosing the right grease depends on factors such as temperature, load, and operating conditions. This lubricant finds widespread application across industries, including automotive, manufacturing, and machinery. Its semi-solid nature allows it to adhere to surfaces, making it effective when liquid lubricants are not practical. Grease is particularly favored in applications involving bearings, gears, and other components exposed to challenging conditions. The appropriate grease selection depends on factors such as operating temperature, load, and the specific requirements of the equipment or machinery involved. All these factors are positively favoring the lubricating grease market
Growth Drivers and Challenges:
Lubricating grease is one of the key components used in the industrial sector, which helps the equipment to run efficiently and offer maximum reliability. It is used in various industries, such as automotive, oil & gas, textile, glass, power generation, paper & pulp, chemicals, petrochemicals, agriculture, marine, industrial manufacturing, food & beverages, and pharmaceuticals. As developing economies undergo significant transformation, with burgeoning manufacturing, construction, and industrial sectors, the reliance on lubrication solutions becomes paramount. In the wake of this rapid industrialization, lubricating grease is experiencing heightened demand to ensure the optimal performance and longevity of industrial equipment. Lubricating greases cater to the seamless operation of manufacturing machinery and sustain industrial production momentum. In parallel, the construction industry, a cornerstone of industrialization, significantly influences the demand for lubricating grease. India is one of the most significant construction markets globally. The growth in construction activities in India is fueled by continuous industrialization, burgeoning population, increasing middle-class income, and infrastructure development. Thus, all these factors are driving the lubricating grease market growth.
However, government regulations and standards play a pivotal role in shaping the landscape of the lubricating grease market. According to the International Journal of Innovative Science, Engineering & Technology, it is estimated that, at present, ~50% of all lubricants sold worldwide end up in the environment via total loss applications, volatility, spills, or accidents. The increasing focus on environmental sustainability and safety has led to the implementation of stringent policies that aim to regulate the composition, production processes, and usage of lubricating greases. This has posed significant implications for manufacturers as they are required to navigate a complex regulatory environment to ensure compliance. Governments worldwide are imposing stricter standards on lubricating grease composition to reduce environmental impact. Requirements for biodegradability, reduced toxicity, and limitations on certain additives contribute to the need for continuous reformulation and adoption by manufacturers. These factors could limit the lubricating grease market growth.
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Lubricating Grease Market: Strategic Insights
Market Size Value in US$ 3.44 billion in 2022 Market Size Value by US$ 4.72 billion by 2030 Growth rate CAGR of 4.0% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Lubricating Grease Market: Strategic Insights
| Market Size Value in | US$ 3.44 billion in 2022 |
| Market Size Value by | US$ 4.72 billion by 2030 |
| Growth rate | CAGR of 4.0% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Report Segmentation and Scope:
The "Global Lubricating Grease Market Analysis to 2030" is a specialized and in-depth study with a major focus on market trends and growth opportunities across the globe. The report aims to provide an overview of the market with detailed market segmentation in terms of base oil, thickener type, and end-use industry. The market has witnessed high growth in the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of lubricating grease globally. In addition, the global lubricating grease market report provides a qualitative assessment of various factors affecting the market performance globally. The report also includes a comprehensive analysis of the leading players in the market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.
The lubricating grease market forecast is estimated on the basis of various secondary and primary research findings, such as key company publications, association data, and databases. Further, the ecosystem analysis and Porter's five forces analysis provide a 360-degree view of the market, which helps understand the entire supply chain and various factors affecting the market performance.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Segmental Analysis:
By base oil, the market is segmented into mineral oil, synthetic oil (polyalkylene glycol, polyalphaolefin, and esters), and bio-based. In terms of thickener type, the market is segmented into lithium, lithium complex, polyurea, calcium sulfonate, anhydrous calcium, aluminum complex, and others. In terms of end-use industry, the market is divided into conventional vehicles, electric vehicles, building & construction, mining, marine, food, energy & power, and others. The conventional vehicles segment registered a significant lubricating grease market share in 2022. Automotive grease is used in conventional vehicles to enhance engine performance. Flourishing automotive industries in developing economies and ongoing R&D for advanced grease products benefit the lubricating grease market for automotive applications. Grease plays a crucial role in the automotive industry. They help reduce friction, transfer heat, prevent corrosion, and protect against wear. Advancements in grease have resulted in compositions that support longer service intervals, increased machine longevity, higher fuel efficiency, and reduced pollutant levels. The grease used in conventional vehicles for the lubrication of bearings, joints, or gears is composed mainly of synthetic or mineral oil. All these factors are driving the lubricating grease market for the conventional vehicles segment.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Regional Analysis:
The market scope focuses on five key regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In terms of revenue, Asia Pacific dominated the lubricating grease market share, which accounted for ~US$ 2 billion in 2022. As end-use industries such as automotive, manufacturing, building & construction and energy & power, continue to grow and adopt advanced technologies, there is a heightened need for efficient and reliable lubrication solutions to ensure optimal performance and longevity of machinery and equipment. The automotive sector in the Asia Pacific region plays a pivotal role in driving lubricating grease market trends, with a rising demand for specialty greases tailored to meet the unique requirements of modern vehicles. This includes grease formulated for electric vehicles, which are gaining popularity amid the global push towards sustainable transportation. In addition, greases are used in aerospace applications for the lubrication of aircraft bearings, engine accessories, slides, and joints to protect them from corrosion and extreme conditions. Governments of countries in Asia Pacific have significantly invested in technology and research programs in the aerospace sector. All these factors are driving the market in Asia Pacific.
Europe is expected to register a CAGR of over 4% from 2022 to 2030. The lubricating grease market in Europe is majorly driven by a combination of technological advancements, stringent regulatory standards, and the region's robust industrial infrastructure. Additionally, Europe's construction sector has consistently expanded, fueled by a rising population. Also, rapid shifts in the remodeling business trends, such as remodeling for accessibility, style mashing-up, customizations, and technological integrations, are likely to support the business expansion. Further, the market in North America is estimated to reach ~US$ 900 million by 2030. The region holds extensive growth opportunities for lubricating grease manufacturers owing to the increasing demand for grease from end-use industries such as construction, automotive, aerospace, and mining. The construction industry is flourishing in North America due to government investments in residential construction projects and increasing renovation activities. Lubricating grease also enhances the performance of machines and components used in the construction industry. A rise in the number of wind turbine installations owing to the increased demand for renewable energy is expected to create lucrative opportunities for lubricating grease market players. According to the Office of Energy Efficiency & Renewable Energy, the US wind industry installed 13,413 megawatts (MW) of new wind capacity in 2021. Greases are used to protect critical components such as the main shaft, yaw, pitch, and generator bearing from extreme weather conditions and other contaminants in the wind power industry.
Industry Developments and Future Opportunities:
A few initiatives taken by the key players operating in the lubricating grease market are listed below:
- In March 2023, ExxonMobil announced the investment of nearly US$ 110 million (INR 900 crore) to build a lubricant manufacturing plant at the Maharashtra Industrial Development Corporation's Isambe Industrial Area in Raigad.
- In March 2021, The FUCHS Group invested US$ 26 million (EUR 25 million) in its Kaiserslautern site and officially inaugurated a production facility.
- In December 2022, Pennzoil-Quaker State Company d/b/a SOPUS Products, a wholly owned subsidiary of Shell USA, Inc. that comprises Shell's US lubricants business, acquired TFH Reliability Group, LLC, the parent company of Allied Reliability Inc.
Competitive Landscape and Key Companies:
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 global market players focus on providing high-quality products to fulfill customer demand.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Base Oil, Thickener Type, and End-Use Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Lubricating grease is one of the key components used in the industrial sector, which helps the equipment to run efficiently and offer maximum reliability. It is used in various industries, such as automotive, oil & gas, textile, glass, power generation, paper & pulp, chemicals, petrochemicals, agriculture, marine, industrial manufacturing, food & beverages, and pharmaceuticals. As developing economies undergo significant transformation, with burgeoning manufacturing, construction, and industrial sectors, the reliance on lubrication solutions becomes paramount. In the wake of this rapid industrialization, lubricating grease is experiencing heightened demand to ensure the optimal performance and longevity of industrial equipment. All these factors drive the lubricating grease market growth.
The electric vehicles segment is expected to register the highest CAGR in the lubricating grease market from 2022 to 2030. Grease used in electric vehicles consists of properties such as anti-wear performance, friction reduction, efficiency, electrical compatibility, and insulation. Polyurea thickener-based grease plays an important role in electric vehicles. Polyurea greases are always used for e-motor bearings, tapered roller bearings, ball bearings, and needle roller bearings. Grease is used to lubricate bearings in the motor and drivetrain, as well as wheel bearings. Electric vehicle greases are utilized to meet requirements of high-speed operations, high torque, noise reduction, resistivity, or static electricity dissipation. Further, the burgeoning popularity of electric vehicles to reduce greenhouse gas emissions encourages grease manufacturers to innovate environmentally friendly products. All these factors are expected to drive the electric vehicles segment growth from 2022 to 2030.
The mineral oil segment held the largest share in the global lubricating grease market in 2022. Mineral oil is used as a fluid component for the production of greases. These mineral oil-based greases offer excellent performance in most industrial applications. The mineral oil-based grease has excellent thermal stability and can be operated at various temperature ranges. This stability makes the grease suitable for use within the industrial and automotive industries. These factors led to the dominance of the mineral oil segment in 2022.
The lithium segment held the largest share of the global lubricating grease market in 2022. In conventional and electric vehicles, it is used as a lubricant in wheel bearing and chassis applications. It offers excellent water resistance and high-temperature resistance. It is highly utilized as a replacement for traditional sodium and calcium-based greases. The high-purity lithium-based grease with an advanced additive concentration is used for long-lasting lubrication, excellent water and heat resistance, corrosion protection, and film strength. Due to its aerosol application, it is ideal for lubricating hard-to-reach areas. In industrial applications, lithium grease is employed for pulleys, wire ropes, winches, conveyors, bearings, fittings, trailer couplings, and door rollers. All these factors led to the dominance of lithium segment in 2022.
A few players operating in the global lubricating grease market include 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.
In 2022, Asia Pacific held the largest share of the global lubricating grease market. 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. All these factors led to the dominance of the Asia Pacific region in 2022.
The List of Companies - Lubricating Grease Market
- Exxon Mobil Corp
- Fuchs SE
- Petroliam Nasional Bhd
- Shell Plc
- Kluber Lubrication GmbH & Co KG
- TotalEnergies SE
- BP Plc
- Chevron Corp
- Valvoline Inc
- Axel Christiernsson AB
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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