rise in automation in various industries is expected to drive the grease market. The grease market is estimated to grow from USD 5. 3 billion in 2020 to USD 6. 1 billion by 2025, at a CAGR of 2. 9%.
New York, Sept. 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Grease Market by Base Oil, Thickener Type, End-Use Industry - Global Forecast to 2025" - https://www.reportlinker.com/p03825777/?utm_source=GNW
The grease market is driven mainly by rising automation in end-use industries and improved quality of grease. However, stringent environmental regulations are expected to restrain the market growth.
The general manufacturing, construction, mining, and other industries use various heavy load equipment, which requires regular lubrication.Due to the increasing cost of workforce and safety requirements, the demand for process automation is rising.
Automation helps in increasing production rate, reducing labor costs, and improving worker safety. Hence, a majority of companies are automating their operating systems, which, in turn, is driving the consumption of grease.
Synthetic expected to be the fastest-growing base oil of the grease market, in terms of value, between 2020 and 2025
The mineral oil segment accounted for the largest share in the grease market in terms of value in 2019. The dominance of mineral oil is due to its easy availability and low cost.
The synthetic oil segment is projected to register the highest CAGR in terms of value during the forecast period. Although synthetic oil is much costlier than mineral oil, its high performance at extreme conditions and long drain out intervals are the major factors driving its high growth in the grease market.
The automotive industry is estimated to account for the largest share of the overall grease market, in terms of value, between 2020 and 2025
The grease market based on the end-use industry is segmented as automotive, construction, general manufacturing, metal production, mining, power generation, food & beverage, and others.The automotive segment is expected to account for the largest market share during the forecast period.
Grease helps in reducing friction and wear, protecting against corrosion, and preventing dirt, water, and other contaminants from entering the components being lubricated. The growing automotive industry in developing countries is fueling the grease market.
Strong foothold of grease manufacturers in APAC to drive the demand for grease in the region.
APAC is the largest market for grease, followed by Europe and North America.The massive industrial growth in APAC has been fueling the grease market for the past few years, and this is expected to continue over the next five years.
Domestic and foreign investments in key sectors, such as energy, manufacturing, and construction, have been consistently growing over the past decade.This is expected to drive the grease market between 2020 and 2025.
The increasing population in the region is also fueling the market.
Europe was the second-largest market in 2019.The strong demand for high-performance products and the presence of key market players are expected to fuel the demand for grease in the region.
The need for advanced and high-performance products is also driving the demand for greases.
• By Company Type: Tier 1 - 46%, Tier 2 - 31%, and Tier 3 - 23%
• By Designation: C-Level - 46%, Director Level - 27%, and Others - 27%
• By Region: North America - 33%, Europe - 27%, APAC - 27%, South America - 7%, Middle East & Africa - 6%,
The key players profiled in the report include as Royal Dutch Shell PLC. (Netherlands), The Chevron Corporation (US), Idemitsu Kosan Co., Ltd. (Japan), Sinopec Corporation (China), BP p.l.c. (UK), Total SA (France), and ExxonMobil Corporation (US), among others.
This report segments the market for grease based on base oil, thickener type, end-use industry, and region, and provides estimations for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, associated with the market for grease.
Reasons to Buy this Report
This research report is focused on various levels of analysis — industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the grease market; high-growth regions; and market drivers, restraints, challenges and opportunities.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on grease offered by top players in the global market
• Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for grease across regions
• Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global grease market
• Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the grease market
Read the full report: https://www.reportlinker.com/p03825777/?utm_source=GNW
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