Grease Market Analysis
author: Ann
2025-01-13
The grease market size is estimated at 2.62 billion liters in 2024 and is expected to reach 3.08 billion liters by 2029, growing at a CAGR of 3.38% during the forecast period (2024-2029). Major grease consuming industries such as automotive, industrial processing (mainly steel mills), aerospace, and food and beverages have been greatly impacted by COVID-19. The pandemic has led to severe disruptions in the supply chain, which in turn has suppressed trade volumes between many countries. In the short term, factors such as the growth of the industrial sector in the Asia-Pacific region and the increasing adoption of high-performance greases in the wind power and electric vehicle industries are likely to drive market growth. Environmental regulations in various countries regarding the use of greases are likely to slow down market development. Technological advancements and product innovations and the increasing use of polyurea greases are opportunities that are likely to drive market development in the future.
Grease Market Trends
Automotive and Other Transportation to Dominate the Market
The demand from the automotive industry has made a significant contribution to the grease market. The growing OEM and RMO market in the automotive industry is expected to have a direct impact on the demand for greases during the forecast period. According to the International Organization of Motor Vehicle Manufacturers (OICA), automobile production in 2021 will increase by 3% from 2020 to 80.15 million units. Asia Pacific, as the largest automobile manufacturing center, will see an overall growth of about 6% in 2021. China is the largest producer of motor vehicles, with a production of 26 million units in 2021, up 3% from 2020. On the other hand, India has seen huge growth in the automotive industry, with a production of 4.4 million units in 2021, up 30% from 2020. The growing application of batteries in the automotive sector has led to a surge in the production of electric vehicles. As of 2021, Norway has the largest share of electric vehicles in its fleet. Over the next two decades, an increase in passenger traffic is expected to require the purchase of 44,040 new aircraft (worth $6.8 trillion). By 2038, the global commercial fleet is expected to reach 50,660 aircraft, including brand new aircraft and jets that will continue to serve. According to Boeing, the commercial aircraft market will be worth $3.1 trillion by 2028 as operators replace older aircraft with more fuel-efficient designs and grow their fleets to facilitate the steady growth of air travel in developed and emerging markets. Hence, all the aforementioned factors are likely to drive grease consumption during the forecast period. Source: //www.mordorintelligence.com/en-US/industry-reports/grease-market
Automotive and Other Transportation to Dominate the Market
The demand from the automotive industry has made a significant contribution to the grease market. The growing OEM and RMO market in the automotive industry is expected to have a direct impact on the demand for greases during the forecast period. According to the International Organization of Motor Vehicle Manufacturers (OICA), automobile production in 2021 will increase by 3% from 2020 to 80.15 million units. Asia Pacific, as the largest automobile manufacturing center, will see an overall growth of about 6% in 2021. China is the largest producer of motor vehicles, with a production of 26 million units in 2021, up 3% from 2020. On the other hand, India has seen huge growth in the automotive industry, with a production of 4.4 million units in 2021, up 30% from 2020. The growing application of batteries in the automotive sector has led to a surge in the production of electric vehicles. As of 2021, Norway has the largest share of electric vehicles in its fleet. Over the next two decades, an increase in passenger traffic is expected to require the purchase of 44,040 new aircraft (worth $6.8 trillion). By 2038, the global commercial fleet is expected to reach 50,660 aircraft, including brand new aircraft and jets that will continue to serve. According to Boeing, the commercial aircraft market will be worth $3.1 trillion by 2028 as operators replace older aircraft with more fuel-efficient designs and grow their fleets to facilitate the steady growth of air travel in developed and emerging markets. Hence, all the aforementioned factors are likely to drive grease consumption during the forecast period. Source: //www.mordorintelligence.com/en-US/industry-reports/grease-market
Lubricating oil method
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