Industrial greases are used for the lubrication in various machines to reduce the wear and tear from sustained use of such machinery. They are made from mixing base oils, additives and thickeners. Industrial greases are used to maintain the machines used in the manufacturing sector. The automotive industry is the largest segment in the industrial greases market where these are used on a large scale in the production and maintenance of automobiles.
The “Industrial Greases Market: Global Industry Analysis and Forecast 2017-2031” report is another elaborate and in-depth offering from Persistence Market Research. This research tracks the growth of the global industrial greases market from 2017 to 2021 and includes the main market characteristics in the form of drivers, constraints, opportunities, and trends. Both the value and volume of this market are monitored. The market for industrial greases was estimated to be worth US$ 1,537.7 million in 2017 and is anticipated to grow to US$ 1,905.9 million in 2021, recording a CAGR of 5.5% over the assessment period of 2017–2031.
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Industrial Greases Market Segmented By Mineral Oil, Synthetic Oil, Semi-Synthetic Oil, Bio-Based Oil Types for Simple Metal Soaps, Non-Soap Thickener, Complex Metal Soaps
Global Industrial Greases Market: Market Dynamics
The global industrial greases market is being influenced by several factors especially in the realm of the manufacturing sector. Firstly, there is a reduced off-shoring of manufacturing activities to low cost markets due to various economic and political reasons. In addition, manufacturers across the Asia Pacific region are striving to make their manufacturing processes more modern and efficient in order to take them to a position where they can compete effectively with the competition from the developed western world. Also, manufacturers in all the parts of the world are concentrating on improving energy efficiency, reducing emissions and becoming more environment friendly by adopting sustainable processes of manufacturing. All these factors will greatly influence the global industrial greases market.
Global Industrial Greases Market: Segmentation and Forecast
- By base oil type, the mineral oil segment stood at US$ 1,275.2 Mn in the year 2017 and will likely dominate the global industrial greases market.
- By end-use, the on road vehicles segment stood at US$ 346.3 Mn in 2017
- Among the thickener types, the simple metal segment dominated the global industrial greases market and was valued at US$ 961.6 Mn in the year 2017.
- Among the regional markets, Asia Pacific is expected to lead the global industrial greases market and is anticipated to reach US$ 757.6 Mn in value by the year 2021.
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Global Industrial Greases Market: Competitive Landscape
The report on the global market for industrial greases profiles some of the leading players functioning in this highly competitive market. Some of the top players that have been profiled in the competition landscape section of this report include
- Belray Company LLC,
- Texaco Inc.,
- Exxon Mobil,
- Whitmore Manufacturing Co.,
- Axel Christiernsson,
- Klüber Lubrication München SE & Co. KG,
- Dow Corning Corporation, Sinopec Lubricant Company,
- Lubriplate lubricant Co., Royal Dutch Shell plc, Castrol,
- Chemtool Incorporated, ETS Australia,
- Total SE,
- Fuchs Petrolub SE and Caltex Australia.
Manufacturers of industrial greases are focusing their attention on developing regions owing to a greater demand expected from these regions by 2021. In addition, an increase in the GDP and industrial production is expected to result in a rise in market share across emerging economies.
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