Chicago, April 10, 2023 (GLOBE NEWSWIRE) — The global fat market The size is projected to reach $6.9 billion by 2027, at a CAGR of 3.6% from $5.8 billion by 2022.according to the recent study by MarketsandMarkets™. Grease is defined as a solid or semi-solid combination of a petroleum product and a soap or mixture of soaps, with or without fillers, suitable for certain types of lubrication.
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Check out the in-depth TOC on “Grease Market”
305 – Market data tables
76 – Figures
311 – Pages
List of key players in Grease market:
- Shell plc (Netherlands)
- Exxon Mobil Corporation (USA)
- BP plc (United Kingdom)
- Chevron Corporation (USA)
- TotalEnergies SE (France)
- Sinopec Group (China)
- FUCHS Petrolub SE (Germany)
- Idemitsu Kosan Co. Ltd (Japan)
- Valvoline LLC (USA)
- Petronas (Malaysia)
Drivers, Constraints and Opportunities in Grease Market:
- Driver: Increased automation in various industries
- Contention: Lack of lithium supply
- Opportunity: Leverage the e-commerce industry to increase customer reach
Main conclusions of the study:
- “Synthetic oil was the second largest base oil in the global grease market, in terms of value, in 2021.”
- “Soap-free thickener is expected to be the second largest thickener type, in terms of value, during the forecast period.”
- “The agriculture segment is expected to be the fastest growing end-use industry, in terms of value, during the forecast period.”
- “North America is estimated to be the second largest market for grease, in terms of value, during the forecast period.”
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Greases are made from base oil, which is classified as mineral oil, synthetic oil, and bio-based oil. Mineral oil and synthetic oil come from crude oil, while bio-based oils come from vegetable oil. The main factor driving the global grease market is the increase in automation in various industries, the reduction in crude oil prices to benefit the grease suppliers after the COVID-19, and the improvement in the quality of the grease.
Based on base oil, the market is segmented into mineral oil, synthetic oil and bio-based oil. The mineral oil segment dominated the global grease market, in terms of value, in 2021 and is expected to lead the market during the forecast period. The mineral oil segment accounts for the largest share due to its easy availability and low cost, especially in developing regions.
On the basis of thickener type, the global grease market is segmented into metallic soap, non-soap, inorganic, and others. Metal soap thickener accounts for the largest share of the global market and is also expected to register the highest growth rate during the forecast period. The market for this segment is driven by increasing demand from the automotive, industrial manufacturing, mining, metal, power, and construction sectors. Metal soap thickener is sub-segmented into lithium, aluminum, calcium, sodium and other metal soap thickeners. Lithium metal soap thickener is expected to witness the highest growth, in terms of value, due to increasing demand from multiple applications such as wheel bearings, wind turbines, electric motors, railways and roads and general industrial processes.
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Based on end-use industry, the global grease market is segmented into automotive, construction, general manufacturing, metal production, mining, power generation, agriculture, and others. The automotive end-use industry dominated the global grease market, in terms of value and volume, in 2021. Passenger and commercial vehicles are the major consumers of grease. Increasing vehicle production and improving living standards in developing countries are expected to drive the consumption of grease in the automotive industry.
Asia Pacific is the largest market for fats, with a share of 43.4% of the global market, in terms of value, in 2021. Asia Pacific is also projected to be the fastest growing market for fats. The growth is mainly attributed to rapid population growth and increased urbanization. The huge industrial base and growing investments in infrastructure development are also driving the demand for grease in the region. China and the United States are the top two consumers of fat globally, in terms of value, in 2021.
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