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The grease market share is expected to increase by 186.66 thousand tons from 2020 to 2025, and the market's growth momentum will decelerate at a CAGR of 2.45%.
This grease market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers grease market segmentations by end-user (automotive, construction and off-highway, steel, general manufacturing, and others) and geography (APAC, North America, Europe, MEA, and South America). The grease market report also offers information on several market vendors, including AB SKF, BP Plc, Chevron Corp., China Petrochemical Corp., DuPont de Nemours Inc., ENEOS Holdings Inc., Exxon Mobil Corp., FUCHS PETROLUB SE, Royal Dutch Shell Plc, and TotalEnergies SE among others.
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Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The growing shipbuilding business is notably driving the grease market growth, although factors such as volatile crude oil prices may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the grease industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Grease Market Driver
The growing shipbuilding business is one of the key factors driving the growth of the global grease market. The marine industry is one of the key end-users of the global grease market. In the marine industry, the shipbuilding business consumes the greatest volume of grease. Until 2010, the shipbuilding business was growing at a slow pace, which picked up later on as the market exhibited rapid growth due to the inflow of global foreign direct investment (FDI), seaborne trade, and expansion of businesses of multinational companies. A high increase in the production of ships and growing repair and maintenance activities of old ships and boats will act as a driving factor for the growth of the global grease market. Moreover, the demand for grease is increasing in vessels that operate in harsh weather conditions. The shipbuilding business is experiencing a high demand for grease from South Korea, China, and Japan. Another prominent hub for shipbuilding, Singapore, is also contributing remarkably to the total grease demand in APAC. Also, the emergence of new shipping hubs in Vietnam, the Philippines, and India will drive the growth of the shipbuilding business over the forecast period.
Key Grease Market Trend
The rising popularity of bio-based grease will fuel the global grease market growth. Bio-based grease products have emerged as a reliable alternative to petroleum-based grease products. Bio-based grease is produced from renewable feedstocks such as plant-based oil and sugar through fermentation, ultrafiltration, and crystallization techniques. Eco-friendly grease produced through the fermentation process uses a sucrose solution as the feedstock. The sucrose is hydrolyzed into fructose and glucose, which are compounds consumed during fermentation. Moreover, the use of eco-friendly grease helps in reducing VOCs and the toxicity of gases from nearby industries and maintains the ecological balance in the environment. The strong preference for the development of bio-based greases in developed economies such as Canada, the US, and Germany, is attributable to their eco-friendly properties. Green and sustainable greases and other energy-saving resin systems are increasingly becoming popular in developing countries such as China and India, along with other developed nations like Japan. The growing adoption of bio-based grease is trending in the market due to its eco-friendly characteristics.
Key Grease Market Challenge
The volatile crude oil prices are a major challenge for the global grease market growth. Crude oil prices have been fluctuating for the past many years and are likely to be volatile during the forecast period as well. Crude oil prices are affected by currency fluctuations. The price of crude oil is measured in US dollars. Thus, with every rise or decline in the price of crude oil, changes in currencies against the US dollar are also measured to calculate the final cumulative price. For instance, in April 2020, the price of Brent crude oil reached around $16 per barrel, the lowest since 1999, and was above $40 per barrel at the end of July 2020. Such volatility in raw material prices impacts the prices of grease as well. Moreover, the fluctuations in crude oil prices affect the price of grease as these polymers are directly mixed into the base oil. If the price of base oil increases, the price of grease will also rise and can negatively affect consumption. Therefore, the fluctuations in oil prices may hamper the growth of the global grease market during the forecast period.
This grease market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global grease market as a part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the grease market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the grease market encompasses successful business strategies deployed by the key vendors. The grease market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The grease market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the grease market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global specialty chemicals market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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64% of the market's growth will originate from APAC during the forecast period. China, and India are the key markets for the grease market in APAC. Market growth in this region will be faster than the growth of the market in regions.
The growing shipbuilding business will facilitate the grease market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 is expected to hinder the growth of the regional grease market during the forecast period. Moreover, the imposition of lockdown has further halted the movement of a majority of automobiles, which is a considerable share of the regional grease market. Owing to the lockdowns and stringent social distancing norms, production activities at numerous manufacturing industries in APAC were halted. However, rising economic activities and mass vaccination drives will further drive the market during the forecast period.
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The grease market share growth by the Automotive segment will be significant during the forecast period. In 2020, the automotive segment emerged as the most dominant segment of the global grease market and accounted for a revenue share of 29.09%. Grease finds application in the following sub-segments as Commercial Vehicle, Passenger vehicle, and Aerospace.
This report provides an accurate prediction of the contribution of all the segments to the growth of the grease market size and actionable market insights on post COVID-19 impact on each segment.
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Grease Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 2.45% |
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Market growth 2021-2025 |
186.66 th tons |
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Market structure |
Fragmented |
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YoY growth (%) |
2.82 |
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Regional analysis |
APAC, North America, Europe, MEA, and South America |
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Performing market contribution |
APAC at 64% |
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Key consumer countries |
China, US, India, Germany, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
AB SKF, BP Plc, Chevron Corp., China Petrochemical Corp., DuPont de Nemours Inc., ENEOS Holdings Inc., Exxon Mobil Corp., FUCHS PETROLUB SE, Royal Dutch Shell Plc, and TotalEnergies SE |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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