Market Size of Grease Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 2.62 Billion liters |
| Market Volume (2029) | 3.08 Billion liters |
| CAGR (2024 - 2029) | 3.38 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Grease Market Analysis
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).
- The major grease-consuming industries, like automotive, industrial processing (majorly steel mills), aerospace, and food and beverage, were greatly impacted by COVID-19. The pandemic led to severe supply chain disruptions, which in turn dampened the trade volumes between many countries.
- In the short term, factors such as the growing industrial sector in Asia-Pacific and increasing adoption of higher-performance greases in the wind power and electric vehicle industries are likely to drive market growth.
- Environmental regulations across countries concerning the usage of grease are likely to slow down the market.
- Technological advancements and product innovations, and the growing usage of polyurea greases are the opportunities that are likely to drive the market in the future.
Grease Industry Segmentation
Grease is a solid or semisolid lubricant formed as a dispersion of thickening agents in a liquid lubricant. Grease generally consists of a soap emulsified with mineral or vegetable oil. The grease market is segmented by thickener (lithium-based, calcium-based, aluminum-based, polyurea, and other thickeners), end-user industry (power generation, automotive and other transportation, heavy equipment, food and beverage, metallurgy and metalworking, chemical manufacturing, and other end-user industries), and geography (Asia-Pacific, North America, Europe, South America, Middle East, and Africa). The report also covers the market size and forecasts for the grease market in 32 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (million liters).
| Thickeners | |
| Lithium-based | |
| Calcium-based | |
| Aluminium-based | |
| Polyurea | |
| Other Thickeners |
| End-user Industry | |
| Power Generation | |
| Automotive and Other Transportation | |
| Heavy Equipment | |
| Food and Beverage | |
| Metallurgy and Metalworking | |
| Chemical Manufacturing | |
| Other End-user Industries |
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Grease Market Size Summary
The grease market is poised for steady growth over the forecast period, driven by increasing demand from key industries such as automotive, industrial processing, aerospace, and food and beverage. The market experienced disruptions due to the COVID-19 pandemic, which affected supply chains and trade volumes globally. However, the recovery is supported by the expanding industrial sector in the Asia-Pacific region and the rising adoption of high-performance greases in wind power and electric vehicle industries. Despite challenges posed by environmental regulations, technological advancements and product innovations, particularly in polyurea greases, present significant opportunities for market expansion.
Asia-Pacific emerges as the dominant region in grease consumption, with China, India, and Indonesia leading the charge due to their robust manufacturing and automotive sectors. The region's growth is further bolstered by the increasing demand for processed foods and the expansion of the chemicals sector. The market is characterized by fragmentation, with major players like Shell PLC, Exxon Mobil Corporation, BP PLC (Castrol), FUCHS, and Axel Christiernsson actively participating. Recent strategic moves, such as acquisitions and product launches, highlight the competitive landscape and the focus on environmentally friendly solutions. These factors collectively contribute to the anticipated growth in grease consumption across various application industries.
Grease Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Growing Industrial Sector in Asia-Pacific
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1.1.2 Increasing Adoption of Higher Performance Greases in the Wind Power and Electric Vehicle Industries
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1.2 Restraints
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1.2.1 Environmental Regulations Concerning Usage of Grease
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume)
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2.1 Thickeners
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2.1.1 Lithium-based
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2.1.2 Calcium-based
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2.1.3 Aluminium-based
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2.1.4 Polyurea
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2.1.5 Other Thickeners
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2.2 End-user Industry
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2.2.1 Power Generation
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2.2.2 Automotive and Other Transportation
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2.2.3 Heavy Equipment
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2.2.4 Food and Beverage
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2.2.5 Metallurgy and Metalworking
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2.2.6 Chemical Manufacturing
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2.2.7 Other End-user Industries
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Philippines
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2.3.1.6 Indonesia
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2.3.1.7 Malaysia
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2.3.1.8 Thailand
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2.3.1.9 Vietnam
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2.3.1.10 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.2.4 Rest of North America
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 Italy
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2.3.3.4 France
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2.3.3.5 Russia
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2.3.3.6 Spain
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2.3.3.7 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Colombia
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2.3.4.4 Chile
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2.3.4.5 Rest of South America
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2.3.5 Middle East
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2.3.5.1 Saudi Arabia
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2.3.5.2 Iran
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2.3.5.3 Turkey
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2.3.5.4 United Arab Emirates
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2.3.5.5 Qatar
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2.3.5.6 Rest of the Middle East
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2.3.6 Africa
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2.3.6.1 Egypt
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2.3.6.2 South Africa
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2.3.6.3 Nigeria
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2.3.6.4 Algeria
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2.3.6.5 Morocco
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2.3.6.6 Rest of Africa
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Grease Market Size FAQs
How big is the Grease Market?
The Grease Market size is expected to reach 2.62 billion liters in 2024 and grow at a CAGR of 3.38% to reach 3.08 billion liters by 2029.
What is the current Grease Market size?
In 2024, the Grease Market size is expected to reach 2.62 billion liters.
