Market Trends of High-Temperature Grease Industry
This section covers the major market trends shaping the High Temperature Grease Market according to our research experts:
Increasing Demand from Automotive and Industrial Segments
- High-temperature grease lubricants are the lubricants that are majorly being used in industrial and automotive applications because of remarkable lubricity under extreme temperature conditions (>1000 °C) and other excellent properties.
- The properties of high-temperature grease lubricants include low evaporation, anti-wear properties, thermal stability, resistance to oxidation, mechanical stability, low softening, low volatility, and high viscosity index.
- In automobile manufacturing operations, high-temperature greases are being used in engines, brake, and chassis areas. These greases function by creating a thin film between the moving parts for enhancing the transfer of heat and reducing tension during the contact of parts.
- The usage of combustion engine vehicles in developing countries such as India, Indonesia, Africa, and other some Middle-Eastern countries has been increasing in recent years. This is one of the primary reasons for the increase in the demand for high-temperature greases from the automotive segment in recent times.
- The demand for steel production and casting industries is also rising. As these industries deal with higher temperatures, companies have been adopting the usage of high-temperature grease for equipment such as furnaces, hydraulics, and others.
- The impact of the COVID-19 shutdowns is expected to decrease the usage and demand for high-temperature grease from different sectors in the near future.
- However, the growth potential automotive sector in developing countries, and the expected increase consumption of steel for various applications, are expected to drive the market for high-temperature grease lubricants through the years to come.
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Asia Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the global market owing to the highly developed automotive sector in China, India, and Japan, coupled with the development of energy and industrial sectors in the region in recent years.
- Due to the continuous support from governments, the energy sector in Asia-Pacific has been growing continuously for the past five years. High-temperature greases are being used for nuclear and steam power stations and wind turbines.
- According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), Asia-Pacific leads global automobile production in recent years. China is the largest producer of automobiles and accounts for more than 28% of the global share in recent years.
- Rapid industrialization, steel production, and mining industries in Asia-Pacific have witnessed decent growth in 2018 and remained constant in 2019. Due to this, there was more supply of high-temperature greases in this region.
- Asia-Pacific is the largest lubricant consumer in the region, and the world, followed by Europe. The outbreak of COVID-19 has affected the economic growth of all the countries at present, as almost all the manufacturing and service sectors have been stopped due to lockdown.
- Moreover, increasing various manufacturing industries such as steel and automotive in India and other ASEAN countries, growth in the energy sector are expected to support the demand for high-temperature greases through the years to come.
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