Polyurea Grease Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Polyurea Grease Market Analysis
The polyurea grease market is expected to register a CAGR of greater than 7% during the forecast period.
The COVID-19 pandemic hindered the market because lockdowns, social distances, and trade sanctions caused significant disruptions to global supply chain networks. The automotive manufacturing industry witnessed a decline due to the halt in activities. Nevertheless, the situation improved in 2021, which is anticipated to help the market over the forecast period.
- Major factors driving the market study are the growing demand for polyurea greases from the automotive and agriculture industries and the rising demand for high-efficiency greases.
- The compatibility issues of greases are expected to hinder the market's growth.
- High growth in the electric vehicle market is likely to act as an opportunity in the future of the polyurea grease market.
- Asia-Pacific is expected to dominate the global market due to the growing automotive industry, leading to a massive demand for polyurea grease from countries such as China, Japan, and India.
Polyurea Grease Market Trends
Increasing Demand from Automotive End-User Industry
- The automotive segment dominated the market and is projected to be the fastest-growing segment during the forecast period. Polyurea grease is used extensively in various parts of automobiles due to its tendency to have high operating temperatures, inherent anti-oxidative properties, and electrically non-conductive nature.
- According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2021, global vehicle production reached 80.1 million units, an increase of 4% from the previous year's production of 77.6 million units. The increasing production of vehicles owing to the growing need from consumers is the key factor driving the market's growth.
- Polyurea greases are always the preferred grease for e-motor bearings, whether tapered, ball, or needle roller bearings. According to PPMC-Transport, the automotive industry has been booming each year with a significant increase in vehicle production. In 2022, the total number of wheels worldwide was expected to reach 37 billion.
- Polyurea thickeners and grease play an essential role in electric vehicles. According to the IEA, the global sales of electric cars in 2022 were 2 million units in the first quarter, up 75% from the same period in 2021. It expected a further 22% increase, or around 1.8 million units, by the end of the same year.
- The demand for electric motors is expected to increase exponentially, owing to the rapid growth of electric vehicle sales across China, the United States, Japan, South Korea, and Europe.
- In 2021, 6.9 million electric cars were registered worldwide, an increase of 107% from the previous year. Electric vehicle sales are rising exponentially worldwide due to government incentives offered by various governments to promote electromobility, increasing environmental consciousness amongst general car buyers, and rising fuel prices.
- For instance, in June 2022, the United Arab Emirates' Ministry of Energy and Infrastructure (MoEI), Audi Middle East, and Siemens signed an agreement to cooperate to boost electric vehicle (EV) charging capacity on federal roads, increasing adoption of EVs across the country.
- Therefore, the growing automotive industry is expected to fuel the demand for polyurea grease globally in the future.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region stands to be the fastest-growing market for polyurea grease. The consumption of this material in the automotive industry for various parts and purposes in automobiles drives the growth of the market.
- Polyurea grease provides outstanding protection from rust and corrosion and also exhibits thermal and oxidation stability. Due to all these properties, polyurea grease is used in the wheel bearings of automobiles.
- Polyurea grease is a non-soap-based thickener that is an alternative to the commonly known metal- and metal-complex soap thickeners. It provides load-supporting capability without degrading the thermal stability of the grease at high temperatures.
- According to the India Brand Equity Foundation, the Indian car market is expected to reach USD 54.84 billion by 2027, while registering a CAGR of over 9%. The Indian automotive industry is targeting to increase exports of vehicles by five times by the year 2026. In 2022, total automobile exports from India stood at 5,617,246.
- According to the Association of Southeast Asian Nations Automotive Federation, in 2021, Asia-Pacific produced 3,538,396 units of motor vehicles and 3,144,243 units of motorcycles and scooters. It sold over 2,791,307 and 3,550,848 units of motor vehicles and two-wheelers, respectively, in the same year.
- The Chinese automotive manufacturing industry is the largest in the world. However, the industry witnessed a slowdown in recent years, as both production and sales declined. According to the China Association of Automobile Manufacturers (CAAM), automotive sales in China fell by 8.4% y-o-y to 2.56 million units in December 2022, whereas they grew to 26.86 million units for the full year 2022.
- In 2022, approximately 294.1 megalitres of lubricating oils and greases were sold in Australia. Increasing production and sales of light commercial vehicles, primarily for trade transport, are expected to propel demand for automotive greases across the country in the coming years.
- In 2022, electric vehicles accounted for 3.8% of all new vehicle sales in Australia. The Australian Capital Territory region held the strongest market share, with almost 10% of all new cars bought in the country being electric, up from 5% in 2021. Among all the other electric vehicle companies, the Tesla Model 3 was the most popular electric vehicle (EV) model in 2022.
- The electric vehicle industry in South Korea is expected to grow at a rapid rate. In 2021, nearly 71,000 units of electric vehicles were sold in the country. South Korean sales of electric vehicles surged by 96% to 71,006 units in the first nine months of 2021, according to data collected by the Korea Automotive Technology Institute (KAII). The sales figure is expected to increase with the growing demand from the importing economies in Europe, Asia-Pacific, and the Americas.
- Therefore, the aforementioned factors are expected to boost the demand for polyurea grease in the Asia-Pacific region in the coming years.
Polyurea Grease Industry Overview
The polyurea grease market is consolidated in nature, as majority of the share is occupied by the top players in the market. The major companies include CASTROL LIMITED, Exxon Mobil Corporation, TotalEnergies, Shell Global, Chevron Corporation, among others.
Polyurea Grease Market Leaders
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CASTROL LIMITED
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Exxon Mobil Corporation
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TotalEnergies
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Shell Global
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Chevron Corporation
*Disclaimer: Major Players sorted in no particular order
Polyurea Grease Market News
- In March 2023, Chevron Corporation expanded its portfolio with the launch of new grease products. The company's new portfolio includes heavy-duty multi-purpose greases for extreme-pressure and other applications.
- In November 2022, Shell Global completed the expansion of its lubricant blending plant on Indonesia's Java island. The plant expansion doubled the production capacity to 300 million liters (270,000 metric tons) per year.
Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Growing Demand for Polyurea Greases from Automotive and Agriculture Industries
- 4.1.2 Rising Demand for High-Efficiency Greases
- 4.1.3 Other Drivers
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4.2 Restraints
- 4.2.1 Compatibility Issues of Greases
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
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5.1 End-user Industry
- 5.1.1 Machinery and Manufacturing
- 5.1.2 Construction
- 5.1.3 Automotive
- 5.1.4 Steel
- 5.1.5 Mining
- 5.1.6 Other End-user Industries
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5.2 Geography
- 5.2.1 Asia-Pacific
- 5.2.1.1 China
- 5.2.1.2 India
- 5.2.1.3 Japan
- 5.2.1.4 South Korea
- 5.2.1.5 Rest of Asia-Pacific
- 5.2.2 North America
- 5.2.2.1 United States
- 5.2.2.2 Canada
- 5.2.2.3 Mexico
- 5.2.3 Europe
- 5.2.3.1 Germany
- 5.2.3.2 United Kingdom
- 5.2.3.3 Italy
- 5.2.3.4 France
- 5.2.3.5 Rest of Europe
- 5.2.4 South America
- 5.2.4.1 Brazil
- 5.2.4.2 Argentina
- 5.2.4.3 Rest of South America
- 5.2.5 Middle-East and Africa
- 5.2.5.1 Saudi Arabia
- 5.2.5.2 South Africa
- 5.2.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)** /Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 CASTROL LIMITED
- 6.4.2 China Petrochemical Corporation (Sinopec)
- 6.4.3 Chevron Corporation
- 6.4.4 Exxon Mobil Corporation
- 6.4.5 FUCHS
- 6.4.6 Kluber Lubrication
- 6.4.7 LUKOIL
- 6.4.8 PETRONAS Lubricants International
- 6.4.9 Shell Global
- 6.4.10 TotalEnergies
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 High Growth in Electric Vehicles Market
Polyurea Grease Industry Segmentation
Polyurea grease is a first-class multipurpose, high-temperature, extreme-pressure grease. It is specially formulated to meet the extreme lubrication requirements of long-service applications such as electric motor bearings. The polyurea grease market is segmented by end-user industry and geography. By end-user industry, the market is segmented into machinery and manufacturing, construction, automotive, steel, mining, and other end-user industries. The report also covers the market size and forecasts for the polyurea grease market in 15 countries across major regions. Market sizing and forecasts have been done for each segment based on volume (million liters).
| End-user Industry | Machinery and Manufacturing | |
| Construction | ||
| Automotive | ||
| Steel | ||
| Mining | ||
| Other End-user Industries | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
Frequently Asked Questions
What is the current Polyurea Grease Market size?
The Polyurea Grease Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in Polyurea Grease Market?
CASTROL LIMITED, Exxon Mobil Corporation, TotalEnergies, Shell Global and Chevron Corporation are the major companies operating in the Polyurea Grease Market.
Which is the fastest growing region in Polyurea Grease Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Polyurea Grease Market?
In 2024, the Asia-Pacific accounts for the largest market share in Polyurea Grease Market.
What years does this Polyurea Grease Market cover?
The report covers the Polyurea Grease Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Polyurea Grease Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Polyurea Grease Industry Report
Statistics for the 2024 Polyurea Grease market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Polyurea Grease analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
