Grease Market by Base Oil (Mineral, Synthetic, Bio-based), Thickener Type (Metallic Soap, Non-soap, Inorganic), End-Use Industry (Automotive, Construction, General Manufacturing, Agriculture, Mining, Power Generation) - Global Forecast to 2029
Grease Market
The global grease market is valued at USD 6.2 billion in 2024 and is projected to reach USD 7.4 billion by 2029, growing at 4.2% cagr from 2024 to 2029. One of the major reasons for making a positive outlook for the grease market is the evolving lifestyle across worldwide, mounting popularity for new and advanced vehicles with comfort and safety. Also, technological advancements in the grease industry are pushing the market. Due to these reasons, the consumption of grease has grown significantly.
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Grease Market Dynamics
Driver: Improved quality of grease
The global demand for grease is majorly driven by advancements in grease quality. High-quality greases extend the lifespan of machinery by reducing wear and tear, enhance performance with better temperature and load-carrying capacities, and lower maintenance costs through less frequent applications. They also improve energy efficiency by reducing friction and comply with environmental regulations with eco-friendly formulations. These greases reliably operate under harsh conditions, meeting the specialized needs of sectors like automotive, aerospace, and industrial manufacturing. As industries recognize the long-term cost benefits and operational efficiencies of using superior lubricants, the shift towards high-quality greases continues to propel market growth.
Restraints: Stringent environmental regulations
Implementing strict environmental regulations to restrict the demand for grease globally involves a multifaceted approach. This includes setting stringent emission and waste disposal standards for grease manufacturers, promoting the use of renewable resources, and mandating energy-efficient production processes. Product standards such as eco-labeling and biodegradability requirements can encourage the development of greener alternatives. Additionally, promoting research and development of sustainable substitutes, along with providing financial incentives for their use, is crucial. Usage restrictions, proper maintenance, and disposal guidelines will minimize environmental contamination. Raising consumer awareness through public campaigns and training programs can drive the adoption of eco-friendly practices. International cooperation to align regulations and enforce compliance is essential for creating a level playing field and ensuring effective implementation. These measures collectively aim to reduce the environmental footprint of grease, fostering a transition to sustainable alternatives on a global scale.
Opportunities: Rising trend of polyurea grease over lithium grease
The rising trend of polyurea grease over lithium grease is creating significant new opportunities in the market. Polyurea grease, known for its superior thermal stability, oxidation resistance, and longer service life, is increasingly preferred in various industries, including automotive, manufacturing, and heavy machinery. Its ability to perform well under high temperatures and in harsh environments makes it an attractive alternative to traditional lithium grease, which often falls short in these demanding conditions. This shift is driving innovation and investment in the development and production of polyurea-based lubricants. As industries seek more durable and efficient solutions, the market for polyurea grease is poised for substantial growth which offers a chance to the manufacturers to capitalize on the demand for high-performance lubricants that meet stringent environmental and operational standards.
Challenges: Bleeding of base oil from grease
The bleeding of base oil from grease is a significant challenge in lubrication applications, posing risks to both equipment performance and maintenance efficiency. When high temperatures, mechanical loads, or extended storage cause the base oil to separate from the thickening matrix, this process takes place. This causes the grease to lose its lubricating qualities, which increases wear and friction and may even cause equipment failure. Additionally, oil bleeding can cause contamination of surrounding components and environments, complicating maintenance and increasing downtime. Addressing this issue requires advancements in grease formulation to enhance the stability and retention of the base oil, ensuring consistent performance under various conditions. Innovations in additives, thickeners, and manufacturing processes are crucial to developing greases that can effectively minimize oil bleeding, thereby improving reliability and longevity in critical applications.
Grease Market Ecosystem
Prominent companies in this market include well-established, financially stable manufacturers of grease. These companies have been in business for a while and have a broad range of products, cutting-edge technologies, and robust international sales and marketing networks. Prominent companies in this market include ExxonMobil Corporation (US), TotalEnergies SE (France), Shell Plc. (UK), Chevron Corporation (US), BP p.l.c. (UK) Fuchs Petrolub SE (Germany), Valvoline Inc. (US), China Petroleum & Chemical Corporation (China) among others.
Based on thickener type, metallic soap thickener was the largest segment of the grease market in terms of value, in 2023.
The high demand for metallic soap thickeners in the grease market underscores their critical role in enhancing grease performance across various applications. Metallic soap thickeners, such as lithium, calcium, and aluminum soaps, are prized for their excellent thickening efficiency, mechanical stability, and water resistance. These thickeners improve the consistency and structural integrity of greases, enabling them to withstand extreme pressures and temperatures. Industries such as automotive, industrial machinery, and marine rely heavily on metallic soap-thickened greases to ensure reliable lubrication and protection of moving parts. The ongoing push for higher performance standards and the increasing complexity of machinery continue to drive the demand for these versatile thickeners. As a result, manufacturers are investing in advanced formulations and production techniques to meet the growing needs of a diverse and expanding market.
Based on base oil, mineral oil was the largest segment of grease market, in terms of value, in 2023.
Mineral oil remains the largest segment in the grease market, driven by its widespread availability, cost-effectiveness, and versatile performance characteristics. Derived from refining crude oil, mineral oil is a key component in many grease formulations due to its excellent lubricating properties and compatibility with a variety of thickening agents. Industries ranging from automotive to industrial machinery heavily rely on mineral oil-based greases for their ability to reduce friction, protect against wear, and perform reliably under a broad range of operating conditions.
Based on end-use industry, automotive was the largest segment of grease market, in terms of value, in 2023.
The automotive sector is the largest end-use market for grease, reflecting its critical role in ensuring the optimal performance and longevity of vehicles. Grease is essential for lubricating various automotive components, including wheel bearings, chassis, and universal joints, where it reduces friction, prevents wear, and protects against contaminants and corrosion. The demand for automotive grease is driven by the ever-increasing global vehicle production and the need for regular maintenance in both passenger and commercial vehicles.
Asia Pacific accounted for the largest market share for the grease market, in terms of value, in 2023.
Asia is the largest market for grease, driven by its booming industrial and automotive sectors, rapid urbanization, and increasing infrastructure development. Countries like China, India, and Japan are significant contributors to this demand due to their expansive manufacturing bases and high vehicle production rates. Asia Pacific’s robust economic growth fuels the need for efficient machinery maintenance and automotive upkeep, further amplifying the demand for various grease products. Additionally, Asia's growing middle class and rising disposable incomes have led to increased vehicle ownership, driving the automotive grease market. Also, the presence of numerous manufacturing hubs and the continuous expansion of industries such as construction, mining, and transportation fuel the market demand.
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Grease Market Players
ExxonMobil Corporation (US), TotalEnergies SE (France), Shell Plc. (UK), Chevron Corporation (US), BP p.l.c. (UK), Fuchs Petrolub SE (Germany), Valvoline Inc. (US), China Petroleum & Chemical Corporation (China) among others, these are the key manufacturers that secured major market share in the last few years.
Grease Market Report Scope
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Report Metric |
Details |
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Years considered for the study |
2018–2029 |
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Base year considered |
2023 |
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Forecast period |
2024–2029 |
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Units considered |
Volume (Kiloton) and Value (USD Million) |
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Segments Covered |
Thickener Type, Base Oil, End-use Industry, and Region |
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Regions covered |
Asia Pacific, North America, Europe, Middle East & Africa, and South America |
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Companies profiled |
The key players profiled in the report include ExxonMobil Corporation (US), TotalEnergies SE (France), Shell Plc. (UK), Chevron Corporation (US), BP p.l.c. (UK) Fuchs Petrolub SE (Germany), Valvoline Inc. (US), China Petroleum & Chemical Corporation (China) among others. |
This report categorizes the global Grease Market based on thickener type, base oil, end-use industry, and region.
On the basis of thickener type, the Grease Market has been segmented as follows:
- Metallic Soap Thickener
- Non-soap Thickener
- Inorganic Thickener
- Others
On the basis of base oil, the Grease Market has been segmented as follows:
- Mineral Oil
- Synthetic Oil
- Bio-based Oil
On the basis of end-use industry, the Grease Market has been segmented as follows:
- Automotive
- Construction
- Mining
- General Manufacturing
- Metal Production
- Agriculture
- Power Generation
- Others
On the basis of region, the Grease Market has been segmented as follows:
- Asia Pacific
- Europe
- North America
- Middle East & Arica
- South America
Recent Developments
- In February 2024, ExxonMobil announced the expansion of its Mobil Serv? program, a strategic move aimed at enhancing its service offerings and strengthening its market presence. This expansion includes a broader range of solutions designed to improve the efficiency and reliability of industrial operations. Mobil Serv? now provides advanced lubrication analysis, monitoring, and maintenance services tailored to meet the specific needs of various industries such as manufacturing, energy, and transportation.
- In January 2019, Total Energies made a significant stride in the lubricants market with the launch of its long-life perfluoropolyether (PFPE) product line. PFPE lubricants are renowned for their exceptional thermal stability, chemical resistance, and longevity, making them ideal for demanding industrial applications in sectors such as aerospace, electronics, and semiconductor manufacturing.
- In March 2024, TotalEnergies Holdings USA acquired Talos Low Carbon Solutions LLC from Talos Energy. With this acquisition the company plans to to expand its presence in the low-carbon solutions sector, particularly in carbon capture and sequestration (CCS) projects along the Gulf Coast.
Frequently Asked Questions (FAQ):
Which are the major players in the grease market?
The key players profiled in the report include ExxonMobil Corporation (US), TotalEnergies SE (France), Shell Plc. (UK), Chevron Corporation (US), BP p.l.c. (UK) Fuchs Petrolub SE (Germany), Valvoline Inc. (US), China Petroleum & Chemical Corporation (China) among others.
What are the drivers and opportunities for the grease market?
Increasing demand for new and advanced vehicles and improved quality of grease are some major drives and opportunities of the market.
What are the various strategies key players are focusing within grease market?
New product launches, expansion and partnerships are some of the strategies adopted by key players to expand their global presence.
What is the CAGR of the grease Market?
The market is projected to grow at a CAGR of 4.2% in terms of value, during the forecast period.
What are the major factors restraining grease market growth during the forecast period?
Production of EVs and Hybrid vehicles is expected to restrict the market demand. .
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The study involved four major activities in estimating the market size for grease market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
Secondary Research
Secondary sources used in this study included annual reports, press releases, and investor presentations of companies; white papers; certified publications; articles from recognized authors; and gold standard & silver standard websites such as Factiva, ICIS, Bloomberg, and others. The findings of this study were verified through primary research by conducting extensive interviews with key officials such as CEOs, VPs, directors, and other executives. The breakdown of profiles of the primary interviewees is illustrated in the figure below:
Primary Research
The grease market comprises several stakeholders, such as raw material suppliers, end-product manufacturers, and regulatory organizations in the supply chain. The demand side of this market is characterized by end-use industries such as construction, automotive, mining and others. The supply side is characterized by advancements in technology and diverse application industries. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
Breakdown of Primary Participants
Note: Tier 1, Tier 2, and Tier 3 companies are classified based on their market revenue in 2023, available in the public domain, product portfolios, and geographical presence.
Other designations include consultants and sales, marketing, and procurement managers.
To know about the assumptions considered for the study, download the pdf brochure
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COMPANY NAME |
DESIGNATION |
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ExxonMobil Corporation |
Senior Manager |
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Shell plc. |
Innovation Manager |
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BP p.l.c. |
Vice-President |
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TotalEnergies SE |
Production Supervisor |
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Chevron Corporation |
Sales Manager |
Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the grease market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry have been identified through extensive secondary research.
- The supply chain of the industry has been determined through primary and secondary research.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
Grease Market: Bottom-Up Approach
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Grease Market: Top-Down Approach
Data Triangulation
After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the grease industry.
Market Definition
Grease is a semi-solid lubricant consisting of a base oil, thickener, and various additives formulated to provide superior lubrication and protection for moving parts and equipment. Unlike liquid lubricants such as oils, grease remains in place and adheres to surfaces, forming a protective layer that reduces friction, minimizes wear, and prevents corrosion. The base oil, which can be mineral, synthetic, or vegetable-based, serves as the primary lubricating agent, while the thickener, typically metallic soap or complex soap, provides the grease with its semi-solid consistency and structural stability. Additives such as antioxidants, anti-wear agents, and corrosion inhibitors are incorporated to enhance the grease's performance under specific operating conditions. Grease is commonly used in automotive, industrial, marine, and aerospace applications where reliable lubrication is essential for equipment performance, longevity, and efficiency.
Key Stakeholders
- Grease manufacturers
- Grease suppliers
- Raw material suppliers
- Service providers
- Application sector companies
- Government bodies
Report Objectives
- To define, describe, and forecast the grease market in terms of value and volume
- To provide detailed information regarding the drivers, opportunities, restraints, and challenges influencing market growth
- To estimate and forecast the market size by thickener type, base oil, end-use industry, and region
- To forecast the size of the market for five main regions: Asia Pacific, Europe, North America, South America, and the Middle East & Africa, along with their key countries
- To strategically analyze micromarkets1 with respect to their growth trends, prospects, and contribution to the overall market
- To analyze opportunities in the market for stakeholders and provide a competitive landscape for market leaders
- To analyze competitive developments, such as deals and expansions, in the market
- To analyze the impact of the recession on the market
- To analyze the impact of COVID-19 on the market and end-use industries
- To strategically profile key players and comprehensively analyze their growth strategies
Available Customizations
Along with the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Regional Analysis
- Further breakdown of a region with respect to a particular country or additional application type
Company Information
- Detailed analysis and profiles of additional market players (up to five)
Generating Response ...
Growth opportunities and latent adjacency in Grease Market