Market Players are Focusing on Increasing Their Production Capacities and Developing Cost-Effective Technologies in Grease Market
The growth prospects for the grease market are progressive with the market size expected to witness a moderate growth rate between 2016 and 2021, in terms of volume. Growth in the end-use industries surge the demand for advanced grease. Royal Dutch Shell plc (Netherlands), Sinopec Corporation (China), Petronas (Malaysia), BP Plc (U.K.), Fuchs Petrolub SE (Germany), and Exxon Mobil Corporation (U.S.) dominated the market in 2015. These companies focus on expanding the business to increase the global presence and cater the consumer demand. The increasing applications of grease in various industries demand technological developments as well, and so the players are concentrating in developing advanced technologies.
Market players are focusing on increasing their production capacities and developing cost-effective technologies. The major companies are investing to upgrade their units for enhanced production of grease. All these developments meet the increasing demand for grease from a variety of end-use industries such as automotive, construction & off-highways, general manufacturing, steel, mining, and others.
Expansion is the key strategy adopted by major grease manufacturers in the recent past. The top players in the grease market adopted these strategies to expand their business into emerging regions. These developments will help the companies to quench the growing demand of grease in various applications, such as wheel bearings, automotive gears, wind turbines, electric motor, agriculture equipment, and hydraulic machines.
Sinopec Corporation (China) and some local companies of South Africa collaborated in 2014. Sinopec Corporation exported its JH1 grease to South Africa, which is used in the electric locomotives market. The growing demand for grease from the automotive segment compels the players to collaborate and offer differentiated products to serve the rising demand of the market. Moreover in July 2013, the company expanded its manufacturing capacity of lubricant plant in Singapore to produce 2,000 tons of grease per year.
Dow Corning Corporation (U.S.), the subsidiary of The Dow Chemical Company, another player in the grease market, signed an agreement with ChemPoint.com, Inc. (U.S.) to facilitate order placement, distribution, and technical support for grease in the U.S. and Canada. The company is continuously introducing new products into the market to cater to the demand from end-use industries.
Asia-Pacific is the leading and fastest-growing market for grease. The market of grease is attributed by the increasing population, high demand from the automotive and industrial segments, and rapid industrialization in developing countries, such as China, India, and Thailand.
Related Reports:
Grease Market by Type (Metallic Soap Thickener, Non-Soap Thickener, Inorganic Thickener, and Others), and by End-use Industry (automotive, construction & off-highways, general manufacturing, steel, mining, and other) - Global Forecasts to 2021
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