The global grease market size is projected to reach USD 6.9 billion by 2027 from USD 5.8 billion in 2022, growing at a CAGR of 3.6% in terms of value during the forecast period. The growth is largely driven by factors such as rising automation in various industries and improved quality of grease. The lower crude oil prices after COVID-19 scenario benefits the grease suppliers and fuels the global grease market.
The grease market is evolving, with major players playing a crucial role in the development of new and advanced products. Shell plc (Netherlands), Exxon Mobil Corporation (US), BP p.l.c. (UK), Chevron Corporation (US), TotalEnergies SE (France), Idemitsu Kosan Co., Ltd. (Japan), Sinopec Group (China), FUCHS Petrolube SE (Germany), Petronas (Malaysia), and Valvoline LLC (US) are key players in the grease market.
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Shell plc is the largest player in the grease market. It is vertically active in both upstream and downstream activities in the oil & gas industry. Its well-established distribution network and brand value serve as crucial factors for its growth prospects. The company is focused on its downstream business segment, as it has a strong revenue-generating segment with a high return on investment. It focuses on expansion as the key growth strategy. It has made enormous number of expansions to meet increasing demand from customers and strengthen its position in the grease market. In August 2020, the company and Ducati announced a three-year extension of their first oil-filled contract for all Ducati motorcycles manufactured at their plants in Bologna (Italy) and Rayong (Thailand). Also, Ducati extended its aftermarket agreement with Shell to Germany, UK, and France for Shell’s exclusive advanced Ducati engine oil, already used in the Italian and North American markets. In March 2020, Shell Indonesia announced to double the production capacity of its world class Lube Blending Plant (LOBP) in Marunda Center near Jakarta, Indonesia. After the completion, the facility produces up to three hundred million liters of finished lubricants per year on this 9-hectare site.
Exxon Mobil Corporation is the second-largest player in the grease market. In terms of revenue generation, Exxon Mobil Corporation is one of the largest companies. The company owns hundreds of small subsidiaries like Imperial Oil Limited, across the globe. In 1970s, the company developed commercial synthetic motor oil and is now a pioneer in synthetic oil technology. Exxon Mobil Corporation is currently operating in more than 160 countries.
In July 2019, the company increased its production capacity for low viscosity polyalphaolefin synthetic base oils, enhancing the reliability of its global supply chain network. In June 2019, the company expanded its business by developing long-term oil reserves in Argentina’s Bajo del Choique La Invernada block. The project comprises of a central production facility with ninety wells and exported infrastructure connected to the Oideval pipeline and refineries. This was estimated to generate 55,000 oil equivalent barrels per day within five years. Also, in December 2018, the company completed the expansion of its Rotterdam refinery to enhance the output of Group II base oils for lubricants. Due to this, the company grew to become world’s largest producer of Group I and Group II base oils.
BP p.l.c. is the third-largest company in the grease market globally. The company has a strong name in the oil & gas industry. The vertical integration of the company is a major factor responsible for its huge growth. Castrol is the flagship lubricant brand of the company that has a vast product line catering to a wide range of industries. BP p.l.c. is one of the six oil & gas supermajors and is vertically integrated. The company operates in gas & low carbon energy, customer products, oil production & operations, and other business. The company is also involved in the renewable energy activities in wind power and biofuels. In June 2021, the company has expanded its business by setting up a digital hub in Pune, India. This expansion helped the company grow their digital expertise and meet the changing needs by providing sustainable solutions.
Grease Market by Base Oil (Mineral, Synthetic, Bio-based), Thickener Type (Metallic Soap, Non-soap, Inorganic), And End-use Industry (Automotive, General Manufacturing, Construction, Metal, Mining, Agriculture, Power) - Global Forecast to 2027
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