Grease Market is expected to witness a CAGR of more than 2.0% between 2016 and 2021 with Market Leaders & Key Revenue Pockets
[186 Pages Report] The Global Grease Market was valued at USD
2.04 billion in 2015 and is projected to reach USD 2.28 billion by 2021 at a
CAGR of 2.0% between 2016and 2021. In this report, 2015 is considered as the
base year and forecast period is 2016–2021.
The market is largely driven by the increased demand from the
automotive industry. Grease is highly used in the automotive industry for wheel
bearings, universal joints, suspensions, gears, and connectors.
Key players profiled in this report include Royal Dutch Shell
plc (Netherlands), Exxon Mobil Corporation (U.S.), Sinopec Limited (China),
Total S.A. (France), Chevron Corporation (U.S.), Fuchs Petrolub AG (Germany),
and others.
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.
Drivers &
Opportunities in global industry:
- Rapidly Developing Industrial Sector in Emerging
Economies
- Growing Automotive Industry
- Improved Quality of Industrial Grease
- Technological Advancements Leading to Introduction
of Efficient Grease
- Increasing Applications of Grease
- Rising Trend Towards the Usage of Bio-Based Grease
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MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
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