Industrial Grease Market
Industrial Grease Market Analysis By Base Oil (Mineral Oil, Synthetic Oil, Semi-synthetic Oil, Bio-based), By End Use (On-road Vehicles, Other Transportation, Mining & Metallurgy, Off-highway & Construction, Auto Manufacturing, Other Manufacturing), By Thickener Type (Simple Metal Soaps, Non-soap Thickeners, Complex Metal Soaps) and By Region – Global Market Report (2023 to 2033)
Analysis of Industrial Grease Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Industrial Grease Market Outlook (2023 to 2033)
Based on the latest industry analysis by Fact.MR, the global industrial grease market size is pegged at US$ 2.12 billion in 2023 and is forecasted to expand at a CAGR of 5.5% to reach US$ 3.62 billion by the end of 2033.
Lubricants made for use in industrial machinery and equipment are known as industrial greases. They are solid or semi-solid substances made up of different additives, thickeners, and base oils. The thickener, usually a metallic soap, serves as a framework to hold the base oil in place while the base oil lubricates moving parts to reduce friction.
There are several applications of industrial greases, including mining, construction, automotive, manufacturing, power generation, and transportation. They are utilized in machinery that has bearings, gears, slides, chains, and other parts that need to be lubricated to limit wear, lower heat, and avoid damage. Demand for industrial greases is being driven by the rapid infrastructure development and the expanding industrial sector in emerging economies.
Rising industrialization in emerging economies has boosted the demand for machinery, thus driving the need for grease in the process. Technological advancements have resulted in specialized greases for harsh conditions. Awareness of equipment maintenance has grown substantially. Eco-friendly and biodegradable greases are preferred for sustainability purposes. The market is also growing due to technological advancements, equipment maintenance awareness, and sustainability concerns.
|Industrial Grease Market Size (2022A)||US$ 2.01 Billion|
|Estimated Market Value (2023E)||US$ 2.12 Billion|
|Forecasted Market Value (2033F)||US$ 3.62 Billion|
|Global Market Growth Rate (2023 to 2033)||5.5% CAGR|
|North America Market Share (2023)||32.4%|
|United States Market Growth Rate (2023 to 2033)||4.9% CAGR|
|Key Companies Profiled||
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Industrial Grease Consumption Analysis (2018 to 2022) vs. Market Predictions (2023 to 2033)
The market for industrial grease expanded at 4.7% CAGR between 2018 and 2022 and is forecasted to advance at a higher CAGR of 5.5% from 2023 to 2033, according to Fact.MR, a market research and competitive intelligence provider.
- Short Term (2023 to 2026): As a result of growing concerns about sustainable and eco-friendly lubrication solutions, the worldwide market is anticipated to undergo substantial changes in the near future.
- Medium Term (2026 to 2029): New additives and manufacturing techniques are projected to lead to the growth of the global market in the medium run. High-performance greases that can function in harsh situations, including high temperatures and high loads, are predicted to be introduced as a result of research into this area.
- Long Term (2029 to 2033): The transition to synthetic greases is forecasted to contribute to industrial grease market growth. As they function better than other greases, synthetic greases made with synthetic base oils are becoming more and more popular. Over time, these modifications are predicted to further fuel demand for industrial greases.
Why is Demand for Industrial Grease Rising Steadily Worldwide?
“Rapid Infrastructure Development Driving Need for Efficient Machinery Lubricants”
Need for industrial greases is being driven by ongoing industrialization and infrastructure development initiatives in different countries. The market is expanding as a result of the need for dependable lubrication solutions to maintain effective and seamless operations in the growing manufacturing, construction, mining, and other industrial sectors.
High-performance industrial greases are in high demand due to ongoing technological advancements in machinery and equipment. These greases offer better equipment protection, longer service lives, and increased efficiency since they are made to endure harsh environments, greater temperatures, and larger loads.
Market growth for lubricants for machines is being fueled by a rising consumer preference for synthetic greases, crafted with synthetic base oils. Synthetic variants outshine mineral oil-based counterparts, boasting enhanced oxidation resistance, wider temperature tolerance, superior thermal stability, and extended service intervals.
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What are the Factors Affecting the Stability of the Market?
“Volatility in Raw Material Prices across Regions”
Factors such as the price of crude oil, supply-demand dynamics, and geopolitical uncertainty can cause volatility in the prices of base oils, thickeners, and additives used in industrial greases. The stability of the market may be threatened by such price volatility for raw materials.
The market for industrial greases is very competitive, with many suppliers and manufacturers selling comparable goods. End-user price sensitivity can result in pricing pressure, which can hurt producers' profit margins and hinder the expansion of the market.
While some industries quickly adopt improved lubrication solutions, others may take longer because of factors such as customs, financial constraints, or a lack of awareness about the advantages of high-performance industrial greases. Potential market growth may be constrained by this slower adoption rate.
What’s Attracting Industrial Grease Manufacturers to the United States?
“Increasing Machinery Complexity Necessitating Specialized Lubrication Solutions”
Sales of industrial grease in the United States are estimated at US$ 580.9 million in 2023
Need for industrial greases is largely driven by the manufacturing industry in the United States. Lubrication solutions are increasingly needed as manufacturing operations grow to keep machinery operating smoothly, lower friction, and stop wear and tear. Demand for industrial greases is fueled by the expansion of sectors like electronics, machinery, aircraft, and automotive.
The transportation industry, which includes trucking, railroads, ships, and airplanes, depends on a large number of pieces of equipment. For gears, bearings, and other parts in automobiles and transportation infrastructure to function smoothly, automobile lubricants are necessary. The transportation sector's need for industrial greases keeps growing due to the volume of commodities being moved and the expansion of the automotive industry.
Technological advancements have produced increasingly complex machinery and equipment, necessitating the use of specialist lubricant solutions. To satisfy the lubricating needs of cutting-edge machinery, industrial greases with enhanced performance capabilities such as resistance to high temperatures, protection from intense pressure, and extended service life are in demand.
How Fast is Demand for Industrial Greases Progressing in China?
“High Demand for Industrial Grease Due to Significant Investments in Infrastructure Projects”
The market for industrial lubricants in China is valued at US$ 667.8 million in the year 2023.
Ongoing industrialization in China has resulted in notable growth in manufacturing industries, including electronics, construction, equipment, and automobiles. These industries rely significantly on machinery and equipment, which need to be properly lubricated with industrial greases. The need for industrial lubrication rises in tandem with an increase in industrial activity, propelling market expansion.
China has been making significant investments in the construction of power plants, transportation networks, and other infrastructure. These projects call for machinery and equipment that are lubricated with industrial greases. China's rapid infrastructural development is one factor driving up demand for industrial greases. China is home to a large automotive market. Industrial greases are needed for several purposes in the nation's expanding automotive sector, such as bearings, chassis parts, and engine lubrication. The automobile industry's need for industrial greases is rising significantly as a result of China's growing auto production and sales.
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Why Does Mineral Oil Occupy a Leading Share of the Market?
“Vital Role of Mineral-oil-based Grease in Preventing Micro-welding”
Under base oil type, the mineral oil segment of bearing lubrication has been calculated at a value of US$ 771.8 million for 2023.
Renowned for its excellent lubricating properties, mineral-oil-based grease finds widespread use in lubricating mechanical components like slides, gears, bearings, chains, and threaded connections. With various additives enhancing performance, these greases prevent micro-welding in threaded connections and seamlessly integrate with different grease thickening systems. As a result of their versatility and application diversity, mineral oil-based greases dominate a substantial market share.
What’s Leading to Extensive Use of Industrial Grease in the Manufacturing Sector?
“Heavy Reliance of Manufacturing Sector on Machinery”
Use of industrial grease in the manufacturing sector is estimated at a market value of US$ 992.3 million in 2023.
The manufacturing sector heavily relies on machinery, and effective lubrication is crucial for smooth operation and preventing wear. Industrial lubricants, essential for chains, slides, gears, and bearings, are in high demand due to extensive machinery use.
The continual growth and capacity expansion of the manufacturing sector drive the consumption of industrial greases. As industries increase production capacity, the demand for lubrication solutions, including industrial greases, rises proportionately to ensure optimal machine performance and productivity.
Preventive maintenance, facilitated by industrial greases, is vital for maximizing production efficiency, reducing downtime, and prolonging equipment life. Manufacturers recognize the cost-saving benefits of preventive maintenance, ensuring a perpetual demand for industrial greases.
Key industrial grease manufacturers are Belray Company LLC, Texaco Inc., ExxonMobil Corporation, Whitmore Manufacturing Company, Axel Christiernsson International AB, Dow Corning Corporation, Sinopec Lubricant Company, and Royal Dutch Shell PLC.
Various strategies are being adopted by industry players in the global market to sustain their competitive edge and drive growth. Businesses are funding R&D projects in an effort to launch cutting-edge, high-performing industrial greases. They concentrate on creating greases that are resistant to harsh environments, provide improved protection, and satisfy changing industry requirements. This aids companies in the market in differentiating their offerings and drawing in clients searching for cutting-edge lubricating solutions.
Companies in the market are diversifying their offerings to accommodate a wider range of uses and sectors. They create greases specifically designed to meet the lubricating needs of various equipment types, like chains, gears, and bearings. By using this tactic, businesses can reach a larger consumer base and satisfy the various needs of various industries.
Fact.MR has provided detailed information about the price points of key manufacturers of industrial grease positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report
Segmentation of Industrial Grease Market Research
By Base Oil :
- Mineral Oil
- Synthetic Oil
- Semi-synthetic Oil
By End Use :
- On-road Vehicles
- Other Transportation Applications
- Mining & Metallurgy
- Off-highway & Construction
- Auto Manufacturing
- Other Manufacturing Applications
By Thickener Type :
- Simple Metal Soaps
- Non-soap Thickeners
- Complex Metal Soaps
By Region :
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Western Europe
- Eastern Europe
- Middle East & Africa
- FAQs -
The global industrial grease market was valued at US$ 2.01 billion in 2022.
Demand for industrial grease advanced at 4.7% CAGR from 2018 to 2022.
High volumes of industrial grease are used for transportation, mining & metallurgy, off-highway & construction, and manufacturing purposes.
The market for industrial lubricants is valued at US$ 2012 billion in 2023.
The market is forecasted to reach US$ 3.62 billion by 2033-end.
Demand for mineral-oil-based greases is forecasted to increase at 5.8% CAGR through 2033.
The market in China is predicted to reach US$ 665.7 million by the end of 2033.