Grease Market has witnessed increasing use of biodegradable greases in past few years. These are high performing and their additives are either synthetic ester or vegetable oil based. It degrades sooner compared to its mineral oil-based alternatives and do not release environmentally harmful residues after use. Moreover, their manufacturers comply with environmental regulations Automobile industry has been a major product consumer keeping the exponential growth it has registered in past few years. Automobile industry growth will positively impact product demand in the coming years.
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Long component life, low friction and easily renewable raw material shall make product market more sustainable during the forecast period. However, factors such as development of self-lubricant equipment, unfavorable availability of raw material and fluctuation in exchange rate shall restrain the grease market growth over the forecast timeframe. Insufficient knowledge regarding right product grades among consumers usually lead to dissatisfaction about the product. Consolidation of manufacturers has resulted into reduced number of grease plants. Product globalization is likely to possess a threat for small local manufacturers. These factors may hamper the grease market size growth during forecast timeframe.
North America and Europe were prominent regions in global grease market in 2017, which can be attributed to their well-established automobile industries. Asia Pacific held the largest market share in 2017. The product demand is prominently driven by India, China, Thailand and Japan owing to rapidly growing automobile sector in these countries.
Acquisition of small vendors by these chief companies has resulted into fragmentation of grease market. However, in recent years there is consistent rise in local vendors, due to easy availability of technology and different cost-effective production techniques.
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Some prominent players operating in the grease market are Exxon Mobil Corporation, Shell Global, Chevron Corporation, Idemitsu Kosan Co. Ltd, China Petrochemical corporation, Total, FUCHS, Petroliam Nasional Barhad, BP plc, DowDuPont, CITGO Petroliam Corporation, Harrison Manufacturing and Indian oil corporation Ltd. In June 2017, Exxon Mobil announced the completion of its expansion project in Singapore. It will augment synthetic lubricants and grease production. This new synthetic lubricants and grease facility is located in Asia Pacific and it will ensure the reliable product supply across the region.