Global Grease Pump Market to Rope in ~6% CAGR during 2022-2031; Automotive Boom, Growing Mining Projects, and an Optimistic Construction Outlook to Secure Growth Agility- Research Nester
Key Companies Covered in the ‘Global Grease Pump Market’ Research Report by Research Nester are Castle Pump Ltd, TriRotor Inc., Pressol Schmiergerate GmbH, TAKADA CORPORATION, Ingersoll Rand, Inc, LUBE Corporation, North Ridge Pumps Ltd, Flexbimec International srl, DAV Tech Srl, SAMOA INDUSTRIAL, S.A. and other key market players.
New York, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘*Global Grease Pump Market*’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
· Market growth over the forecast period
· Detailed regional synopsis
· Market segmentation
· Growth drivers
· Challenges
· Key market players and their detailed profiling
*Global Grease Pump Market Size:*
The global grease pump market is projected to nail eminent growth at a notable CAGR of ~6% during the projection timeline, 2022-2031.Growing needs for efficient lubricating device, significant instances of mechanical and automotive wear and tear are expected to ensure a lucrative growth chart. Also, growing end-user adoption across businesses such as construction, oil and automotive among others are further expected to fortify growth opportunities for the global grease pump market. For instance, in automotive industry, grease pump is used extensively in repair and servicing activities. Construction industry lately has been showing substantial potential in recent years. For instance, the residential construction sector in the US grew by more than 7% in 2020 owing to high demands for single-family housing.
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Growing automotive industry worldwide and parallel rise for automotive servicing are expected to steer high revenue channels for the global grease pump market during the forecast era. Recouping from the temporary slip in 2020, with the sudden onset of the pandemic, the automotive industry worldwide has shown significant growth in 2021 with new car sales elevating by roughly 17%. The commercial car sales also remained encouraging with overall sales hitting over 15% in the same year. Likewise, the automotive repair industry is also demonstrating progress. In the US alone in 2019 the general automotive repair revenues accounted for around USD 55 billion which further is expected to approximately topple over USD 60 billion in 2024.
*Global Grease Pump Market:** Key Takeaways*
· Europe region to grow as a lucrative growth spot
· Automotive end-user segment to sustain highest revenues
· Pneumatic type grease pump to witness large scale adoption and innovation
*Growing Need for Sturdy Vehicular Equipment with Reduced Unplanned Downtime and Maintenance Costs Perk up Growth *
Grease pumps are highly recommended for fixing any sort of industrial wear and tear to ensure equipment productivity. Equipment performance is highly dependent on the lubricating properties which in turn is manoeuvring substantial growth for the global grease pump market. The oil and grease pumps help in lubrication equipment which eases transfer of viscous fluids like oil buckets, barrels, drums to fit any container. Features such as low maintenance and high efficiency have accelerated adoption across construction, mining, and agricultural activities where equipment maintenance is highly required. Grease pumps are designed to operate across all kinds of equipment used in construction and mining industries, both static and portable equipment.
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According to recent statistics the mining business worldwide in 2019 was around 18.0 billion metric tons with China registering the lion's share with over 24%, followed by the US which accounted for around 13%. The market value of mining equipment worldwide stood at approximately USD 130 billion in 2021 and is further expected to scale up-to USD 150 billion by 2024. Advances in the mining industry is directly propelling growth in mining equipment which in turn is fostering high revenues in the global grease pump market.
With the Do-It-Yourself (DIY) trend seeping in among automotive owners need for grease pump is likely to experience an upsurge in the coming years for improving vehicle repair and maintenance. A recent study affirms that DIY for automotive maintenance has been growing consistently. In 2016 the number of car owners undertaking DIY rose higher than 80%. In 2022, sale of brake component kits in Canada soared over 82%. These developments are projected to draw a lucrative growth route for the global grease pump market in the forecast years.
*Global Grease Pump Market:* *Regional Overview*
The global grease pump market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
*Auto Industry Boom to Channelize Lucrative Growth Windows*
The market in Europe region is expected to experience the highest growth throughout the forecast period owing to high user acceptance and significant uptick in population growth. Additionally, the automotive industry in the region is booming which is expected to leverage market growth in the region. In 2021, the car export value in the European Union (EU) incurred an overall USD 128 billion which is roughly about 3.5% higher as opposed to 2020. In 2021, car imports equalled over USD 54 billion that triggered sales surplus of almost USD 70 billion in EU.
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Growing disposable income in European region is also estimated to trigger investments in non-essential car servicing activities. In 2020 the gross household saving percentage in EU region stood at roughly 18%. Additionally, it is also predicted that with lockdowns getting eased substantially, travel frequencies are poised to rise which in turn are expected to attract wear and tear of vehicles. These factors are collectively pushing the revenue streams of the grease pump market in Europe. In 2021 total number of nights spent in tourist centers in European Union reached over 1.9 billion which is slightly higher than 25% as opposed to 2020.
*Flourishing Two-wheeler Industry to Attract Strong Revenue Streams*
The Asia Pacific region is also expected to demonstrate lucrative growth during the projected timeline owing to flourishing two-wheeler and three-wheeler vehicles in the region necessitating greasing and maintenance activities. In 2019 China witnessed over 12 million units of sales for 250cc motorcycles. The motorcycle market in Myanmar stood at around 6 million in 2019. The Indonesian market is also a flourishing spot for lightweight two-wheelers under 150cc making over 82% of domestic sales in 2020. Honda and Yamaha are identified as top players.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
· North America (U.S., Canada)
· Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
· Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
· Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
· Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
*Global Grease Pump Market, Segmentation by** End-User*
· · Automotive
· Consumer Electronics
· Mining
· Construction
Out of these, the automotive segment is projected to grow optimistically backed by a booming automotive industry outlook. With the kind of developments in the emerging nations, rapid technological developments, growing car ownership rates, and new auto manufacturers emerging, the automotive industry is expected to sustain promising growth, parallely pushing the global grease pump market forward. Recent statistics reveal, owing to growing trends in passenger vehicles and shared mobility, new business models for the automotive industry are poised to hit over 29% in revenues, nailing over USD 1.2 trillion by 2030.
*Global Grease Pump Market, Segmentation by** Type*
· · Manual
· Electric
· Hydraulic
· Pneumatic
Out of these, the pneumatic grease pump type segment is headed to be the most lucrative segment owing to its immense applications in heavy industrial applications. However, with the emergence of new variants of pneumatic grease pump comprising air-powered type, this segment is now highly popular for DIY enthusiasts. Air powered pneumatic grease pump are valued because of features such as advanced oil and grease injection system. Companies such as Arozone are offering new grease pump technologies such as the EVO series, an air operated diaphragm pumps. Grease pumps from Macnaught, USA released air-operated grease pumps with low air consumption motor.
*Global Grease Pump Market is also segmented based on pressure and pump type*
*Global Grease Pump Market, Segmentation by** Pressure*
· · Below 50Bar
· 51 to 100
· 101 to 200
· 201 to 350
· 351 to 500
· Above 500
*Global Grease Pump Market, Segmentation by** Pump Type*
· · Centrifugal
· Peristatic
· Rotary Piston
· Air Operated
Few of the well-known market leaders in the global climate resilient technologies market that are profiled by Research Nester are Castle Pump Ltd, TriRotor Inc., Pressol Schmiergerate GmbH, TAKADA CORPORATION, Ingersoll Rand, Inc, LUBE Corporation, North Ridge Pumps Ltd, Flexbimec International srl, DAV Tech Srl, SAMOA INDUSTRIAL, S.A. and other key market players.
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*Recent Developments: Global Grease Pump Market*
· In January 2022 SKF launched the SKF Lincoln grease pump (grease gun). The model is called Model 1154 and has dual-piston lever-action that enables quick adjustment of the tool aligning with equipment lubrication needs. This latest offering of SKF Lincoln grease pump is ideal for construction, farming equipment, and automotive servicing such as repair garages.
· In February 2019 market player DAV Tech srl inaugurated its displacement pumps and gears volumetric pumps that are more resilient and suit extreme working conditions and rough weather with uncompromised accuracy.
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