Grease Additives Market (Type, Application) - Reach $627.93 Mn by 2028 at 4.5% CAGR with Oxidation Inhibitors Segment Driving Growth During 2022–2028 | The Insight Partners
Grease Additives Market is driven by an upsurge in automobile manufacturing and the growing adoption of electric vehicles boost the demand for grease. Asia Pacific is one of the most significant regions for this market.
Pune, India, June 21, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Grease Additives Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028– COVID-19 Impact and Global Analysis – by Type and Application,” the grease additives market size was valued at US$ 481.80 million in 2022 and is projected to reach US$ 627.93 million by 2028; it is expected to grow at a CAGR of 4.5% from 2022 to 2028.
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*Grease Additives Market Report Scope, Segmentations, Regional & Country Scope:*
Report Coverage Details
Market Size Value in US$ 481.80 million in 2022
Market Size Value by US$ 627.93 million by 2028
Growth rate CAGR of 4.5% from 2022 to 2028
Forecast Period 2022-2028
Base Year 2022
No. of Pages 201
No. of Tables 84
No. of Charts & Figures 108
Historical data available Yes
Segments covered Type, and Application
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Companies Covered Afton Chemical Corp, BASF SE, Clariant AG, Croda International plc, Evonik Industries AG, Shamrock Technologies Inc, The Lubrizol Corp, RT Vanderbilt Holding Co Inc, Lanxess AG, and IPAC Inc
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*Browse key market insights spread across 201 pages with 84 list of tables & 108 list of figures from the report, *"Grease Additives Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Oxidation Inhibitors, Corrosion Inhibitors, Antiwear Agents, Pressure Additives, Metal Deactivators, and Others) and Application (Automotive, Aerospace, Marine, Mining, Steel Mill, Construction Machinery, and Others)"* in detail along with the table of contents: **https://www.theinsightpartners.com/reports/grease-additives-market*
*Global Grease Additives Market: Competitive Landscape and Key Developments*
Afton Chemical Corp, BASF SE, Clariant AG, Croda International plc, Evonik Industries AG, Shamrock Technologies Inc, The Lubrizol Corp, RT Vanderbilt Holding Co Inc, Lanxess AG, and IPAC Inc are a few of the major players operating in the global grease additives market. Market players continuously focus on strategies such as investments in research and development activities.
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In 2022, Asia Pacific held the largest share of the global grease additives market. The Asia Pacific grease additives market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The market growth in this region is attributed to the increasing scale of operations in industries such as automotive, wind energy, marine, aerospace, and construction, along with a surge in grease production. According to the National Lubricating Grease Institute, in 2021, grease production increased by 13% in Southeast Asia and the Pacific.
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*Proliferation of Automotive Industry is Expected to Drive the Market Growth.*
The automotive industry has witnessed tremendous growth in the last few decades and is expected to rise steadily during the forecast period. According to a report published by the European Automobile Manufacturers’ Association (ACEA), global motor vehicle production increased by 1.3% from 2020 to 2021; 79.1 million motor vehicles, including 61.6 million passenger cars, were produced across the world in 2021. A Bureau of Transportation Statistics report states that China is one of the dominant producers of passenger cars and commercial vehicles. Further, a new research study by Canalys mentions that 1.3 million electric vehicles (EVs) were sold in China in 2020. According to a Germany Trade & Invest report, Germany, a primary automotive market in Europe, registered a foreign revenue of US$ 289.0 billion (a 10% rise from 2020) from passenger car and light commercial vehicle original equipment manufacturing in 2021. Governments of a few other European countries, such as the Netherlands, have introduced incentives to stimulate the sale of electric automobiles. The International Energy Agency (IEA) estimates that 80% of the total cars sold worldwide will be hybrid or electric cars by 2050. With such growth in the automotive industry, the demand for lubricating products is also increasing notably, as these substances contribute to enhanced engine performance and the extended lifespan of components of automotive parts. Thus, an upsurge in automobile manufacturing and the growing adoption of electric vehicles boosts the demand for grease, thereby bolstering the grease additives market growth.
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*Grease Additives Market: Segmental Overview *
Based on type, the grease additives market is segregated into oxidation inhibitors, corrosion inhibitors, antiwear agents, pressure additives, metal deactivators, and others. The oxidation inhibitors segment held the largest market share in 2022. Oxidation inhibitors prolong grease life by improving its resistance to oxidation, especially at consistently high temperatures. Worn-out metal, glycol contamination, thermal degradation, and several soot contaminations are a few of the factors inducing oxidation reactions in various automotive, aerospace, and construction applications, among others. Equipment and machinery in various applications operate at high temperatures, which may cause oxidation and damage to their parts. Thus, grease applied to equipment functioning in elevated operating temperature conditions and high air exposure applications require high oxidation protection.
Based on application, the grease additives market is segregated into automotive, aerospace, marine, mining, steel mill, construction machinery, and others. The automotive segment held the largest market share in 2022. Automotive grease is used in the automobile and transportation industries to enhance engine performance. Flourishing automotive industries in developing economies and ongoing research & development for advanced grease products benefit the grease additives market for automotive applications. Advancements in grease additives have resulted in compositions that support longer service intervals, increased machine longevity, higher fuel efficiency, and reduced pollutant levels.
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*Impact of COVID-19 Pandemic on Grease Additives Market*
The increasing demand for grease in the automotive industry was the major growth enabler for the grease additives market before the onset of the COVID-19 pandemic. However, various end users of grease faced unprecedented challenges after the global outbreak in 2020. The manufacturers of grease additives faced significant challenges due to supply chain constraints caused by nationwide lockdowns, trade bans, and travel restrictions. The supply chain disruption created a shortage of raw materials, which affected the production and distribution of different grease additives, leading to increased prices.
During the initial phase of the COVID-19 pandemic, implementing lockdown restrictions and shutdown of manufacturing units led to a production shortfall, creating a demand and supply gap. These factors hampered the profitability of various small-scale and large-scale grease additives manufacturers. In 2021, several economies resumed operation as governments of various countries announced relaxations in the previously imposed restrictions, which boosted the global marketplace. Manufacturers were permitted to operate at full capacities, which helped them overcome the demand and supply gap and other repercussions. The growing demand for automobile and industrial machinery post-COVID-19 pandemic has been generating demand for grease additives.
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