The grease market size is projected to reach USD 6.1 billion by 2025 from USD 5.3 billion in 2020, at a CAGR of 2.9%. Rising automation in various industrie is expected to support the growth of the grease market. However, stringent environmental regulations is restraining the growth of the market. On the other hand, the increased demand for polyuria has created opportunities for manufacturers.
APAC is the largest market for grease, followed by Europe and North America. The massive industrial growth in APAC has been fueling the grease market for the past few years, and this is expected to continue over the next five years. Domestic and foreign investments in key sectors, such as energy, manufacturing, and construction, have been consistently growing over the past decade. This is expected to drive the grease market between 2020 and 2025. The increasing population in the region is also fueling the market.
Royal Dutch Shell PLC. (Netherland), BP p.l.c.(UK), ExxonMobil Corporation (US), Total SA (France) and Chevron Corporation (US) are the major players in this market.
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Royal Dutch Shell PLC. is the largest player in the grease market. It is vertically integrated and is active in both upstream and downstream activities in the oil & gas industry. Its well-established distribution network and brand value serve as important factors for its future growth. The company is mainly focused on its downstream business segment as it has a strong revenue-generating segment with high return-on-investment. It is focusing on expansion as the key growth strategy. It has made a large number of expansions to meet the increasing demand from customers and strengthen its position in the global lubricants market.
- Recently, in March 2020, Shell doubled its production capacity in the lubricant plant in Java. This is to capture a bigger part of the domestic market.
- In May 2019, Shell launched e-fluids for the better performance of electric vehicles. These e-fluids include E- Transmission Fluids, E-Thermal Fluids, and E- Greases.
ExxonMobil Corporation is the second-largest player in the grease market. ExxonMobil is focusing on enhancing its market reach by foraying into new markets. The company completed the expansion project of its Singapore refinery. The facility will strengthen the supply for Group II EHC base oil used for manufacturing premium-grade lubricants. Moreover, the company has launched new products to strengthen its global presence.
- In September 2017, ExxonMobil launched its full suite of fluids and greases named Mobil EV to meet the need of drivetrain requirement of electric vehicles..
It is the third-largest company in the grease market, with a share of 9%. It has a strong brand name in the oil & gas industry. The vertical integration of the company is a major factor responsible for its huge growth. Castrol is the flagship lubricant brand of the company that has a vast product line, catering to a wide range of industries.
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