The global grease market size was valued at USD 6.36 billion in 2023. The market is set to grow from USD 6.60 billion in 2024 to USD 9.49 billion by 2032 at a CAGR of 4.6% during the forecast period.

Grease is used for protection against corrosion and rust and the reduction of friction in equipment across various industries such as food & beverage, automotive, and others. The escalating product usage in the automotive industry is one of the vital factors propelling industry expansion.  

During the COVID-19 pandemic, the increased costs of transportation and the impact on the construction and automotive sectors impacted product adoption. This had a negative impact on the industry.

Fortune Business Insights™ provides this information in its research report, titled “Grease Market Size Report, 2024-2032”.:

Grease Market Segmentation:

Mineral Oil Segment Recorded Prominent Share with Expanding Construction Sector

On the basis of base oil, the market is subdivided into bio-based oil, synthetic oil, and mineral oil. In 2023, the mineral oil segment registered a dominant share of the market. The product demand is set to rise with the expansion of the automotive and construction sectors, pushing segment growth over the forecast period.  

Automotive Segment Held Key Share Due to Rising Product Demand for Lubrication

Based on application, the market is categorized into power generation, food & beverage, mining, agriculture, construction, automotive, and others. The automotive segment recorded a leading share of the market in 2023. The growing product demand for the lubrication of wheel bearings, chassis, steering linkages, and other components is set to drive segmental expansion.

Based on geography, the market for grease has been studied across Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.

Grease Market Report Coverage:

The report gives an analysis of the global business scenario on the basis of numerous segments: application, base oil, and geography. It also presents an account of the pivotal industry trends. The key factors touted to propel industry growth have also been provided in the report.

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Drivers and Restraints:

Surging Demand for Electric Vehicles to Propel Industry Expansion

The expansion of the automotive sector and a shift toward the adoption of electric vehicles are poised to propel grease market growth over the ensuing years. The sector records a high product demand for lubricating a range of components such as wheel bearings, brakes, and engines, gearboxes, and electric motors, among others. The demand for specialized greases is set to augment with an escalation in the adoption of electric vehicles across various regions.  

The volatility in the prices of raw materials may, however, restrain industry growth.   

Regional Insights:

Asia Pacific Held the Largest Share Owing to Increased Emphasis on Renewable Energy Projects

Asia Pacific held a dominating grease market share driven by the rising demand for specialized lubricants. In addition, the region exhibits a greater emphasis on renewable energy projects.

Europe is poised to record an increase in product adoption considering the mounting government investments in renewable energy and infrastructure projects.

Competitive Landscape:

Pivotal Companies Adopt Numerous Strategies to Consolidate their Market Positions

Leading industry players are focused on adopting several strategies to strengthen their positions in the global market. Some of these steps include acquisitions, mergers, product innovations, and others. A few of the key industry players are Chevron Corporation, Shell PLC, and Total Energies.

Grease Industry Development:

March 2024 – Shell Indonesia shared plans to construct its first GMP (grease manufacturing plant) in Indonesia. The move would complement the company’s pre-existing Bekasi-based Marunda Lubricants Oil Blending Plant (LOBP).

List of Key Players Mentioned in the Report:

• Exxon Mobil Corporation (U.S.)
• Total Energies (France)
• Shell PLC (U.K.)
• Chevron Corporation (U.S.)
• P. PLC (U.K.)
• FUCHS (Germany)
• Sinopec (China)
• PETRONAS (Malaysia)
• CONDAT Group (France)
• Klüber Lubrication (Germany)