INDUSTRIAL GREASES MARKET ANALYSIS

Industrial Greases MarketSize and Trends

The global industrial greases market is projected to reach around US$ 2623.3 million by the end of 2027, in terms of revenue, growing at CAGR of 5.5% during the forecast period (2020-2027).

Figure 1. Global Industrial Greases Market Share (%) in terms of Value, By Region, in 2019

Figure 3. Global Industrial Greases Market Share (%) in terms of Value, By Application, in 2019

On the basis of application in 2019, the other manufacturing segment has accounted the largest market share of 27.6% in terms of value, followed by on road vehicles and mining & metallurgy respectively

Market Trends

Growth in the oil &gas industry especially in the UAE region due to increasing investment by the regional government is projected to accelerate the market growth of the industrial greases over the forecast period. For instance, in November 2018, Abu Dhabi’s Supreme Petroleum Council (SPC) has approved a five-year, $132bn investment plan proposed by Abu Dhabi National Oil Company’s (Adnoc) aimed at increasing the UAE’s oil and gas production capacity.

The growing demand for grease from the marine and boating industry is anticipated to be a major factor propelling the market growth of industrial greases. For instance, in March 2019, Zaeto launched five environmentally friendly grease and lubricant products for the marine industry. This includes marine engine treatment, marine 4 stroke engine treatment, marine grease, marine aerosol lubricant, and marine aerosol grease. Thus growing demand for grease from the marine industry is expected to propel the market growth.