The report "Grease Market by Base Oil (Mineral, Synthetic, Bio-Based), Thickener Type (Metallic Soap, Non-Soap, Inorganic), End-Use Industry (Automotive, Construction, General Manufacturing, Metal, Mining, Food & Beverage, Power) - Global Forecast to 2025", is projected to reach USD 6.1 billion by 2025, at a CAGR of 2.9% from USD 5.3 billion in 2020. The growth of the grease market is primarily triggered by the rise in automation in various end-use industries. Manufacturing, construction, and mining are some of the industries that use various heavy load equipment, which require regular lubrication. Owing to increasing competition and growing challenges in manual operations, the use of highly updated technology is vital for the growth of all these industries.
Get PDF brochure of the report: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=88373349
Browse 254 market data Tables and 63 Figures spread through 260 Pages and in-depth TOC on "Grease Market”
Impact of COVID-19 on grease market.
As a result of the pandemic, a negative growth of the grease market is expected for 2020. APAC countries had taken preventive measures, such as social distancing at an early stage, to stop the spread of the virus. As per the reports, the highest reduction in vehicle traffic was seen in South Asia constituting countries, such as India, Bangladesh, and Sri Lanka and Central Asian countries.
According to the IMF, the GDP growth rate of the region will fall to 0% in 2020. China, India, and South Korea will also have slow economic growth. The GDP growth rate in China is expected to drop at 1.2% in 2020.
China was the epicenter of COVID-19 at first. The government quarantined millions of people, thus putting a pause on all supply chains dependent on China. The travel bans and lockdown imposed in most of the major cities in China have reduced the production of oil in the country. It has also affected the workforce community without which many ports, such as Shenzhen and Shanghai, are closed for operations. However, the country is showing signs of recovery after lockdown of three months. Most of the businesses have now reopened, which is expected to generate demand for grease.
Automotive is estimated to be the largest end-use industry of the grease market during the forecast period.
The market in this segment is driven by good lubrication, water resistance, high & low-temperature tolerance, oxidation resistance, and shear stability of grease.
Grease is used in the general manufacturing industry to smoothen tools and equipment during the manufacturing operations. The growing construction industry in emerging economies is expected to drive the demand for grease for off-highways application.
APAC is estimated to be the largest market for grease during the forecast period.
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.
The key market players profiled in the report include as Royal Dutch Shell PLC. (Netherlands), The Chevron Corporation (US), Idemitsu Kosan Co., Ltd. (Japan), Sinopec Corporation (China), BP p.l.c. (UK), Total SA (France), and ExxonMobil Corporation (US), among others.
Early buyers will receive 10% free customization on this report.
Don't miss out on business opportunities in Grease Market.
Speak to Our Analyst and gain crucial industry insights that will help your business grow.
https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=88373349
About MarketsandMarkets
MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications.
Contact:
Mr. Ashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
A grease gun allows you to spray grease in those parts of the machine where grease is necessary.
AJET ENGINEERING PTE LTD Impex are manufacturers of Hand Operated Bucket Grease Pump, Grease Dispensers, Grease Equipments, Grease Bucket Pump, Grease Pump, Bucket Grease Pump, Automatic Grease Pump, Bucket Grease Dispensers
