Grease Market to Grow at a Surprising CAGR of 3.2% by 2031, Increasing demand from the automotive industry

Grease Markets

The global grease market is projected to reach $5.7 billion by 2031, growing at a CAGR of 3.2% from 2022 to 2031.

WILMINGTON, DELAWARE , UNITED STATES, April 1, 2024 /EINPresswire.com/ — According to the report published by Allied Market Research, the global grease market garnered $4.2 billion in 2021, and is estimated to generate $5.7 billion by 2031, manifesting a CAGR of 3.2% from 2022 to 2031.

The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.

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Leading market players of the global grease market analyzed in the research include Petronas, Idemitsu Kosan Co. Ltd., TOTAL SA, Exxon Mobil Corporation, BP plc, FUCHS, Axel Christiernsson, Sinopec Corporation, The Chevron Corporation, ENEOS Holdings Inc.

Key findings of the study
By base oil, the synthetic oil segment is projected to grow at the highest CAGR of approximately 3.7%, in terms of revenue, during the forecast period.
By thickener type, the non-soap segment is expected to dominate the market during the forecast period.
By end-use industry, the power generation system segment is projected to grow at the highest CAGR of approximately 4.3%, in terms of revenue, during the forecast period.

The research provides detailed segmentation of the global grease market based on base oil, thickener type, end-use industry, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.

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Based on base oil, the mineral oil segment held the highest share in 2021, accounting for nearly 90% of the global grease market, and is expected to continue its leadership status during the forecast period. However, the synthetic oil segment is expected to register the highest CAGR of 3.7% from 2022 to 2031.

Based on thickener type, the metallic soaps segment accounted for the highest share in 2021, contributing to around 90% of the global grease market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the non-soap segment is expected to manifest the highest CAGR of 3.7% from 2022 to 2031.

Based on end use industry, the automotive segment accounted for the highest share in 2021, holding nearly three-fifths of the global grease market, and is expected to continue its leadership status during the forecast period. However, the power generation segment is estimated to grow at the highest CAGR of 4.3% during the forecast period.

Based on region, Asia-Pacific held the largest share in 2021, contributing to nearly two-fifths of the total grease market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 3.4% during the forecast period.

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The report provides a detailed analysis of these key players of the global grease market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

For More Details: https://www.prnewswire.com/news-releases/grease-additives-market-to-reach-642-9-million-globally-by-2032-at-5-5-cagr-allied-market-research-301980758.html

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