Industrial greases are used for the lubrication in various machines to reduce the wear and tear from sustained use of such machinery. They are made from mixing base oils, additives and thickeners. Industrial greases are used to maintain the machines used in the manufacturing sector. The automotive industry is the largest segment in the industrial greases market where these are used on a large scale in the production and maintenance of automobiles.
Industrial greases are widely used in several type of applications and are important for machinery due to their water resistant property. Industrial greases have the capability of remaining in contact with the moving surface and in the process lubricating it without suffering from leakages due to gravity, centrifugal forces or other kinds of pressure. Industrial greases are also able to retain their properties at all temperatures that it would be encountering during its use. With the help of greases, contaminants are blocked, noise is reduced and power consumption is reduced in the machinery, thereby also reducing its wear and tear. Due to such desirable properties of industrial greases, they are used in various end-use industries such as manufacturing, mining, auto manufacturing, construction, etc.
Even though the global market for industrial greases is changing rapidly, the end-use sectors that are dominant are not changing a lot. Typically, machinery that is used in the manufacturing sector, heavy industries and the infrastructure sector have high use of industrial greases. These are just the dominant sectors and there are several smaller end-use industries where industrial greases are utilized. The global market for industrial greases was valued at US$ 1,537.7 Mn in 2017 and is estimated to reach US$ 1,905.9 Mn in value by 2021, displaying a CAGR of 5.5% during the study period 2017-2021.
Global Industrial Greases Market: Drivers and Restraints
The global market for industrial greases is impacted by several factors dependent on the economy and the regulatory scenario of a particular market. The legislations related to the environment have a deep impact on the global industrial greases market. Due to the high concerns about environmental preservation, there is a constant need for advanced and effective industrial greases that are safe. Also, the environmental legislations have a bearing on the composition of industrial greases. Such type of legislations can affect the small and medium industrial grease manufacturers adversely as they have to readily and instantly adapt to the changing rules and this may delay the supplies of their products in the market.
The factors boosting the growth of the industrial greases market include their extensive use in various types of industrial applications and the technological advancements that give rise to more refined products that are efficient. A main factor that accelerates the revenue growth of the industrial greases market is the higher emphasis on quality. On one hand, higher quality industrial greases are attractive and gain a high amount of traction in the market. Also, such type of high quality industrial greases are highly durable, last longer and are more effective in their functioning. However, on the other hand, it is precisely due to this high quality of industrial greases that users don’t need to replace such kind of greases for a long time as compared to their conventional counterparts. This reduces the replacement rate of industrial greases and thus the amount of greases consumed is less, which acts as a restraint.
Trends shaping the global industrial greases market
The main trends influencing the global market for industrial greases pertains to the end-use conditions of such products, wherein they have to encounter high temperature, pressure and speed. Due to this, manufacturers are involved in continuous evolution of new products and lubrication solutions by improving the properties of industrial greases. It is here that bio-based materials come into play. Another trend that is shaping the industrial greases market is the amount of plastic material used by replacing metals, especially in the case of weight reduction synthetic hydrocarbon greases. In addition, there is a great market opportunity for industrial greases that are made from vegetable oils such as soybean oil. However, such type of industrial greases are expensive due to the type of raw materials used.
This Persistence Market Research report examines the global industrial greases market for the forecast period 2017-2021. The primary objective of the report is to identify opportunities in the market and present updates and insights pertaining to various segments of the global industrial greases market.
To understand and assess the opportunities in this market, the report is categorically divided into four main market analysis sections, i.e., by base oil type, by thickener type, by application, and by region. The report analyzes the global industrial greases market in terms of market value (US$ Mn) and volume (Metric Tons).
The report begins with an overview of the global industrial greases market, appraising the market performance in terms of revenue and volume, followed by PMR’s analysis of key trends, drivers, and restraints witnessed in the global industrial greases market. Impact analysis of key growth drivers and restraints based on the weighted average model are also included in the report to equip clients with crystal clear decision-making insights. The subsequent sections analyze the industrial greases market as per application, base oil type, thickener type and by region and presents a forecast for the period 2017-2021.
To calculate the market size, the report considers various aspects based on secondary research. Furthermore, data points such as regional split and market split by application and qualitative inputs from primary respondents have been incorporated to arrive at appropriate market estimates. The forecast presented in the report assesses the total revenue generated by the global industrial greases market between 2015 and 2021.
When developing the market forecast, the starting point begins with sizing the current market, which forms the basis for forecasting how the market is anticipated to take shape in the near future. Given the characteristics of the market, PMR triangulates the data via a different analysis based on the supply side, demand side, and dynamics of the industrial greases market. However, quantifying the market across the above-mentioned segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalizing them after the forecast has been completed.
It is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR but also analyze on the basis of key parameters, such as Year-on-Year (Y-o-Y) growth, to understand the predictability of the market and to identify the right opportunities. Another key feature of this report is the analysis of industrial greases market by region and application, and the corresponding revenue forecast in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective, in the global industrial greases market. To understand key segments in terms of their growth and performance in the industrial greases market, Persistence Market Research has developed a market attractiveness index. The resulting index should help providers identify existing market opportunities in the global Industrial greases market.
Another part of the report features the competition landscape of the global industrial greases market and presents information on the key players operating in this market. The competition landscape contains detailed information on the important companies operating in the global industrial greases market in the form of company description, product overview, key developments, strategic overview and key financials of each of the featured companies along with the SWOT analysis of the companies. This competition landscape is a valuable part of the report as it contains all the necessary information to study the leading companies operating in the global industrial greases market in detail and also reveals how they implement their strategies and vision to stay at top in this highly competitive market.
By Base Oil type
By Thickener Type
Some of the market players featured in this report include: