Grease Additives Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2029
Global Grease Additives Market: Introduction
Grease additives are chemical materials used for enhancing the performance and desirable properties of grease while suppressing the unfavorable characteristics. Grease is a semi-solid lubricating material and grease additives are one of the essential component of grease. In terms of composition grease additives accounts for up to 10% of the grease volume. There are various types of grease additives which are used for different types of specific application. Different types of grease additives are rust/corrosion inhibitors, metal deactivators, extreme pressure additives, viscosity modifiers, anti-wear reagents and others. Additionally chemical compounds such as graphite and molybdenum di-sulfide are used as boundary lubricants by suspending them in grease for reduction of wear and friction. Over the years with evolution of technology there is rising emphasis on efficient lubrication which has resulted into the increase in the popularity of grease additives. Changing regulatory standards has resulted into the development of eco-friendly grease additives.
Global Grease Additives Market: Dynamics
Swift growth of industrial sector and increasing output of manufacturing industry has escalated the consumption of grease, which is attributed as a primary factor driving the growth of grease additives market. Apart from increasing output there is increased adoption of advanced machinery which requires highly efficient lubrication. Thus, increasing demand for high performing lubricants is positively influencing the demand for grease additives market. Grease is also widely used in marine industry for various application, thus growth of marine industry is expected to bolster the grease additives market. Grease is one of the important lubricants used in the mining industry. Increasing mining exploration activities is expected of positive impact on the grease additives. Rising automotive and aircraft production activities in different parts of globe is expected to indirectly drive the growth of grease additives. Growing urban population and changing food preferences has resulted into the growth of food & beverage industry, which in turn is expected to propel the grease additives market growth. Changing regulatory standards has resulted into the development of eco-friendly alternatives for grease which can turn out to be a restraining factor for the market growth. Rise in R&D activities in lubricant industry is expected up surge the consumption of grease additives.
Global Crisis: The Covid-19 Effect
The global coronavirus outbreak has caused severe disruption in the several regions across the world. The number of Covid-19 cases have rose exponentially and there are no significant measures to counter the global pandemic. Governments of various countries have adopted various measures such as social distancing, complete lockdown etc. The lockdown initiatives has hampered the flow of goods and people, slowed down economies, and is in the process of delivering a global recession. Countries such as Italy, USA, Spain, China, and Iran amongst others have been greatly affected by the global pandemic. There are more than a million cases of Covid-19 across the globe and more than fifty thousand deaths. The global pandemic has caused slowdown in the manufacturing activities. According to the organizations such as UN and IMF the global economy is on the verge of facing global economic crisis, China and India are the only two of the key economies which won’t be hampered at a larger scale. The global pandemic has caused fall down in Oil & Gas prices, due to which USA has declared national emergency to uplift the oil & gas prices. The demand for lubricants and grease is expected to witness downfall due to hindrance in the manufacturing, automotive & aerospace amongst other industries. Also, the restriction on global sea-borne trade activities has hampered the marine grease consumption. The slowing demand for grease is estimated to decline the consumption of grease additives. Hence, the Covid-19 outbreak is anticipated to cause moderate to large scale impact on the grease additives market.
Global Grease Additives Market: Segmentation
The global grease additives market can be segmented on the basis of its type, formulation base, and by its end-use.
The global grease additives market is segmented on the basis of its type:
The global grease additives market is segmented on the basis of its formulation base:
The global grease additives market is segmented on the basis of its end-use:
Global Grease Additives Market: Regional Outlook
North America can be considered as a promising market region for grease additives owing to the substantial presence of grease manufacturers. Also, the increase in manufacturing activities, growth in mining activities and industrial sector growth will drive the demand for grease additives. Swift industrialization, growing automotive & aircraft production, growth of marine industry in Asia Pacific region is increasing the grease consumption for various application. Owing to the aforementioned factors Asia Pacific can be attributed as potential market for grease additives. There is predominance of grease and lubricants manufacturing companies in Europe, owing to which Europe can be considered as prominent market for grease additives. However, changing regulatory standards and development of alternative solutions will slow down the demand for grease additives in Europe. LAMEA region can be considered as a substantial market for grease market owing to the rise in automotive production in Latin America, and substantial growth of mining industry in the Middle East & Africa region.
Global Grease Additives Market: Key Participants
Examples of some of the market participants operating in the global grease additives market are:
The Lubrizol Corporation, BASF SE, Dorf Ketal Chemicals, Afton Chemicals, Clariant, Innospec, Krystal Lubetech Private Limited, King Industries, Inc. and Croda International Plc among others.
The Grease additives market research report presents a comprehensive assessment of the Grease additives market and contains thoughtful insights, facts, and historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The Grease additives market research report provides analysis and information according to Grease additives market segments such as geographies, application and industry.
The report covers exhaustive analysis on,
The Grease additives Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with Grease additives market attractiveness as per segments. The report also maps the qualitative impact of various market factors on Grease additives market segments and geographies.
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