Universal Grease Market Report Overview
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The global universal grease market size was USD 666.6 million in 2021 and is projected to touch USD 914.35 million by 2031, exhibiting a CAGR of 3.2% during the forecast period.
Universal grease is a semisolid lubricant. It commonly contains a soap combined with mineral oil or vegetable. They are a byproduct of separating a thickening agent in fluid grease. It is also used to decrease the friction between two touching surfaces. It has high thermal and mechanical stability.
Growing demand from automotive industry is estimated to fuel market progress. Growing sales of commercial and passenger vehicles are expected to stimulate market growth. Growth in the transportation industry is anticipated to surge market progress. Increasing demand for the compound in the chemical sector is predicted to expand market development. Growing preference for the chemical compound over the oil lubricant in several end-user industries such as food and beverage, automobiles, and chemical. Such a factor is anticipated to stimulate market growth during the forecast period. Rapid industrialization and urbanization are predicted to grow universal grease market progress.
COVID-19 Impact: Slowdown in Import and Export Activities to Hinder Market Progress
The global COVID-19 pandemic has been unprecedented and staggering, with universal grease experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
The outbreak of COVID-19 pandemic hampered the imports and exports activities. Lockdown restrictions to declined market growth. Closure of automotive and chemical industries minimized market growth. Slower development in industrialization hinder market expansion. Shutdown of mining and metal industries reduced product demand. Also, sudden uncertainty disturbed the consumer’s buying patterns. The market witnessed declined in international economy growth. Closure of end-user industries such as food and beverage, automobiles, and chemicals hampered market growth.
LATEST TRENDS
"Growth in Automotive Industry to Foster Market Expansion "
Increasing demand for automotive sector globally is estimated to surge market expansion. Growing sales of commercial and passenger vehicles are anticipated to boost chemical compound adoption. The compound is used for several applications in auto parts of automobile sector is projected to drive market growth. Also, it helps in gear, suspension, switches, and automotive bearings. Such advantages of the chemical compound are projected to drive market growth. It has excellent properties such as mechanical stability, temperature tolerance, water resistance, and anti-oxidant. Such properties are estimated to boost compound adoption in the automotive industry. Increasing demand for effective vehicle performance is anticipated to surge market expansion in the forthcoming years. The product is extensively used in engines, chassis areas, and brakes. Such usage of the product is predicted to stimulate market growth.
Universal Grease Market Segmentation
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- By Type
Based on type, the market is divided into universal lithium grease and other soap universal grease.
Universal lithium grease is expected to be the leading part of the segmentation type.
- By Application
Based on the application, the market is divided into automobile consumption and others.
Automobile consumption is expected to be the leading part of application segmentation.
DRIVING FACTORS
"Growing Demand from Chemical Industry to Incite Market Development "
Increasing demand for the product in the chemical sector is estimated to accelerate market growth. Rising requirement for soap-based lithium complexes in chemical industry is projected to drive market development. Rapid industrialization and urbanization are predicted to surge market expansion. The compound has high-temperature properties is anticipated to fuel market growth. Increasing demand for the product in the steel industries is predicted to surge market development during the forecast period. The product has a high dropping point predicted to accelerate universal grease market growth during the forecast period.
"Multiple Benefits Associated with a Chemical Compound to Foster Market Growth "
The product has multiple benefits is estimated to surge market growth. The product has good water resistance, which is projected to drive market growth. Growing preference of the chemical compound over the oil lubricant in several end-user industries such as food and beverage, automobiles, and chemical. Such a factor is anticipated to stimulate market growth during the forecast period. The product is extensively used to reduce the friction between two moving surfaces is anticipated to accelerate market growth. Growing need to minimize the level of tear and wear is predicted to fuel universal grease market growth.
RESTRAINING FACTORS
"High cost associated with Compound to Hamper Market Growth "
High cost associated with chemical compound is expected to hamper market growth. Presence of alternatives is projected to restrict market expansion during the forecast period.
Universal Grease Market Regional Insights
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"Growing Demand for the Greases in Asia Pacific to Drive Market Share "
Asia Pacific is estimated to witness a prominent universal grease market share due to increasing demand for grease in several end-user industries. Growing demand for automotive and transportation sector in the industry is anticipated to surge market growth. China, India, and Japan are the major countries in terms of production and consumption of grease.
North America is expected to witness considerable market growth due to the expansion in the chemical and automotive industry. Growing preference for the chemical compound over the oil lubricant in several end-user industries such as food and beverage, automobiles, and chemical. Such factor is anticipated to stimulate market growth during the forecast period. Rapid industrialization and urbanization are predicted to grow universal grease market progress.
Latin America is anticipated to account prominent share due to increasing for the organic compound in the vehicles and construction. Growing demand for automotive and transportation sector in the industry is anticipated to surge market growth.
Europe is estimated to witness significant market growth due to increasing metal work. Presence of chemical manufacturing industry in the region is estimated to surge universal grease market growth during the forecast period.
KEY INDUSTRY PLAYERS
"Leading Players Adopt New Strategies to Stay Competitive"
The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- Shell (U.K.)
- Exxon Mobil Corporation (U.S.)
- Castrol (U.K.)
- Chevron (U.S.)
- Total (France)
- Fuchs (Germany)
- SKF (Sweden)
- Southwestern Petroleum Corporation (U.S.)
- Timken (U.S.)
- CNPC (Kuwait)
- Sinopec (China)
- Lopal (China)
- Zhongcheng (China)
- Changming (China)
- Langzhou feiyue (China)
- Zinol
REPORT COVERAGE
This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 666.6 Million in 2021 |
Market Size Value By |
US$ 914.35 Million by 2031 |
Growth Rate |
CAGR of 3.2% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the universal grease market expected to touch by 2031?
The global universal grease market is expected to reach USD 914.35 million by 2031.
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What CAGR is the universal grease market expected to exhibit by 2031?
The universal grease market is expected to exhibit a CAGR of 3.2% by 2031.
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Which are the driving factors of the universal grease market?
Drivers of this market are growing demand from chemical industry and multiple benefits associated with a chemical compound are the driving factors of the universal grease marke.
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Which are the top companies operating in the universal grease market?
Shell, Exxon Mobil Corporation, Castrol, Chevron, Total, Fuchs, SKF, Southwestern Petroleum Corporation, Timken, Zinol, CNPC, Sinopec, Lopal, Zhongcheng, Changming, and Langzhou feiyue are the top companies operating in the universal grease market.
