LONDON--(BUSINESS WIRE)--The global grease market is expected to post a CAGR of over 2% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the growing shipbuilding business. The marine sector is one of the major end-users of the global grease market. The shipbuilding business in the marine industry consumes the highest volume of grease. While the shipbuilding business was growing at a slow pace until 2010, the inflow of global foreign direct investment (FDI), seaborne trade and business expansions of multinational companies has triggered the rapid growth of the market. Therefore, a high increase in the production of ships and growing repair and maintenance activities of old ships and boats will act as a driving factor for the growth of the global grease market.
This market research report on the global grease market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the rising popularity of bio-based grease as one of the key emerging trends in the global grease market:
Global grease market: Rising popularity of bio-based grease
The eco-friendly products are gaining popularity across numerous industries and the grease market is no exception to it. The emergence and use of bio-based grease, which is produced from renewable feedstocks including plant-based oil and sugar through ultrafiltration, fermentation, and crystallization techniques is increasing. Moreover, the use of eco-friendly grease helps in maintaining the ecological balance in the environment, as it reduces VOCs and the toxicity of gases from nearby industries. Therefore, the growing popularity of bio-based grease products will drive the growth of the global grease market.
“The vendors in the global grease market are investing in new plants and capacity expansions to fulfill the demand for grease in diverse applications. Therefore, investment in new plants by vendors is expected to have a positive impact on the growth of the global grease market during the forecast period,” says a senior analyst at Technavio for research on specialty chemicals.
Global grease market: Segmentation analysis
This market research report segments the global grease market by end-user (automotive, construction and off highway, general manufacturing, and steel) and geographical regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2018 with a market share of almost 38%, followed by EMEA and the Americas respectively. The APAC region is likely to continue dominating the global grease market during the forecast period.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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