LONDON--(BUSINESS WIRE)--The global grease market is expected to post a CAGR of more than 2% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The marine industry is one of the largest end-users of grease. Factors such as increasing production of ships and rising number of repair and maintenance activities are driving the demand for grease in the shipbuilding business. The growing number of vessels that operate in harsh weather conditions has also increased the demand for grease in the marine industry. In addition, the proliferation of shipbuilding hubs in countries such as Vietnam, the Philippines, and India is boosting the growth of shipbuilding business. This is positively impacting the growth of the global grease market.
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As per Technavio, new plants in the grease market will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Grease Market: Establishment of New Plants
Vendors in the market are making significant investments to expand their production capacities to cater to the growing demand for grease from diverse applications. For instance, in 2018, Shell International opened its new lubricants and grease plant in Singapore with an annual production capacity of 390 kilotons of lubricants and grease together. Many such expansion plants by key vendors are expected to boost the growth of the global grease market during the forecast period.
“Rising popularity of bio-based grease and the increasing consumption of motor oil will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Grease Market: Segmentation Analysis
This market report segments the global grease market by end-user (automotive, construction and off-highway, general manufacturing, steel, and others) and geography (Americas, APAC, and EMEA).
The APAC region led the market in 2018, followed by EMEA and the Americas respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to the growing use of grease as demulsifying and emulsifying agents for rust prevention, and as a corrosion inhibitor in industrial applications.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
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
Customer Landscape
Geographical Segmentation
- Geographic comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Landscape disruption
- Competitive scenario
Vendor Analysis
- Vendors covered
- Vendor classification
- Market positioning of vendors
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