The global grease additives market revenue was around US$ 380.7 million in 2022 and is estimated to reach US$ 642.9 million by 2032, growing at a compound annual growth rate (CAGR) of 5.5% during the forecast period from 2023 to 2032.
Grease additives are specialized chemical compounds included in lubricating grease to improve their longevity and performance in different automotive and industrial applications. These additives are developed to enhance the lubricating properties of the grease, shield metal surfaces from corrosion and wear, and keep grease consistency over a broad range of functional conditions. One basic category of grease additives contains anti-wear agents, which form a protecting film on metal surfaces to decrease friction and stop mechanical wear.
Factors Influencing Market Growth
- The global grease additives market is anticipated to possess high growth potential in the coming years, due to several factors like growing demand for specialty greases from different industries, including marine, aerospace, and food processing, and the rising demand for grease additives from the automotive industry.
- The rise in strict environmental regulations is hindering the growth of the grease additives market to some extent.
- The development of manufacturing activities and industrialization is delivering the grease additives market with lucrative opportunities in the future.
Impact of COVID-19
The growing demand for grease in the automotive industry was the major development enabler for the grease additives market before the beginning of the COVID-19 pandemic. Also, different end users of grease encountered unusual challenges after the pandemic outbreak. The manufacturers of grease additives encountered substantial challenges due to supply chain limitations caused by trade bans, nationwide lockdowns, and travel limitations. The supply chain disturbance developed a shortage of raw materials, which impacted the distribution and production of various grease additives, leading to inflated prices.
Regional Analysis
In 2022, Asia-Pacific dominated the global grease additives market in terms of revenue. This region is noticing a quick development in the grease additive market. This growth can be attributed to the increasing automotive production and the burgeoning industrial sector across countries such as India and China.
The demand for high-performance greases and lubricants, caused by improved machinery efficiency and the requirement for longer equipment lifespan, is boosting the growth of the market. Also, more stringent environmental regulations and an emphasis on sustainability are encouraging the adoption of eco-friendly grease additives in the Asia-Pacific region, further increasing the growth of the market.
Leading Companies
The leading prominent companies profiled in the global grease additives market are: -
- BASF SE
- The Lubrizol Corporation
- CLARIANT
- Afton Chemical
- Croda International Plc
- Evonik Industries AG
- LANXESS
- Innospec Inc.
- R.T Vanderbilt Holding Company
- Chevron Oronite Company LLC.
- Infineum International Ltd.
- Tianhe Chemicals Group Limited
- Songwon Industrial Co., Ltd.
- King Industries, Inc.
- JINZHOU KANGTAI LUBRICANT ADDITIVES CO., LTD.
- Sinopec Great Wall Energy & Chemical Co., Ltd.
- Shamrock Shipping and Trading Ltd.
- Dover Chemical Corporation
- Sanyo Chemical Industries, Ltd.
- Other prominent key players
Segmentation Outline
The global grease additives market segmentation focuses on End Use Industry, Type, and Region.
Segmentation based on End Use Industry
- Automotive
- Marine
- Aerospace
- Mining
- Industrial Machinery
- Others
Segmentation based on Type
- Antiwear Agents
- Corrosion Inhibitors
- Pressure Additives
- Oxidation Inhibitors
- Metal Deactivators
- Others
Segmentation based on Region
- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
