Industrial greases are specialized lubricating products designed to be used in heavy industrial gearing. The primary difference between industrial greases and other common lubricants is that the former contain thickeners, which keep them semisolid rather than liquid. Accordingly, thickeners can comprise up to 15% of industrial greases, though, depending on the grade and usage, as little as 5% of industrial greases can be thickeners. Other primary ingredients in industrial greases are base oils, which make up three-quarters to 90% of the grease, and various additives to fine-tune an industrial grease to a particular application.
Automotive Manufacturing Leads Demand from Global Industrial Greases Market
Due to the crucial nature of industrial greases in increasing the lifespan of vital machinery, they are a must-have in virtually all types of heavy manufacturing. The reduction in friction brought about industrial greases cuts down the excess heat generated during the operation of heavy machinery, thus reducing the adverse impact of the waste heat on the equipment. Naturally, the booming automotive industry has led the demand for industrial greases.
Demand from the automotive industry has been growing at a steady rate all over the world over the last decade. Led by the increase in the number of passenger cars – brought about by increasing prosperity of the middle class – the automotive industry is enjoying a strong growth period at present, necessitating steady demand from the global industrial greases market. Other manufacturing plants also require a steady supply of industrial greases, propelling the global market. The latter application segment of the global industrial greases market is expected to exhibit a 5.60% CAGR from 2015 to 2021.
Asia Pacific to Retain Dominance in Global Industrial Greases Market
Asia Pacific is by far the dominant regional segment of the global industrial greases market; the regional market accounted for close to 41.6% of the global industrial greases market. The rapid rise of the automotive industry in Asia Pacific, led by China, has led to high demand for industrial greases and will continue to drive the regional industrial greases market in the coming years.
Other factors boosting the Asia Pacific market for industrial greases are the rising preference for mechanization of various processes and increasing GDP of the average Asia Pacific customer. Rising demand from Asia Pacific countries such as China, India, and Indonesia has had a major part to play in the growth of the global automotive industry in recent years, with increasing demand for passenger cars as well as the need for commercial vehicles in these rising economies propelling both domestic production as well as imports of vehicles. The rising GDP and consequently purchasing power of these countries will continue to be a major factor driving the Asia Pacific market for industrial greases.
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Global Industrial Greases Market to Reach US$1.9 bn by 2021
According to figures released recently by Persistence Market Research, the global industrial greases market was worth close to US$1.4 bn in 2015. Exhibiting a strong 6.30% CAGR from 2015 to 2021, the market is expected to reach US$1.9 bn. The rapidly expanding Chinese automotive industry and widening spread of infrastructure in China and India will be worth keeping an eye on in the coming years for their impact on the global market for industrial greases.