DUBLIN, Jan. 22, 2023 /PRNewswire/ — The “Global Grease Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Thickener, Base Oil, End-User, and Major Region” report has been added to ResearchAndMarkets.com’s offering.
The Global Grease Market is expected to record a CAGR of ~5% during the forecast period (2022-2028). The market was to be the size of US$4 billion in 2017 and US$5 billion in 2021.
Further, the market is forecasted to reach a size of US$7 billion by 2028. Increased automation in multiple industries and rising demand from the automotive sector is a driving factor for the grease market.
Rising demand from the automotive sector is one of the key factors driving the grease market. Grease is used in vehicles for suspension, chassis, arm-shafts, u-joints, and others. As per the International Organization of Motor Vehicle Manufacturers (OICA), an organization working in the interest of vehicle manufacturer and assemblers, stated that vehicle production increased by 3% from 2020 to 2021 after declining by 13% from 2019 to 2020. Automotive is the largest end-user of grease, increasing demand for vehicles will directly help the grease market to rise.
The grease used in heavy equipment, wind power, aerospace, and food industry is specifically manufactured and graded by companies. As per International Air Transportation Association (IATA), a trade association for the world’s airlines, mentioned in the fact sheet for June 2022, cargo aerospace revenue is