According to a new market report published by Persistence Market Research, titled “Global Market Study on Industrial Greases: On-Road Vehicle Segment to Dominate the Consumption by 2021”, the global industrial greases market is estimated to reach US$ 1,905.9 Mn by 2021 from US$ 1,384.7 Mn in 2015.
New York, NY -- (SBWIRE) -- 01/27/2016 -- Industrial greases are used to reduce the friction between two objects attached and rotating relative to each other. They possess higher viscosity index than lubricants due to a presence of thickeners which provide them a semi-solid physical state. Industrial greases are formed by the amalgamation of base oil (75% - 90%), thickener (15% -5%), and additives (10% - 5%) in varying quantities to achieve certain properties in the end product.
Industrial greases market trails the GDP due to their widespread application in manufacturing of goods and automotive maintenance operations. Due to the surge in manufacturing in Asia Pacific, the industrial greases market in the region is estimated to witness growth, expanding at a CAGR of 6.3% between 2015 and 2021 in terms of revenue. With the anticipated increase in manufacturing in China in the coming years, the demand for industrial greases in the country is expected to rise between 2015 and 2021. With the rising operating time of machines and greater speed of operations, the need for industrial greases is expected to increase by 2021. Besides, with increase in mechanization of manufacturing activities in developed regions such as North America and Europe, demand for industrial greases is anticipated to increase in these markets.
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Industrial greases Market has categorized the global industrial greases market into key segments based on thickener type, base oil type, applications, and geographic regions. Depending on the application segment, the global industrial greases market is divided into various segments, such as other manufacturing, automotive production, automobile, and other applications. Finally, on the basis of geographic regions, the overall industrial greases market is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
Amongst the aforementioned region based segments in the global industrial greases market, Asia Pacific is expected to expand at an accelerated CAGR of 4.6%, in terms of volume, during the forecast period. The region is expected to account for a volume share of around 41.58% of the global industrial greases market by the end of 2015. In terms of market value, Asia-Pacific is expected to account for a major value share of the global industrial greases market during the forecast period.
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Amongst the application segments of the global industrial greases market, the on a road and other manufacturing segments are slated to expand at the fastest CAGR during the forecast period, in terms of volume. The growth of this segment is primarily driven by the increase in run time, rise in mechanization, and increasing GDP. In terms of market value, the other manufacturing segment is expected to expand at a CAGR of 5.6% during the forecast period.
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