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.
New York, NY -- (SBWIRE) -- 01/22/2016 -- The global industrial greases market is a complex market. In the western regions of North America and Europe, the industrial greases market is well developed. On the other hand, the global industrial greases market is still constantly growing in the emerging economies of Latin America and Asia Pacific due to manufacturing bases shifting to these regions.
Asia Pacific to Lead Global Industrial Greases Market
In 2015, the global industrial greases market was valued at US$1.3 bn and by 2021, the market is projected to be worth US$1.9 bn. The global industrial greases market is driven by rapid urbanization, industrialization, and stable economic conditions in most developing economies. Region-wise, the global industrial greases market is segmented into the Middle East and Africa, APAC, Europe, North America, and Latin America. The geographical dynamics of the global industrial greases market will be in favor of Asia Pacific. By 2015, Asia Pacific is projected to hold a volume share of 41.5% in the global industrial greases market, trailed by North America and Europe.
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The Asia Pacific industrial greases market will progress at a CAGR of 6.30% during the forecast period from 2015 to 2021, in terms of revenue. By volume, the Asia Pacific industrial greases market will expand at a 4.6% CAGR during the forecasting horizon. The China industrial greases market is projected to hold a revenue share of 35.94% in the overall market by 2015. The Chinese industrial greases market will benefit from the expanding manufacturing sector in the nation.
On the other hand, the North America and Europe industrial greases market will progress at a moderate CAGR during the forecast period due to the maturing market conditions. These mature markets will be driven by the rising mechanization of manufacturing activities and increasing demand for industrial greases.
On-road Vehicles Application Segment to Enjoy Highest CAGR during 2015-2021
By application, the global industrial greases market is divided into mining and metallurgy, off highway and construction, automotive manufacturing, on-road vehicles, other transportation, and other manufacturing sector. The segment of on-road vehicles is projected to emerge as the largest application segment by the end of the forecasting horizon. Furthermore, this segment is projected to expand at the highest CAGR of 5.6% during the forecast period, in terms of value. The on-road vehicles segment benefits from the increase in run time, rising GDP, and growth in mechanization.
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On the basis of thickener type, the global industrial greases market is classified into complex metal, non-soap, and metal soaps. According to base oil type, the global industrial greases market is segmented into bio-based base oil, semi-synthetic base oil, and mineral-based base oil.
The key players operating in the global industrial greases market are Caltex Australia, Total SE, Castrol, ExxonMobil, Texaco Inc., and Dow Corning Corporation. The legislative pressure on the companies in the global industrial greases market is increasing, and these environmentally-oriented legislations are driving the need for advanced, safe, and effective industrial greases. In this scenario, SMBs that do not have a strong share in the market are not able to compete with the larger manufacturers. Many key players in the global industrial greases market are focusing on R&D in order to launch safe and environment-friendly industrial greases.
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