Persistence Market Research is released new forthcoming report on title "Industrial Greases Market: Global Industry Analysis and Forecast to 2020".
New York, NY -- (SBWIRE) -- 01/13/2015 -- Industrial greases are the semisolid lubricant. It possesses a high initial viscosity or thickness which when sheared will change to give the effect of oil lubricated bearing of same viscosity as the base oil used in the grease. There are various types of industrial grease such as silicone grease, fluoroether-based grease, laboratory grease, food-grade grease and water-soluble greases. The market for industrial greases, especially synthetic and semi-synthetic oil-based industrial grease have high demand in the market posing high competition among manufacturers and distributors.
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Increasing demand for the better performance and reliability, rise in economy, increasing number of industries, rise in population are some of the features driving the global industrial greases market.
Continuous technological advancement and innovative solutions are the opportunities in the global industrial greases market. Besides, the growing environmental consciousness, products based on renewable sources and legislative compliance are expected to drive the need for environment-friendly greases.
Improved quality and durability of the machinery significantly will reduce the overall volume of industrial greases used therefore posing a threat for global industrial greases market.
The automotive industry holds the largest application for industrial greases market. Other end-user segments include pulp and paper, aerospace mining, food processing and power generation. Close and active participation between grease designer, manufacturer and end users supports the production of highly customized greases systems.
Europe dominates the global demand for industrial greases market and is expected to continue during the forecast period. Asia Pacific is expected to experience the fastest growth owing to the emerging economies of India and China in the years to come. The major factors such as developing economies and growth in income levels are driving market growth in Asia Pacific region. In Europe and North America, the Industrial greases market is likely to grow at a slower rate due to presence of strict environment regulations. Emerging economies in Latin America and Africa are expected to drive the growth in RoW segment.
Some of the major companies involved in the global industrial greases market include Total Lubricants, Chevron, Royal Dutch Shell, ExxonMobil and BP Marine Castrol among others.
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