Report : Asia Pacific Lubricating Grease Market Forecast to 2030 - Regional Analysis - by Base Oil [Mineral Oil, Synthetic Oil (Polyalkylene Glycol, Polyalphaolefin, and Esters), and Bio-based], Thickener Type (Lithium, Lithium Complex, Polyurea, Calcium Sulfonate, Anhydrous Calcium, Aluminum Complex, and Others), and End-Use Industry (Conventional Vehicles, Electric Vehicles, Building & Construction, Mining, Marine, Food, Energy & Power, and Others)
At 4.5% CAGR, Asia Pacific Lubricating Grease Market is Speculated to be Worth US$ 2,598.13 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific lubricating grease market was valued at US$ 1,825.81 million in 2022 and is expected to reach US$ 2,598.13 million by 2030, registering a CAGR of 4.5% from 2022 to 2030. Rising adoption of bio-based greases and rapid industrialization in developing economies are among the critical factors attributed to drive the Asia Pacific lubricating grease market growth.
In the industrial sector, lubricating grease is one of the key components that help the equipment operate efficiently and with maximum reliability. The lubricating greases are used across various industries, including automotive, oil & gas, textile, automotive, power generation, paper & pulp, chemicals & petrochemicals, agriculture, manufacturing, food & beverages, and pharmaceuticals. Mineral and synthetic lubricants pollute the environment in small but extensive quantities. Most of these lubricants are nonaqueous liquids. They can also cause major environmental damage due to accidental spillage, improper disposal, leakages, and lost lubrication. Increasing environmental and climate-protection directives ensure robust demand for bio-based products in high-growth and specialty-product categories. Compared to traditional mineral oil lubricating grease, synthetic and quasi-synthetic oils and biolubricants have gained strong traction owing to benefits such as environmental compatibility, longer product life, and high performance. Conventional mineral-based lubricants can adversely affect the operators' health and the environment. Also, several studies have proven that these lubricants may contain carcinogenic additives and impurities in their formulation, which causes dermatitis and skin cancer. Mineral oil is inferior in biodegradability, with a range of 15-35% biodegradation. The said biodegradation values are below the accepted guideline for environmentally acceptable lubricant, which is 80%. Properly disposing of the mineral-based cutting lubricant is challenging and involves numerous processes that are expensive. Therefore, bio-based lubricating grease is preferred over conventional mineral-based lubricating grease. Bio-based lubricating grease is made from renewable resources such as vegetable oils or animal fats, offering a sustainable alternative. This alignment with eco-friendly practices positions biobased lubricating grease as a preferred choice for industries looking to reduce their environmental footprint. Strong environmental concerns and growing regulations over environmental contamination and pollution have increased the need for renewable and biodegradable lubricating grease. Biobased lubricating greases, being biodegradable and exhibiting lower toxicity, contribute to a reduction in environmental impact. Industries are increasingly recognizing the importance of adopting greases that provide effective lubrication and align with their sustainability goals, driving the incorporation of biobased alternatives into their operations. Public demand, industrial concern, and government agencies have also driven accelerated research and development in biobased lubricating grease. Moreover, better ways to protect the ecosystem or reduce the negative impact of spills or leakage of lubricants are required to be highlighted. Regulatory initiatives around the world are further propelling the role of biobased lubricating greases in the market. Compliance with these regulations is prompting industries to transition toward biobased lubricants to ensure adherence to environmental standards, thereby fostering market growth.
On the contrary, stringent government policies hamper the growth of Asia Pacific lubricating grease market.
Based on base oil, the Asia Pacific lubricating grease market is segmented mineral oil, synthetic oil, and bio-based. The mineral oil segment held 70.0% market share in 2022, amassing US$ 1,278.14 million. It is projected to garner US$ 1,801.92 million by 2030 to register 4.4% CAGR during 2022-2030. The synthetic oil segment is further sub segmented into polyalkylene glycol, polyalphaolefin, and esters.
In terms of thickener type, the Asia Pacific lubricating grease market is categorized into lithium, lithium complex, polyurea, calcium sulfonate, anhydrous calcium, aluminum complex, and others. The lithium segment held 36.7% share of Asia Pacific lubricating grease market in 2022, amassing US$ 669.43 million. It is anticipated to garner US$ 972.34 million by 2030 to expand at 4.8% CAGR during 2022-2030.
By end-use industry, the Asia Pacific lubricating grease market is segmented into conventional vehicles, electric vehicles, building & construction, mining, marine, food, energy & power, and others. The conventional vehicles segment held 46.7% market share in 2022, amassing US$ 852.39 million. It is projected to garner US$ 1,247.89 million by 2030 to register 4.9% CAGR during 2022-2030.
By country, the Asia Pacific lubricating grease market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 55.2% share of Asia Pacific lubricating grease market in 2022. It was assessed at US$ 1,008.62 million in 2022 and is likely to hit US$ 1,483.71 million by 2030, registering a CAGR of 4.9% during 2022-2030.
Key players operating in the Asia Pacific lubricating grease market are Exxon Mobil Corp, Fuchs SE, Petroliam Nasional Bhd, Shell Plc, Kluber Lubrication GmbH & Co KG, TotalEnergies SE, BP Plc, Chevron Corp, and Valvoline Inc, among others.
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