Asia-Pacific to be the largest High Temperature Grease market till 2021

March 4, 2021

Author: Rahul Lunawat

The report "High Temperature Grease Market by Type (Soap Thickener, Non-Soap Thickener, lubricants), Application (Industrial, Automotive), and Region (APAC, EU, NA, MEA, LA) - Global Forecast to 2021", The high temperature grease market size is projected to reach USD 26.49 Billion by 2021, at a CAGR of 5.3% between 2016 and 2021.

The increasing demand of automobiles in emerging economies such as China and India is fueling the growth of the high temperature grease & lubricants market in the region. Another major factor contributing to the growth of the market is soaring demand for lithium complex soap thickener. The main advantage of lithium complex soap thickener based-grease over simple conventional soap thickener-based grease is their capability of maintaining excellent stability at higher temperature besides other enhanced properties such as load bearing, water resistance, rust protection, and so on.

The major factor restraining the growth of the high temperature grease market is unstable economic situation. The 2008 global economic turmoil hit almost all the sectors in developed nations of North America and Western Europe. There have been no significant investments in the key end-use sectors such as manufacturing, energy, and automotive. As a result, the demand for high temperature grease has dropped significantly in the past five years.

Some of the important high temperature grease companies are Royal Dutch Shell Plc. (the Netherlands), Exxon Mobil Corporation (U.S.), The Dow Chemical Company (U.S.), Sinopec Limited (China), Total S.A. (France), BP Plc. (U.K.), Chevron Corporation (U.S.), Fuchs Petrolub AG (Germany), Indian Oil Corporation (India), Lubrizol Corporation (U.S.), and E.I. DuPont de Nemours and Company (U.S.). The players in this market need to compete with each other with respect to prices and offering wide product range to meet the market requirements.

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Rapid industrialization in the emerging regions to drive the industrial application

The industrial application is leading the high temperature grease & lubricants market. This is owed to the massive industrial growth of the key sectors such as, steel, mining, and marine industries in the Asia-Pacific region. Moreover, rapid economic growth, mainly in the steel and vehicle industries, will fuel the demand for increase in quantity and quality of greases. This in turn is expected to drive the sales of high temperature grease & lubricants in the region.

Know More Insights At https://www.prnewswire.com/news-releases/high-temperature-grease--lubricants-market-worth-2649-billion-usd-by-2021-571644881.html

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