Grease Additives Market is expected to reach US$ 627.93 million by 2028

Strategic Initiatives by Key Market Players

According to our latest market study on “Grease Additives Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Application,” the grease additives market was valued at US$ 481.80 million in 2022 and is projected to reach US$ 627.93 million by 2028; it is expected to grow at a CAGR of 4.5% from 2022 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.

Grease additives manufacturers worldwide invest significantly in strategic development initiatives such as product launches, mergers and acquisitions, and business expansion to attract consumers and enhance their product position. Local and international players are advancing and launching new products to cater to the rising demand for advanced grease additives. In February 2021, Rewitec CRODA announced the GR400 grease additive that improves performance and extends the life of main shaft bearings used in wind turbines. Some players enter into partnership agreements to distribute their products and expand their geographic reach. For example, in November 2020, Evonik Industries AG selected MidContinental Chemical Company, Inc (MCC) as its distribution partner in the US and Canada. With this partnership, MCC started offering superior-quality VISCOPLEX viscosity index improvers, VISCOPLEX pour point depressants, and VISCOBASE base fluids by Evonik as an integral part of its comprehensive portfolio.

Global Grease Additives Market Breakdown –by Region

Impact of COVID-19 Pandemic on Grease Additives Market

The COVID-19 pandemic affected economies and industries in several countries across the globe. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA) hampered the growth of several industries, including automotive, construction, aerospace, and mining. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies witnessed delays in product deliveries and a slump in sales of their products in 2020. Moreover, the bans imposed by governments of different countries in Europe, Asia Pacific, and North America on international travel compelled companies to discontinue their collaboration and partnership plans temporarily. All these factors hampered various industries in 2020 and early 2021, thereby restraining the growth of multiple markets, including the grease additives market.

The report includes the segmentation of the global grease additives market as follows:

The global grease additives market, by type, is segmented into oxidation inhibitors, corrosion inhibitors, antiwear agents, pressure additives, metal deactivators, and others. Based on application, the market is segmented into automotive, aerospace, marine, mining, steel mill, construction machinery, and others. By geography, the global grease additives market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The grease additives market in North America is further segmented into the US, Canada, and Mexico. The grease additives market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The grease additives market in Asia Pacific is segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the MEA is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The grease additives market in South & Central America is studied on the basis of Brazil, Argentina, and the Rest of South & Central America.

Contact Us
 
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com