The global industrial greases market is projected to reach around US$ 2623.3 million by the end of 2027, in terms of revenue, growing at CAGR of 5.5% during the forecast period (2020-2027).
The worldwide grease market is mostly fueled by demand from the automobile industry. During the projection period, the rising OEM and RMO markets in the automobile sector are likely to have a direct influence on grease consumption. Grease consumption in the worldwide passenger vehicle industry grew by roughly 15% between 2015 and 2019, owing to car condition rather than usage. Globally, the after-sales use of greases has increased due to an increase in traffic accidents. During the 2019-2020 period, the COVID-19 epidemic resulted in a 9% decrease in grease consumption. The diminishing production share of lithium soap greases in nations like China and India resurfaced in 2020.