Grease Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Global Grease Industry Analysis and is Segmented by Thickener (Lithium-based, Calcium-based, Aluminum-based, Polyurea, and Other Thickeners), End-user Industry (Power Generation, Automotive and Other Transportation, Heavy Equipment, Food and Beverage, Metallurgy and Metalworking, Chemical Manufacturing, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, Middle East, and Africa). The Report Offers Market Size and Forecasts for the Grease Market in Volume (Million Liters) for all the Above Segments.

Grease Market Size

Grease Market Summary
Study Period 2019 - 2029
Market Volume (2024) 2.62 Billion liters
Market Volume (2029) 3.08 Billion liters
CAGR (2024 - 2029) 3.38 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Grease Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Grease Market Analysis

The Grease Market size is estimated at 2.62 Billion liters in 2024, and is expected to reach 3.08 Billion liters by 2029, growing at a CAGR of 3.38% during the forecast period (2024-2029).

  • The major grease-consuming industries, like automotive, industrial processing (majorly steel mills), aerospace, and food and beverage, were greatly impacted by COVID-19. The pandemic led to severe supply chain disruptions, which in turn dampened the trade volumes between many countries.
  • In the short term, factors such as the growing industrial sector in Asia-Pacific and increasing adoption of higher-performance greases in the wind power and electric vehicle industries are likely to drive market growth.
  • Environmental regulations across countries concerning the usage of grease are likely to slow down the market.
  • Technological advancements and product innovations, and the growing usage of polyurea greases are the opportunities that are likely to drive the market in the future.

Grease Market Trends

This section covers the major market trends shaping the Grease Market according to our research experts:

Automotive and Other Transportation to Dominate the Market

  • The demand from the automotive sector contributes significantly to the grease market. The growing OEM and RMO markets in the automotive industry are expected to have a direct impact on the demand for greases during the forecast period.
  • According to the International Organization of Motor Vehicle Manufacturers (OICA), automotive production in 2021 increased by 3%, with 80.15 million vehicles in comparison to 2020. Asia-Pacific, the largest hub for automotive manufacturing, witnessed an overall increase of about 6% in 2021.
  • China was the largest producer of motor vehicles, with 26 million units in 2021, a 3% rise from 2020. On the other hand, the Indian automobile sector saw immense growth, with a production of 4.4 million vehicles in 2021, a 30% increase from 2020.
  • The growing application of batteries in the automotive sector has led to a surge in the production of electric vehicles. As of 2021, Norway had the largest share of electric vehicles in its fleet.
  • Over the next two decades, rising passenger volumes are expected to necessitate the purchase of 44,040 new jets (worth USD 6.8 trillion). The global commercial fleet is expected to reach 50,660 planes by 2038, including all-new airplanes and jets that will remain in service.
  • According to Boeing, the commercial airplane market will be worth USD 3.1 trillion by 2028 as operators replace older jets with more fuel-efficient designs and develop their fleets to facilitate the steady rise in air travel across developed and emerging markets.
  • Therefore, all the aforementioned factors are likely to drive grease consumption over the forecast period.
Grease Market : Automotive Production, in million units, Global, 2017-2021

Asia-Pacific to Dominate the Market

  • Asia-Pacific is the major market in the consumption of grease, followed by North America and Europe. China, India, and Indonesia are expected to be leading countries witnessing strong demand for grease consumption during the forecast period.
  • China is the largest consumer of lubricants and greases in the current scenario. The vast manufacturing activities pertaining to different sectors and the rapid growth in the industrial and automotive sectors have pushed the country to stand among the major consumers and grease producers in the global landscape.
  • The Ministry of Industry and Information Technology (MIIT), China, reported that in 2021, the total profits of the food industry in China were CNY 618.71 billion (~ USD 87.41 billion). The industry is likely to upscale with the growing demand for processed and packaged food items in the country.
  • As per OICA and the Society of Indian Automobile Manufacturers (SIAM), the total automobile production in 2021 stood at 4,399,112 units, an increase of 30% compared to the previous year.
  • The Indian domestic chemicals sector's small and medium enterprises are expected to showcase 18-23% revenue growth in 2022, as per the reports by IBEF. In November 2021, Indian Oil Corporation (IOCL) announced plans to invest INR 3,681 crore (~ USD 495.22 million) to set up India's first mega-scale maleic anhydride unit for manufacturing high-value specialty chemicals at its Panipat Refinery in Haryana.
  • In Indonesia, as per the reports by Gaikindo & AAF, automobile production accounted for 63% growth in 2021 as compared to the numbers in 2020. The total production in 2021 was 1,121,967 units. Production is likely to increase with the growing demand from end-consumer industries.
  • The above-mentioned factors are likely to ascend the demand for grease across the application industries in Asia-Pacific.
Grease Market, Growth Rate by Region, 2022-2027

Grease Industry Overview

The grease market is fragmented in nature. Some of the major players in the market include Shell PLC, Exxon Mobil Corporation, BP PLC (Castrol), FUCHS, and Axel Christiernsson.

Grease Market Leaders

  1. Shell Plc

  2. Exxon Mobil Corporation

  3. BP Plc (Castrol)

  4. FUCHS

  5. Axel Christiernsson

*Disclaimer: Major Players sorted in no particular order

Grease Market Concentration
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Grease Market News

  • In March 2022: Axel Christiernsson International AB launched AXELLENCE 752 EPEF, an environmentally acceptable lubricant that received EU Ecolabel approval for accidental and partial loss applications. This is the first lithium complex grease to attain such certification.
  • In June 2021: Fuchs Group acquired the lubricants business of Gleitmo Technik AB, Sweden. The acquisition will result in the integration of Gleitmo as the subsidiary of Fuchs, with the new name Fuchs Lubricants Sweden AB.
  • In February 2021: Fuchs Group acquired a 70% stake in the lubricant business of STD & S Co. Ltd, a distributor based in Vietnam, helping Fuchs offer its customers industrial, automotive, mining, and specialty lubricants from a single source.

Grease Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Growing Industrial Sector in Asia-Pacific

      2. 4.1.2 Increasing Adoption of Higher Performance Greases in the Wind Power and Electric Vehicle Industries

    2. 4.2 Restraints

      1. 4.2.1 Environmental Regulations Concerning Usage of Grease

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Volume)

    1. 5.1 Thickeners

      1. 5.1.1 Lithium-based

      2. 5.1.2 Calcium-based

      3. 5.1.3 Aluminium-based

      4. 5.1.4 Polyurea

      5. 5.1.5 Other Thickeners

    2. 5.2 End-user Industry

      1. 5.2.1 Power Generation

      2. 5.2.2 Automotive and Other Transportation

      3. 5.2.3 Heavy Equipment

      4. 5.2.4 Food and Beverage

      5. 5.2.5 Metallurgy and Metalworking

      6. 5.2.6 Chemical Manufacturing

      7. 5.2.7 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Philippines

        6. Indonesia

        7. Malaysia

        8. Thailand

        9. Vietnam

        10. Rest of Asia-Pacific

      2. 5.3.2 North America

        1. United States

        2. Canada

        3. Mexico

        4. Rest of North America

      3. 5.3.3 Europe

        1. Germany

        2. United Kingdom

        3. Italy

        4. France

        5. Russia

        6. Spain

        7. Rest of Europe

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Colombia

        4. Chile

        5. Rest of South America

      5. 5.3.5 Middle East

        1. Saudi Arabia

        2. Iran

        3. Turkey

        4. United Arab Emirates

        5. Qatar

        6. Rest of the Middle East

      6. 5.3.6 Africa

        1. Egypt

        2. South Africa

        3. Nigeria

        4. Algeria

        5. Morocco

        6. Rest of Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Axel Christiernsson International AB

      2. 6.4.2 BECHEM Lubrication Technology LLC

      3. 6.4.3 BP PLC

      4. 6.4.4 Calumet Speciality Products Partners LP

      5. 6.4.5 China Petrochemical & Chemical Corporation (Sinopec)

      6. 6.4.6 Chevron Corporation

      7. 6.4.7 ENEOS Corporation

      8. 6.4.8 ETS

      9. 6.4.9 Exxon Mobil Corporation

      10. 6.4.10 FUCHS

      11. 6.4.11 Gazpromneft - Lubricants Ltd

      12. 6.4.12 Kluber Lubrication Munchen SE & Co. KG

      13. 6.4.13 LUKOIL

      14. 6.4.14 PKN Orlen

      15. 6.4.15 Penrite Oil

      16. 6.4.16 Petroliam Nasional Berhad (PETRONAS)

      17. 6.4.17 Petromin

      18. 6.4.18 Shell PLC

      19. 6.4.19 Totalenergies - Lubricants Ltd

    5. *List Not Exhaustive

    1. 7.1 Technological Advancements and Product Innovation

    2. 7.2 Gaining Usage of Polyurea Greases

**Subject to Availability
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Grease Industry Segmentation

Grease is a solid or semisolid lubricant formed as a dispersion of thickening agents in a liquid lubricant. Grease generally consists of a soap emulsified with mineral or vegetable oil. The grease market is segmented by thickener (lithium-based, calcium-based, aluminum-based, polyurea, and other thickeners), end-user industry (power generation, automotive and other transportation, heavy equipment, food and beverage, metallurgy and metalworking, chemical manufacturing, and other end-user industries), and geography (Asia-Pacific, North America, Europe, South America, Middle East, and Africa). The report also covers the market size and forecasts for the grease market in 32 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (million liters).

Other Thickeners
End-user Industry
Power Generation
Automotive and Other Transportation
Heavy Equipment
Food and Beverage
Metallurgy and Metalworking
Chemical Manufacturing
Other End-user Industries
South Korea
Rest of Asia-Pacific
North America
United States
Rest of North America
United Kingdom
Rest of Europe
South America
Rest of South America
Middle East
Saudi Arabia
United Arab Emirates
Rest of the Middle East
South Africa
Rest of Africa
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Grease Market Research FAQs

The Grease Market size is expected to reach 2.62 billion liters in 2024 and grow at a CAGR of 3.38% to reach 3.08 billion liters by 2029.

In 2024, the Grease Market size is expected to reach 2.62 billion liters.

Shell Plc, Exxon Mobil Corporation, BP Plc (Castrol), FUCHS and Axel Christiernsson are the major companies operating in the Grease Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Grease Market.

In 2023, the Grease Market size was estimated at 2.53 billion liters. The report covers the Grease Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Grease Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Grease Industry Report

Statistics for the 2024 Grease market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Grease analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Grease Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)