Chicago, July 01, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, the lithium grease market is expected to grow at a CAGR of 4.9% during the forecast period. Increased fuel prices boosted the demand for EVs and biofuel-based vehicles. Therefore, the production of EVs and biofuel-based vehicles is set to increase in the coming years, which will increase the demand for lithium grease for lubrication purposes.
Lithium Grease Market Report Scope
| Report Attributes | Details | |
| MARKET SIZE (2027) | $3.5 Billion | |
| MARKET SIZE (2021) | $2.6 Billion | |
| MARKET SIZE - VOLUME (2027) | 1.2 million Ton | |
| CAGR (2022-2027) | 4.9% | % |
| BASE YEAR | 2021 | |
| FORECAST YEAR | 2022-2027 | |
| MARKET SEGMENTS | Thickener Type (Simple, Complex), Application (General Purpose, Heavy-Duty), End-Use (Automotive & Transportation, Industrial, Building, Mining, and Others) | |
| GEOGRAPHIC ANALYSIS | North America, Europe, APAC, Latin America, and Middle East & Africa | |
| KEY VENDORS | Shell plc, Phillips 66, Sinopec, Exxon Mobil Corporation & Total Energies | |
Click Here to Download the Free Sample Report
Lithium grease accounts for a significant share in the global grease market. The global lithium grease market caters to consumers’ changing needs and preferences. The automotive industry is one of the major end-users of lithium grease. Top manufacturers of lithium grease focus on innovation and product diversification to enter new markets. The demand for high-performance lithium grease is high as the efficiency of mechanical systems depends on the type and quality of grease used. The global lithium grease market is anticipated to expand as a result of rising automation and rising lubricant demand.
Key Insights
- Lithium grease dominates the global grease market and accounts for more than 70% of global grease market.
- Industrialization and government-mandated sustainable practices have boosted the use of lithium grease in various sectors. The demand for lithium grease is on the rise globally due to growth in automotive sector.
- Demand for lithium grease, used to lubricate moving mechanical parts, has increased as automation usage in industries has grown.
- The prices of raw materials for lithium grease such as base oils and lithium are always fluctuating. The price of base oil depends on global crude oil cost. Whereas the high demand of lithium form Electric vehicles industry has created the lithium shortage across world which has resulted in increase in prices of lithium. Hence, constant changing raw material prices adversely affect vendors as they find it difficult to secure lithium used to manufacture lithium grease.
- In 2021, simple lithium has the largest market share. Simple lithium grease is the most economical choice for various applications due to its low cost. Demand for simple lithium grease rose quickly due to its high-water resistance and temperature application.
- Heavy-duty lithium grease is the dominant segment and is projected to witness similar growth during the forecast period owing to increased use in heavy machinery in construction, mining, and industrial manufacturing industries.
- Lithium grease is majorly used in the automotive & transportation industry. The automotive & transportation industry is expected to dominate the market during the forecast period.
- APAC is the biggest market for lithium grease, with a 30.36% share of the global lithium grease market. This is due to the presence of developing economies and many manufacturing industries.
Top market players focus on the improvement of grease efficiency by adding different additives, mixing soaps, and changing compositions due to market competition. End-users, such as manufacturing, building & construction, and mining industries, require lithium grease that can be used in extreme pressure and temperature conditions and can last for a long time. Therefore, manufacturers should focus on innovations to increase their market shares. Shell (UK), Phillips 66 (US), Sinopec (China), ExxonMobil (US), and TotalEnergies (France) have a strong market position, and these companies compete strategically in the global lithium grease market. Companies invest and focus on the improvement of lithium grease efficiency as most end-users prefer high-performance lithium grease. However, companies face a lithium thickener shortage due to its high demand in the EV market.
Market Segmentation
Thickener Type
- Simple
- Complex
Application
- General Purpose
- Heavy Duty
End-Use
- Automotive & Transportation
- Industrial
- Building
- Mining
- Others
Geography
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- APAC
- China
- India
- Japan
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Iran
- South Africa
- UAE
- Rest of MEA
MAJOR VENDORS
- Shell PLC
- Philips 666
- Sinopec
- ExxonMobil
- Total Energies
OTHER PROMINENT VENDORS
- Chevron Corporation
- Petronas Lubricant
- PT Pertamania Lubricants
- Rosneft Lubricant
- Eneos Corporation
- ENI
- HP Lubricant Inc
- Eurol
- Fuchs Lubricants
- Paras Lubricant
- Valvoline
- Lucas Oil Products
- Gulf Oil Lubricants
- CJ Chemicals
- Adolf7 Automotive Industries
- Tide Water Oil Co.
- BP Plc
- Joseph Fazzio Inc
- Idemitsu Kosan Co.
- Bharat Petroleum
Explore our chemicals materials profile to know more about the industry.
Click Here to Download the Free Sample Report
Read some of the top-selling reports:
- Engine Oil Market - Global Outlook and Forecast 2022-2027
- Automotive Lubricants Market - Global Outlook & Forecast 2022-2027
- Synthetic Lubricants Market- Global Outlook and Forecast 2022-2027
- Industrial Degreaser Market - Global Outlook & Forecast 2021-2026
About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals, and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
Call: +1-312-235-2040
+1 302 469 0707
Arizton Advisory and Intelligence Call: +1-312-235-2040 +1 302 469 0707
