Global greases market projected to reach USD 8.70 billion by 2032 with 4.10% CAGR growth
From GlobeNewswire: 2025-04-09 10:00:00
The global greases market was valued at USD 6.06 billion in 2023, projected to reach USD 8.70 billion by 2032 with a CAGR of 4.10%. Demand for high-performance lubricants in automotive, industrial, and aerospace sectors is driving growth, along with the shift to bio-based and synthetic greases for environmental reasons. Emerging markets, infrastructure development, and EV expansion further boost the industry.
The U.S. greases market was valued at USD 4.79 billion in 2023, expected to reach USD 6.82 billion by 2032, growing at a CAGR of 4.01%. The market is expanding due to increased demand in automotive, industrial, and aerospace sectors, driven by high-performance, bio-based, and synthetic lubricants. Automation, infrastructure projects, and EVs contribute to market growth.
Metallic soap thickeners dominate the greases market with a 68.5% market share due to their superior water resistance, thermal stability, and versatility in industrial and automotive applications. Despite supply concerns and lithium shortages, demand remains strong, particularly in EVs, aerospace, and heavy-duty industries. Manufacturers are investing in innovative formulations to enhance product efficiency.
Mineral oil-based greases retain market leadership with a 65% market share despite rising demand for synthetic alternatives. Their cost-effectiveness, availability, and reliable performance across industries make them preferred for general-purpose lubrication. While synthetic greases offer superior durability, mineral oil-based greases remain the market’s choice for moderate operating conditions due to their cost-effectiveness and consistent viscosity.
The automotive industry leads the greases market in 2023 with a 42.1% market share, driven by rising vehicle production and EV advancements. Greases are extensively used in wheel bearings, chassis, gears, and electric motor systems. The growing EV market has led automakers to invest in advanced greases for improved thermal and electrical insulation. The ACEA emphasizes the importance of high-quality greases in reducing friction and improving fuel efficiency in the automotive sector. Demand for specialized lubricants for electric drivetrains has surged, leading to the development of grease formulations with long-lasting lubrication and superior oxidation stability to meet high-performance requirements and emission regulations.
Asia Pacific leads the greases market in 2023 with a 45.3% share, driven by industrialization, automotive production, and manufacturing growth in China, India, and Japan. North America emerges as the fastest-growing region, fueled by demand for synthetic greases in automotive, aerospace, and industrial applications.
North America’s growth is propelled by the surging demand for synthetic greases in automotive, aerospace, and industrial applications. The U.S. leads with over 1.4 million EVs sold in 2023, promoting advanced lubricants, while Canada’s expanding oil and gas industry and Mexico’s thriving automotive sector further boost regional demand.
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