Lithium Grease Market To Hit $3.5 Billion By 2027 Biofuel Vehicles To Create Huge Opportunities – Arizton

SIRIUS MANAGEMENT CONSULTANCY

The lithium grease market is expected to reach $3.5 billion by 2027 from $2.6 billion in 2021.

Chicago, July 01 2022 (GLOBE NEWSWIRE) — According to the latest research report from Arizton, the lithium grease market is expected to grow at a CAGR of 4.9% during the forecast period. Rising fuel prices have spurred demand for electric vehicles and biofuel-based vehicles. Therefore, the production of electric vehicles and biofuel vehicles is expected to increase in the coming years, which will increase the demand for lithium grease for lubrication purposes.

Scope of the Lithium Grease Market Report

Report attributes

Details

MARKET SIZE (2027)

$3.5 billion

MARKET SIZE (2021)

$2.6 billion

MARKET SIZE – VOLUME (2027)

1.2 million tons

CAGR (2022-2027)

4.9%

%

YEAR OF REFERENCE

2021

FORECAST YEAR

2022-2027

MARKET SEGMENTS

Thickener type (simple, complex), application (general purpose, heavy duty), end use (automotive and transportation, industrial, construction, mining and others)

GEOGRAPHICAL ANALYSIS

North America, Europe, APAC, Latin America, Middle East and Africa

KEY SUPPLIERS

Shell plc, Phillips 66, Sinopec, Exxon Mobil Corporation and Total Energies

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Lithium grease accounts for a significant share of the global grease market. The global lithium grease market responds to changing consumer needs and preferences. The automotive industry is one of the major end users of lithium grease. Leading lithium grease manufacturers are focusing on innovation and product diversification to enter new markets. The demand for high performance lithium grease is high because the efficiency of mechanical systems depends on the type and quality of grease used. The global lithium grease market is expected to grow owing to increasing automation and growing demand for lubricants.

key ideas

  • Lithium grease dominates the global grease market and accounts for more than 70% of the global grease market.

  • Industrialization and government mandated sustainable practices have spurred the use of lithium grease in various industries. The demand for lithium grease is on the rise globally due to the growth of the automotive sector.

  • The demand for lithium grease, used to lubricate moving mechanical parts, has increased as the use of automation in industries has grown.

  • The prices of raw materials for lithium grease such as base oils and lithium are constantly fluctuating. The price of base oil depends on the world cost of crude oil. While the high demand for lithium in the form of electric vehicle industry has created a shortage of lithium in the world, which has led to an increase in lithium prices. Therefore, constantly changing raw material prices negatively affect suppliers as they struggle to obtain the lithium used to manufacture lithium grease.

  • In 2021, single lithium holds the largest market share. Simple lithium grease is the most economical choice for various applications due to its low cost. The demand for single lithium grease has rapidly increased due to its high water resistance and high temperature application.

  • Heavy-duty lithium grease is the dominant segment and is expected to witness similar growth over the forecast period due to increased usage in heavy machinery in construction, mining and industrial manufacturing sectors.

  • Lithium grease is mainly used in the automotive and transport industry. The automotive and transportation industry is expected to dominate the market over the forecast period.

  • APAC is the largest 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.

The major players in the market are focusing on improving the efficiency of grease by adding different additives, mixing soaps and changing compositions due to market competition. End users, such as the manufacturing, building and construction, and mining industries, need a lithium grease that can be used in extreme pressure and temperature conditions and can last 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 strong market positions and these companies are strategically competing with each other in the global market lithium grease. Companies are investing and focusing on improving the efficiency of lithium grease because most end users prefer high performance lithium grease. However, companies are facing a shortage of lithium thickeners due to its high demand in the electric vehicle market.

Market segmentation

Type of thickener

Application

  • General purpose

  • Foolproof

End use

Geography

  • North America

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • Russia

    • The rest of Europe

  • APAC

    • China

    • India

    • Japan

    • Australia

    • South Korea

    • Rest of APAC

  • Latin America

    • Brazil

    • Mexico

    • Rest of Latin America

  • Middle East and Africa

    • Iran

    • South Africa

    • United Arab Emirates

    • Rest of MEA

MAIN SUPPLIERS

  • Shell PLC

  • Phillips 666

  • Sinopec

  • ExxonMobil

  • Total energies

OTHER MAJOR SUPPLIERS

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About Arizona:

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CONTACT: Arizton Advisory and Intelligence Call: +1-312-235-2040            +1 302 469 0707

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