At 5.1% CAGR, the Asia Pacific Grease Additives Market is projected to be worth US$ 356.72 million by 2028, says Business Market Insights

According to Business Market Insights research, the Asia Pacific Grease Additives Market was valued at US$ 256.43 million in 2022 and is expected to reach US$ 356.72 million by 2028, registering a CAGR of 5.1% from 2022 to 2028. Proliferation of automotive industry strategic initiatives by key market players are the critical factors attributed to the Asia Pacific Grease Additives Market expansion.

The renewable energy industry, a subsegment of the power sector, is emerging as a prominent consumer of industrial greases. Grease is primarily used in turbines and transformers in this industry. In recent years, the increasing demand for renewable energy has led to an upsurge in wind turbine installations worldwide. The IEA states that 830 GW of wind capacity was installed as of 2021, of which 93% were onshore systems while 7% were offshore wind farms. Countries across the world are taking initiatives to increase their renewable energy capacities through wind turbine installations. With several new wind installations, the demand for lubricants such as greases has increased worldwide. Wind turbine lubricants contribute to the reliability of wind farms by ensuring streamlined operations and maintenance. Lubrication is essential at various points in a wind turbine; these include the gearbox, open gear, pitch gear, and pitch bearing. Wind power industry use grease additives such as pressure additives, corrosion inhibitors, and oxidation inhibitors to ensure the enhanced performance. Thus, the rising demand for greases in the wind power industry is likely to favor the growth of the Asia Pacific Grease Additives Market in the coming years.

On the contrary, stringent government policies hampers the Asia Pacific Grease Additives Market.  

Based on type, the Asia Pacific Grease Additives Market is segmented into oxidation inhibitors, corrosion inhibitors, anti-wear agents, pressure additives, metal deactivators, and others. The oxidation inhibitors segment held 36.4% share of Asia Pacific Grease Additives Market in 2022, amassing US$ 96.55 million. It is projected to garner US$ 129.40 million by 2028 to expand at 5.0% CAGR during 2022–2028. 

Based on application, the Asia Pacific Grease Additives Market is segmented into automotive, aerospace, marine, mining, steel mill, construction machinery, and others. The automotive segment held 62.3% share of Asia Pacific Grease Additives Market in 2022, amassing US$ 165.42 million. It is projected to garner US$ 221.74 million by 2028 to expand at 5.0% CAGR during 2022–2028.

Based on country, the Asia Pacific Grease Additives Market has been categorized into the China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that the China captured 60.9% share of Asia Pacific Grease Additives Market in 2022. It was assessed at US$ 161.59million in 2022 and is likely to hit US$ 218.64 million by 2028, exhibiting a CAGR of 5.2% during the forecast period.      

Key players dominating the Asia Pacific Grease Additives Market are Afton Chemical Corp; BASF SE; Clariant AG; Croda International plc; Evonik Industries AG; Shamrock Technologies Inc; The Lubrizol Corp; RT Vanderbilt Holding Co Inc; Lanxess AG; and IPAC Inc.  

• Afton Chemical Corp, a global lubricant and fuel additive manufacturer, completed its phase 3 expansion to add 'Gasoline Performance Additives (GPA)' blending capabilities at its Singapore chemical additive manufacturing facility.

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