At 4.7% CAGR, the Europe Grease Additives Market is projected to be worth US$ 127.78 million by 2028, says Business Market Insights

According to Business Market Insights research, the Europe Grease Additives Market was valued at US$ 97.04 million in 2022 and is expected to reach US$ 127.78 million by 2028, registering a CAGR of 4.7% from 2022 to 2028. Proliferation of automotive industry strategic initiatives by key market players companies are the critical factors attributed to the Europe Grease Additives Market expansion.        

The automotive industry has witnessed tremendous growth in the last few decades and is expected to rise steadily during the forecast period. According to a report published by the European Automobile Manufacturers’ Association (ACEA), global motor vehicle production increased by 1.3% from 2020 to 2021; 79.1 million motor vehicles, including 61.6 million passenger cars, were produced across the world in 2021. A Bureau of Transportation Statistics report states that China is one of the dominant producers of passenger cars and commercial vehicles. Further, a new research study by Canalys mentions that 1.3 million electric vehicles (EVs) were sold in China in 2020. According to a Germany Trade & Invest report, Germany, a primary automotive market in Europe, registered a foreign revenue of US$ 289.0 billion (a 10% rise from 2020) from passenger car and light commercial vehicle original equipment manufacturing in 2021. Governments of a few other European countries, such as the Netherlands, have introduced incentives to stimulate the sale of electric automobiles. The International Energy Agency (IEA) estimates that 80% of the total cars sold worldwide will be hybrid or electric cars by 2050.

On the contrary, stringent government policies systems hampers the Europe Grease Additives Market.  

Based on type, the Europe Grease Additives Market is segmented into oxidation inhibitors corrosion inhibitors, anti-wear agents, pressure additives, metal deactivators, and others. The oxidation inhibitors segment held 33.2% share of Europe Grease Additives Market in 2022, amassing US$ 32.22 million. It is projected to garner US$ 41.74 million by 2028 to expand at 7.1% CAGR during 2022–2028. 

Based on application, the Europe Grease Additives Market is segmented into automotive, aerospace, marine, mining, steel mill, construction machinery, and others. The automotive segment held 50.3% share of Europe Grease Additives Market in 2022, amassing US$ 48.84 million. It is projected to garner US$ 63.62 million by 2028 to expand at 4.5% CAGR during 2022–2028.

Based on country, the Europe Grease Additives Market has been categorized into the Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 32.0% share of Europe Grease Additives Market in 2022. It was assessed at US$ 31.06 million in 2022 and is likely to hit US$ 40.46 million by 2028, exhibiting a CAGR of 4.5% during the forecast period.      

Key players dominating the Europe Grease Additives Market are Afton Chemical Corp; BASF SE; Clariant AG; Croda International plc; Evonik Industries AG; Shamrock Technologies Inc; The Lubrizol Corp; 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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