At 3.4% CAGR, Europe Lubricating Grease Market is Projected to be Worth US$ 932.76 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Europe lubricating grease market was valued at US$ 711.44 million in 2022 and is expected to reach US$ 932.76 million by 2030, registering a CAGR of 3.4% from 2022 to 2030. Soaring demand for lubricating grease from the automotive industry and rapid industrialization are among the critical factors attributed to drive the Europe lubricating grease market growth.

Lubricating grease is an essential component in the automotive sector, serving a multitude of critical applications to ensure the smooth operation and longevity of various vehicle components. The widespread use of lubricating grease in automotive bearings, chassis components, and other moving parts to reduce friction, minimize wear, and enhance overall performance is a significant contributor to the market growth. Additionally, advancements in automotive technologies, such as electric vehicles and sophisticated drivetrain systems, have fueled the demand for specialized lubricating greases. These innovations often involve components that require lubricants to withstand higher temperatures and extreme pressure and offer superior protection. Lubricating grease, formulated to meet these specific requirements, is essential for supporting the evolving needs of the automotive industry. According to the International Energy Agency's annual Global Electric Vehicle Outlook, over 10 million electric cars were sold worldwide in 2022. Lubricating grease is essential for the proper functioning of components such as bearings, gears, and sliding surfaces within electric vehicles. They are also used in other electric vehicle components, such as wheel bearings, suspension systems, and other moving parts. The increasing production of electric vehicles has encouraged lubricating grease manufacturers to develop specialized formulations that address the unique requirements of electric drivetrains and associated components. For instance, in June 2021, Castrol announced the launch of the Castrol ON range of e-fluids for electric mobility. The electric drivetrain's high-speed and high-torque characteristics require lubricants capable of handling increased stress and heat generation. Lubricating greases tailored for electric vehicles are formulated to withstand these challenging conditions, providing effective lubrication and heat dissipation to ensure the longevity of critical components. Thus, all these factors positively influence market growth.

On the contrary, stringent government policies hamper the growth of Europe lubricating grease market.

Based on base oil, the Europe lubricating grease market is segmented mineral oil, synthetic oil, and bio-based. The mineral oil segment held 61.9% market share in 2022, amassing US$ 440.49 million. It is projected to garner US$ 570.18 million by 2030 to register 3.3% CAGR during 2022-2030. The synthetic oil segment is further sub segmented into polyalkylene glycol, polyalphaolefin, and esters.

In terms of thickener type, the Europe lubricating grease market is categorized into lithium, lithium complex, polyurea, calcium sulfonate, anhydrous calcium, aluminum complex, and others. The lithium segment held 30.8% share of Europe lubricating grease market in 2022, amassing US$ 219.30 million. It is anticipated to garner US$ 292.58 million by 2030 to expand at 3.7% CAGR during 2022-2030.

By end-use industry, the Europe lubricating grease market is segmented into conventional vehicles, electric vehicles, building & construction, mining, marine, food, energy & power, and others. The conventional vehicles segment held 45.7% market share in 2022, amassing US$ 325.03 million. It is projected to garner US$ 436.42 million by 2030 to register 3.8% CAGR during 2022-2030.

By country, the Europe lubricating grease market is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 44.1% share of Europe lubricating grease market in 2022. It was assessed at US$ 313.73 million in 2022 and is likely to hit US$ 419.73 million by 2030, registering a CAGR of 3.7% during 2022-2030.

Key players operating in the Europe lubricating grease market are Exxon Mobil Corp, Fuchs SE, Petroliam Nasional Bhd, Shell Plc, Kluber Lubrication GmbH & Co KG, TotalEnergies SE, BP Plc, Chevron Corp, Valvoline Inc, and Axel Christiernsson AB, among others.

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