At 2.9% CAGR, the North America Grease Additives Market is projected to be worth US$ 104.49 million by 2028, says Business Market Insights

According to Business Market Insights research, the North America Grease Additives Market was valued at US$ 88.27 million in 2022 and is expected to reach US$ 104.49 million by 2028, registering a CAGR of 2.9% from 2022 to 2028. Proliferation of automotive industry strategic initiatives by key market players are the critical factors attributed to the North America Grease Additives Market expansion.        

 Growth in the automotive industry, the demand for lubricating products is also increasing notably, as these substances contribute to enhanced engine performance and the extended lifespan of components of automotive parts. Grease is also used to protect the engine and automotive parts from external contamination. Corrosion inhibitors, oxidation inhibitors, and pressure additives are a few of the grease additives used to secure the engine and vehicle parts from damage. Thus, an upsurge in automobile manufacturing and the growing adoption of electric vehicles boosts the demand for grease, thereby bolstering the North America Grease Additives Market growth.

On the contrary, stringent government policies hampers the North America Grease Additives Market.  

Based on type, the North America Grease Additives Market is segmented into oxidation inhibitors, corrosion inhibitors, anti-wear agents, pressure additives, metal deactivators, and others. The oxidation inhibitors segment held 30.2% share of North America Grease Additives Market in 2022, amassing US$ 26.66 million. It is projected to garner US$ 30.67 million by 2028 to expand at 2.4% CAGR during 2022–2028. 

Based on application, the North America Grease Additives Market is segmented into automotive, aerospace, marine, mining, steel mill, construction machinery, and others. The automotive segment held 50.7% share of North America Grease Additives Market in 2022, amassing US$ 44.75 million. It is projected to garner US$ 52.55 million by 2028 to expand at 2.7% CAGR during 2022–2028.

Based on country, the North America Grease Additives Market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 77.5% share of North America Grease Additives Market in 2022. It was assessed at US$ 68.38 million in 2022 and is likely to hit US$ 82.37 million by 2028, exhibiting a CAGR of 3.2% during the forecast period.      

Key players dominating the North America Grease Additives Market are Afton Chemical Corp; BASF SE; Clariant AG; roda 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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