At 3.6% CAGR, the South & Central America Grease Additives Market is projected to be worth US$ 17.02 million by 2028, says Business Market Insights

According to Business Market Insights research, the South & Central America Grease Additives Market was valued at US$ 13.73 million in 2022 and is expected to reach US$ 17.02 million by 2028, registering a CAGR of 3.6% from 2022 to 2028. Proliferation of automotive industry strategic initiatives by key market players are the critical factors attributed to the South & Central America Grease Additives Market expansion.   

Industrial greases primarily constitute base oil, thickener, and additives; additives are the second most important component after base oil. Three types of base oils are used in grease manufacturing: mineral oil, vegetable oil, and synthetic oil. Synthetic greases are manufactured using synthetic oils, such as polyalphaolefin. They are widely used in the industrial sector, especially in the automotive industry. Their superior characteristics, ability to induce operational consistency, and affordable costs make them a preferred category of lubricants. Synthetic greases are used in applications involving extreme temperatures, loads, and speeds. Synthetic grease additives enhance physical and chemical properties by increasing the viscosity index, lowering volatility, and reducing the pour point of lubricants. Viscosity index improvers pour point depressants, dispersants, and detergents are a few of the widely used categories of additives. With the rising demand for synthetic grease, the need for additives for these greases is likely to surge during the forecast period. Several major market players are developing additives for synthetic greases to improve their efficiency. For instance, in September 2022, Clariant launched extreme pressure/antiwear additives, lubricity improvers, corrosion inhibitors, neutralizing agents, and guide formulations for fully synthetic metalworking fluids that increase efficiency at the machine. Thus, the growing demand for synthetic grease is expected to introduce new trends into the South & Central America Grease Additives Market during the forecast period.

On the contrary, stringent government policies hampers the South & Central America Grease Additives Market.

Based on type, the South & Central 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 28.06% share of South & Central America Grease Additives Market in 2022, amassing US$ 2.26 million. It is projected to garner US$ 2.79 million by 2028 to expand at 3.5% CAGR during 2022–2028. 

Based on application, the South & Central America Grease Additives Market is segmented into automotive, aerospace, marine, mining, steel mill, construction machinery, and others. The automotive segment held 52.21% share of South & Central America Grease Additives Market in 2022, amassing US$ 4.21 million. It is projected to garner US$ 5.28 million by 2028 to expand at 3.8% CAGR during 2022–2028.

Based on country, the South & Central America Grease Additives Market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that the Brazil captured 58.7% share of South & Central America Grease Additives Market in 2022. It was assessed at US$ 8.06 million in 2022 and is likely to hit US$ 10.25 million by 2028, exhibiting a CAGR of 4.1% during the forecast period.      

Key players dominating the South & Central 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.  

• Croda International plc launched the GR400 grease additive. It is highly recommended in wind turbine operations to extend the life of their main shaft bearings that are failing prematurely from excessive wear and pitting.

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