The global grease additives is forecast to grow at a CAGR of 2.11% during the period 2016-2020.
Commenting on the report, an analyst from the research team said: High-performing biodegradable greases will gain traction in this market. Conventional mineral oil-based greases are found to release harmful residues on partial combustion and high friction. Also, due to their poor degradability, they remain in the ecosystem for a long time. Eventually, they are found to interact with other chemical pollutants to result in smog and other toxic substances. There has been increasing R&D expenditure on this front to eliminate the emission of harmful grease residues. Various research institutions in co-ordination with multinationals are working on the development of biodegradable greases.
According to the report, evolution of new equipment design will drive the market of global grease additives. Gearboxes and joints in automobiles and machineries are becoming smaller in size with the passage of time. This clearly indicates that the volumes of greases required are decreasing. However, these machineries now need to be operated at higher temperatures and higher speeds than before. As a result, the demand for high-quality greases and grease additives are increasing, driving the global grease additives market.
Further, the report states that one major challenge for vendors in the global grease additives market is the constant need for R&D and technological upgrades. There are two reasons for the need continuous upgrades. First, performance and emission standards for fuels and greases across the world are usually set by regulatory bodies, and all manufacturing industries must adhere to these standards. Second, rapid technological advancements in the manufacture of machinery and automobiles are creating the demand for environment-friendly and high-performance greases and grease additives.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
What will the market size be in 2020 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?