Oil Industry Grease in High Demand: Synthetic and Semi–Oils Boom
The rapid pace of technology evolutionis stoking demand for improved performance and reliability, boosting the market for industrial greases. Manufacturers and distributors ofsynthetic and semi-synthetic oil-based greases are striving to meet evolving customer requirements to stay relevant in an intensely competitive market.
New analysis from Frost & Sullivan, Analysis of Industrial Greases Market and Opportunities for Bio-based Materials, finds that the market earned revenues of $1.22 billion in 2013 and estimates this to reach $1.82 billion in 2019. The automotive industry constitutes the largest application segment of mineral and synthetic greases. Other segments include pulp and paper, aerospace, mining, food processing, and power generation.
“Continuous technological improvements and innovative solutions in industrial greases will attract business from new industry sectors,” said Frost & Sullivan Chemicals, Materials & Food Industry Analyst Anna Jarosik. “Further, close and active cooperation among grease designers, manufacturers and end users will support the production of highly customized grease systems, creating opportunities of market participants in a wider range of industries.”
A Change in Base Oils Expected
As a result of continuous R&D, there are likely to be changes in base oil types used in the production of industrial greases. These, in turn, are expected to result in various formulation changes that will be beneficial to some additive families, such as those used as oxidation and rust inhibitors.
Stricter regulations and environment standards, engine hardware changes, and extension of oil drain intervals will place additional pressure on industrial grease manufacturers to increase product performance, durability and robustness. Moreover, the harsher mechanical equipment operating conditions make a strong case for better performing industrial greases.
Environmentally Friendly Substances Will Lead the Way
There is also considerable potential for environment-friendly industrial greases due to the rising environment consciousness all around the world. However, for this market to take off, manufacturers have to engage in promotions and be backed by government policies that mandate the use of bio-lubricants in key areas such as hydro power plants.