The global greases market size was estimated at USD 6.0 billion in 2024 and is projected to reach USD 7.68 billion by 2030, growing at a CAGR of 4.1% from 2025 to 2030. One of the key factors fueling this growth is the rising global demand for vehicles and automotive spare parts. As vehicle ownership increases and automotive maintenance becomes more critical, the demand for high-performance automotive grease is expected to grow significantly, thereby contributing positively to the overall market expansion.

The construction industry also plays a significant role in driving demand for greases and remains one of the largest end-users globally. In this sector, greases are essential for the lubrication and protection of moving components in heavy construction machinery and equipment, such as excavators, bulldozers, cranes, loaders, and dump trucks. These machines operate under harsh and demanding conditions, and greases help reduce friction, wear, and corrosion in vital components like bearings, gears, bushings, pins, and hydraulic cylinders. By minimizing mechanical stress, greases enhance performance and extend the operational lifespan of this expensive equipment.

Greases are primarily available in three major forms: bio-based, mineral, and synthetic, which are typically classified based on the raw materials used in their production. In the case of bio-based greases, formulations often include vegetable oils such as soybean, rapeseed, sunflower, and palm oil. Among these, soybean oil is particularly favored due to its widespread availability, cost-effectiveness, and favorable viscosity properties, making it suitable for various lubricant applications.

The development of grease formulations involves a careful process of blending synthetic base oils, thickeners, and performance additives in specific proportions. These formulations are engineered to meet specific application requirements by achieving optimal viscosity, thermal stability, load-bearing capacity, corrosion resistance, and other key performance attributes. Such tailored product design ensures that the greases function reliably in a wide range of operating environments and mechanical systems.

Key Market Trends & Insights:

• In 2024, the Asia Pacific region emerged as the leading market in the global grease industry, capturing a significant revenue share of 38.4%. This dominance is attributed to the region's robust industrial base, expanding automotive sector, and increasing infrastructure development. Among the countries in this region, China stands out as one of the most promising markets for grease products. The nation's rapid industrialization, combined with the growing demand for machinery and vehicles, is expected to drive continued demand for high-performance grease solutions.

• When analyzed by form, the mineral-based grease segment held the largest portion of the market, accounting for a substantial 60.3% revenue share in 2024. This dominance is primarily due to the widespread availability and relatively lower cost of mineral oils, making them a preferred choice across various industrial and automotive applications. Mineral-based greases are known for their satisfactory performance under moderate operating conditions, making them suitable for many general-purpose uses.

• In terms of application, the manufacturing segment led the grease market in 2024, commanding a revenue share of 49.6%. Greases play a critical role in manufacturing operations by reducing friction and wear in equipment and machinery. Their use ensures smoother operation, extended equipment life, and reduced maintenance downtime—all essential for enhancing productivity and efficiency in manufacturing processes.

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Market Size & Forecast:

• 2024 Market Size: USD 6.0 Billion

• 2030 Projected Market Size: USD 7.68 Billion

• CAGR (2025-2030): 4.1%

• Asia Pacific: Largest market in 2024

Key Companies & Market Share Insights:

Some of the key players actively operating in the global grease market include industry giants such as Shell plc, Exxon Mobil Corporation, Chevron Corporation, FUCHS, and TotalEnergies. These established companies hold significant market influence due to their extensive resources, technological expertise, and global reach.

To maintain a competitive edge over regional and smaller players, these major companies strategically engage in integration across the entire value chain. This approach helps them streamline their supply chain operations, ensuring a seamless flow of materials and products while simultaneously reducing both production and operating costs. By managing various stages of the supply chain internally, these companies improve efficiency and resilience, allowing them to respond swiftly to market demands and fluctuations.

In addition to optimizing supply chains, these leading manufacturers consistently invest in research and development to innovate new grease products and advance production technologies. This ongoing focus on product development allows them to meet evolving industry standards, cater to specialized application needs, and enhance overall product performance.

Another key strategic move among these market leaders is backward integration, whereby companies extend their operations upstream into raw material procurement and manufacturing. This integration helps reduce dependency on external suppliers, lowers procurement costs, and provides greater control over the quality and availability of essential raw materials.

For example, prominent companies such as Chevron Corporation, ExxonMobil Corporation, INEOS, and Shell plc have implemented backward integration within the grease market’s value chain. By producing various raw materials internally, they strengthen their operational capabilities and secure a more cost-effective and reliable supply chain, further reinforcing their leadership positions in the market.

Key Players

• NYCO

• Battenfeld-Grease & Oil Corporation of New York

• RichardsApex, Inc.

• Lubriplate Lubricants Company

• GB Lubricants

• Canoil Canada Ltd.

• Eastern Oil Company

• JAX Incorporated

• Daubert Chemical Company

• D-A Lubricant Company

• Xaerus Performance Fluids, Inc.

• MorOil Technologies

• Royal High Performance Oil & Greases

• Industrial Oils Unlimited

• Primrose Oil Company, Inc.

• Environmental Lubricants Manufacturing, Inc. (ELM)

• Cadillac Oil

• CONDAT

• LUBRITA Europe B.V.

• COGELSA Efficient Lubrication

• Interflon

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Conclusion:

The global grease market is poised for steady growth, driven by increasing demand across various end-use industries, particularly automotive and manufacturing. The Asia Pacific region is expected to lead market expansion, fueled by rapid industrialization and infrastructure development. Companies are focusing on innovation and strategic partnerships to enhance product offerings and strengthen market presence. As industries continue to prioritize efficiency and equipment longevity, the demand for high-quality grease products is anticipated to rise, supporting the market's positive trajectory.