DUBLIN--(BUSINESS WIRE )--The "Lithium Grease Market - Global Outlook and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
Lithium grease is used for lubrication in mechanical systems. The primary purpose of lithium-based lubricants is to reduce friction between moving parts resulting in increased efficiency and output of the system. Grease also minimizes the wear of machine parts, increasing the life of components. Lithium grease accounts for more than 70% of the global grease market.
Glance through the report of more than 232 pages comprising 154 tables and more than 210 exhibits to develop a deep understanding of the market.
Increase in Demand for Automotive in Emerging Economies To Create Lucrative Opportunities.
The automotive industry is one of the significant consumers of lithium grease. Lithium grease is used in various parts, joints of automobiles, and even in chassis & wheel bearing applications. In emerging markets like China, India, Brazil, and Mexico, the demand for automotive increases due to increased population, increased purchasing power, and rising per capita income. In 2021, according to OICA, more than 71 million vehicles were manufactured across the globe, which is a 5 million rise compared to the previous year.
Rise of Automation in Industries is Driving the Growth of Lithium Greases Market.
Automation is the use of equipment and technology to automate production systems or processes to boost efficiency by decreasing manual labor. Automation has two main advantages: boosting production activities and reducing human errors. This keeps operations lean, efficient, and productive. There is an increase in the adoption of automation across different industries to increase production and reduce error and production costs. As automation increases, mechanical parts are constantly under motion and load, which mandates a high lubrication requirement for the system to work efficiently without any breakdown. This increases the demand for lithium grease for lubrication purposes.
Volatility in Price of Raw Material May Impact the Industry
As raw material prices fluctuate, manufacturers find it challenging to maintain the constant cost of lithium grease. In recent years, there has been a shortage in lithium availability due to high demand from the EV industry. There is a sudden increase in demand for lithium, and hence the prices are rising at a high rate. In addition, there is a constant fluctuation in crude oil prices, which impacts the cost of base oil used in production.
1. What is the Estimated Market Size of the Lithium Grease?
2. What is the Growth Rate of the Global Lithium Grease Market?
3. is the Analysis of the Lithium Complex Grease Market Included in the Report?
4. What Are the Key Strategies Focused on by the Lithium Grease Manufacturers?
5. Which Region Will Witness the Fastest Growth in the Global Lithium Grease Market?
The competitive scenario in the global lithium grease market is currently intensifying. The constantly changing prices of raw materials are adversely affecting the vendors. Players find it difficult to secure the lithium used in manufacturing the lubricant. The key players are Shell plc (UK), Phillips 66 (US), Sinopec(China Petrochemical Corporation) (China), Exxon Mobil Corporation (US) & Total Energies (France). The key vendors focus on innovation, product diversification & entering new markets. However, new players can enter the market quickly as lithium grease caters to a high market share of oil worldwide.
The report provides a holistic approach to the Lithium Grease industry to enable customers to analyze the market efficiently.
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900