Chicago, July 01, 2022 (GLOBE NEWSWIRE) -- According to Arizton's latest research report, the lithium grease market is expected to grow at a CAGR of 4.9% during the forecast period. Increased fuel prices boosted the demand for EVs and biofuel-based vehicles. Therefore, the production of EVs and biofuel-based vehicles is set to increase in the coming years, which will increase the demand for lithium grease for lubrication purposes.

Lithium Grease Market Report Scope

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Lithium grease accounts for a significant share in the global grease market. The global lithium grease market caters to consumers' changing needs and preferences. The automotive industry is one of the major end-users of lithium grease. Top manufacturers of lithium grease focus on innovation and product diversification to enter new markets. The demand for high-performance lithium grease is high as the efficiency of mechanical systems depends on the type and quality of grease used. The global lithium grease market is anticipated to expand as a result of rising automation and rising lubricant demand.

Top market players focus on the improvement of grease efficiency by adding different additives, mixing soaps, and changing compositions due to market competition. End-users, such as manufacturing, building & construction, and mining industries, require lithium grease that can be used in extreme pressure and temperature conditions and can last for a long time. Therefore, manufacturers should focus on innovations to increase their market shares. Shell (UK), Phillips 66 (US), Sinopec (China), ExxonMobil (US), and TotalEnergies (France) have a strong market position, and these companies compete strategically in the global lithium grease market. Companies invest and focus on the improvement of lithium grease efficiency as most end-users prefer high-performance lithium grease. However, companies face a lithium thickener shortage due to its high demand in the EV market.

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