““Soap thickener is projected to be the largest thickener type in the high temperature grease & lubricants market”
The high temperature grease & lubricants market size is expected to reach USD 26.49 billion by 2021, registering a CAGR of 5.3% between 2016 and 2021. They are used in different applications ranging from automobiles to large multitudes of industries. There are two types of high temperature grease & lubricants including soap thickener and non-soap thickener. Soap thickener is the major type of the high temperature grease & lubricants. The major factors fuelling the growth of high temperature grease & lubricants market is rapid industrialization in Asia-Pacific and Africa regions and the growing automotive industry in Asia-Pacific region.
“Industrial application to dominate the high temperature grease & lubricants market”
The industrial application led the global high temperature grease & lubricants market in 2015. High temperature grease & lubricants are ideal for a wide range of industrial application including, bearings, industrial fans, food industry packaging, textile stenters, and other industrial or mobile equipment. Moreover, massive industrial growth in the emerging regions such as Asia-Pacific, and Africa is attributed to the high growth of industrial application segment and this trend is expected to continue over next five years.
“Asia-Pacific is projected to be the largest and the fastest-growing market during the forecast period”
Asia-Pacific is projected to be the largest and the fastest-growing market for high temperature grease & lubricants across the globe. The increasing disposable income of people and industrial growth in the Asia-Pacific region led to the increasing demand of automobiles. As a result, there has been a consistent rise in number of vehicles in the region over the past decade, which is ultimately fueling the demand for the high temperature grease & lubricants in the region. Additionally, the presence of key...