The market for the high-temperature grease is expected to grow at a CAGR of more than 3% globally during the forecast period.
Increasing applications from the industrial sector and the growing demand from the automotive industry in developing countries are driving the market growth.
The outbreak of COVID-19 is expected to hinder the market growth of the high-temperature grease market.
Key Market Trends
Increasing Demand from Automotive and Industrial Segments
– High-temperature grease lubricants are the lubricants that are majorly being used in industrial and automotive applications because of remarkable lubricity under extreme temperature conditions (>1000 °C) and other excellent properties.
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– The properties of high-temperature grease lubricants include low evaporation, anti-wear properties, thermal stability, resistance to oxidation, mechanical stability, low softening, low volatility, and high viscosity index.
– In automobile manufacturing operations, high-temperature greases are being used in engines, brake, and chassis areas. These greases function by creating a thin film between the moving parts for enhancing the transfer of heat and reducing tension during the contact of parts.
– The usage of combustion engine vehicles in developing countries such as India, Indonesia, Africa, and other some Middle-Eastern countries has been increasing in recent years. This is one of the primary reasons for the increase in the demand for high-temperature greases from the automotive segment in recent times.
– The demand for steel production and casting industries is also rising. As these industries deal with higher temperatures, companies have been adopting the usage of high-temperature grease for equipment such as furnaces, hydraulics, and others.
– The impact of the COVID-19 shutdowns is expected to decrease the usage and demand for high-temperature grease from different sectors in the near future.
– However, the growth potential automotive sector in developing countries, and the expected increase consumption of steel for various applications, are expected to drive the market for high-temperature grease lubricants through the years to come.
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