The automotive industry has witnessed tremendous growth in the last few decades and is expected to rise steadily during the forecast period. According to a report published by the European Automobile Manufacturers’ Association (ACEA), global motor vehicle production increased by 1.3% from 2020 to 2021; 79.1 million motor vehicles, including 61.6 million passenger cars, were produced across the world in 2021. A Bureau of Transportation Statistics report states that China is one of the dominant producers of passenger cars and commercial vehicles. Further, a new research study by Canalys mentions that 1.3 million electric vehicles (EVs) were sold in China in 2020. According to a Germany Trade & Invest report, Germany, a primary automotive market in Europe, registered a foreign revenue of US$ 289.0 billion (a 10% rise from 2020) from passenger car and light commercial vehicle original equipment manufacturing in 2021. Governments of a few other European countries, such as the Netherlands, have introduced incentives to stimulate the sale of electric automobiles. The International Energy Agency (IEA) estimates that 80% of the total cars sold worldwide will be hybrid or electric cars by 2050.
Thus, an upsurge in automobile manufacturing and the growing adoption of electric vehicles boosts the demand for grease, thereby bolstering the grease additives market growth.
A few players operating in the grease additives market are Afton Chemical Corp, BASF SE, Clariant AG, Croda International plc, Evonik Industries AG, Shamrock Technologies Inc, The Lubrizol Corp, RT Vanderbilt Holding Co Inc, Lanxess AG, and IPAC Inc, among few others.
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