The market for vacuum grease is expected to grow at a CAGR of greater than 4% globally during the forecast period.
- The rising number of food processing industries and the growing need for high-quality packaging in sealing and increasing mechanical applications for vacuum and pressure systems drive market growth.
- The limited number of applications and variations in raw material prices are expected to hinder market growth.
Key Market Trends
Growing Demand from Food Processing Industries
- Vacuum greases are employed for a wide range of applications in the food and beverage sector. They are primarily used for sealing purposes in food processing industries.
- Vacuum greases for food-grade applications offer high water resistance, oxidation stability, low wear rates, compatibility with construction materials, good adsorption and adhesion on metal and plastics, and steam resistance (when filling wine, beer or soft drinks).
- The demand for food processing industries in Western, Asian, and Nordic countries has been gradually growing globally. This increases the demand for vacuum grease from food processing industries.
- High-temperature vacuum greases also help in reducing contamination risks, increase efficiency in machines, and also during packagings and transportation applications.
- Rising the number of food processing industries, growing demand for airtight packagings and technological advancements in industrial equipment in developed regions drive the demand from food processing industries, which in turn is expected to drive the market for vacuum grease through the years to come.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the global market owing to the highly developed food processing industries in China and South Korea, coupled with the continuous investments done in the region to advance the automotive industry and pharmaceutical sector through the years.
- Moreover, the growing demand for processed food and rapid mechanical and chemical industrialization in the Asia-Pacific region is increasing the demand for vacuum grease in various applications.
- Majorly, hydrocarbon-based greases are being used in automobiles in frictional mechanisms to reduce friction, and silicone-based vacuum greases are also used in automobiles to stabilize the higher temperatures.
- According to the Organisation Internationale des Constructeurs d'Automobiles, the Asia-Pacific region leads the automobile sector globally in recent years. China's market share in global light vehicle sales in the coming years is expected to be over 30%.
- Increasing food processing industries require advanced storing packagings and components, including vacuum grease in the region. Continuous growth in automotive and pharmaceuticals sectors is expected to drive the market for vacuum grease through the years to come, in the Asia-Pacific region.
The global vacuum grease market is fragmented in nature with many players competing in the market. Some of the major companies are Solvay S.A, The Chemours Company, DOW Corning Corporation, Castrol Limited and Kluber Lubrication among others.
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