The grease additives market has evolved on the back of the growing demand for a range of grease formulations in paint and coatings industry. The choice of additives influences several performance features of greases. These include consistency, oxidative and thermal stability, corrosion resistance, structural stability, wear protection, and elastomer compatibility.
For instance, the use of antioxidant additive may be needed in metalworking industry, when greases need to work in high-working temperature. Based on the intended application of using greases, grease additives may of various types, notably including metal deactivators, rust/corrosion inhibitors, extreme pressure additives, anti-wear reagents, and viscosity modifiers.
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One of the key performance aspects driving the demand in the grease additives market are in inhibiting oxidation. Over the years, considerable advances have been made in the application of additives for imparting high corrosion and rust inhibiting. Companies who are looking to garnet sizable stake in the grease additives market, such as Evonik, are keen to develop multipurpose additive grease for end-use industries. They are leaning on research activities to cater to the demand for high performance additives in metalworking operations in various industries. This will also help them gain competitive gains in the grease additives market.
Specialized Grease Formulations for Automotive Manufacturing Unlocking New Prospect in Grease Additives Market
The growth in the grease additive market has also been fuelled by the rapidly rising application of grease in marine, shipbuilding, manufacturing, automotive, and aerospace industries. On the other hand, declining seaborne trade activities in the past three months due to the COVID-19 pandemic has stunted the growth avenues.
On the other hand, demand for specialized grease formulations for automotive manufacturing has paved the way for vibrant product developments in grease additives market. Lubricating grease experts are focusing on meeting the requirement of the type and severity of application of grease in this application. Advances made in the understanding of metal surface chemistries have helped grease manufacturers incorporate multiple additives.
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Some of the prominent players in the grease additives market are Croda International Plc., Innospec, Afton Chemicals, BASF SE, and The Lubrizol Corporation.