THE RISE OF AUTOMATION IN INDUSTRIES IS DRIVING THE GROWTH OF THE LITHIUM GREASES MARKET

According to Arizton Advisory & Intelligence, in 2027, the industry is expected to witness the sale of 1.2 million tons of lithium grease.

The efficient utilization of raw materials in manufacturing drives the growth of the lithium complex grease market.

Advantages: -

• Lithium grease provides long-lasting protection against oxidation, extreme temperature, and wear & tear.
• These lubricants are suitable for various applications ranging from general-purpose to heavy-duty.
• The other advantage of lithium-based lubricants is that it minimizes leakage and avoid contaminants.
• The lubricants are used in machines that cannot be frequently lubricated.

Glance through the report of more than 232 pages comprising 154 tables and more than 210 exhibits to develop a deep understanding of the market.

Increase in Demand for Automotive in Emerging Economies To Create Lucrative Opportunities.

The automotive industry is one of the significant consumers of lithium grease. Lithium grease is used in various parts, joints of automobiles, and even in chassis & wheel bearing applications. In emerging markets like China, India, Brazil, and Mexico, the demand for automotive increases due to increased population, increased purchasing power, and rising per capita income. In 2021, according to OICA, more than 71 million vehicles were manufactured across the globe, which is a 5 million rise compared to the previous year.

Rise of Automation in Industries is Driving the Growth of Lithium Greases Market.

Automation uses equipment and technology to automate production systems or processes to boost efficiency by decreasing manual labor. Automation has two main advantages: boosting production activities and reducing human errors. This keeps operations lean, efficient, and productive. There is an increase in the adoption of automation across different industries to increase production and reduce error and production costs. As automation increases, mechanical parts are constantly under motion and load, which mandates a high lubrication requirement for the system to work efficiently without any breakdown. This increases the demand for lithium grease for lubrication purposes.

Volatility in Price of Raw Material May Impact the Industry

As raw material prices fluctuate, manufacturers find it challenging to maintain the constant cost of lithium grease. In recent years, there has been a shortage in lithium availability due to high demand from the EV industry. There is a sudden increase in demand for lithium, and hence the prices are rising at a high rate. In addition, there is a constant fluctuation in crude oil prices, which impacts the cost of?base oil?used in production.

The key vendors focus on innovation, product diversification & entering new markets. However, new players can enter the market quickly as lithium grease caters to a high market share of oil worldwide.

Read more:https://www.arizton.com/market-reports/lithium-grease-market

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