New York, Oct. 11, 2023 (GLOBE NEWSWIRE) — The global High Temperature Grease Market size is poised to grow at a CAGR of over 11% from 2023 to 2035. The market is anticipated to garner a revenue of USD 29 billion by the end of 2035, up from a revenue of USD 14 billion in the year 2022. The rapid industrialization and manufacturing activities in emerging economies are driving the demand for high-temperature grease. For instance, India’s National Manufacturing Policy of 2011 has an objective of increasing the contribution of manufacturing, to the country’s GDP to 25% and generating around 100 million job opportunities in this sector. These priorities are further emphasized by the governments “Make in India” initiative. Interestingly even China, known as the “factory of the world ” is focusing on promoting high tech industries and integrating technology into manufacturing processes with its “Made in China 2025” program. Industries such as steel, cement, and mining require equipment that operates at high temperatures, which in turn requires the use of high-temperature grease to maintain optimal performance and prevent breakdowns.
High-Temperature Grease
(GlobeNewsWire)