1. Growth of synthetic base oils
The grease market is approximately 90% mineral oil based. Synthetic base oil currently constitutes 3.5% of the market but has grown by 6% since 2010 to satisfy increasing demand for higher performance. Compared to mineral oil-based grease, synthetic greases provide enhanced performance in wider temperature ranges, at increased operating speeds, under increasing loads and power densities, and in equipment located in more remote areas that require longer product life.