By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The anticipated expansion of the Low-Temperature Grease market in North America can be attributed to several key factors. The aerospace sector in North America, characterized by its substantial presence, necessitates lubrication solutions engineered to endure low temperatures. Statistics from the Bureau of Transportation reveal a noteworthy surge, with U.S. airlines transporting 674 million passengers in 2021, reflecting an 82.5% increase from the preceding year.
Furthermore, the Stockholm International Peace Research Institute notes a 2.9% uptick in the U.S. military expenditure in 2021, reaching USD 801 billion, solidifying its position as the world's largest defense spending nation, contributing to 38% of global spending. Within this context, low-temperature greases play a pivotal role in guaranteeing the optimal functionality of aircraft components, particularly during critical phases such as takeoff and landing in colder climates.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: LOW-TEMPERATURE GREASE MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review
Europe's Low-Temperature Grease Market accounts for the second-largest market share as the aerospace sector in Europe, distinguished by its prominence, places a premium on lubrication solutions engineered to endure low temperatures. In 2021, the collective military spending in Europe reached USD 418 billion, marking a 3.0% increase from 2020 and a notable 19% rise since 2012. Central and Western Europe, encompassing the majority of NATO allies and all European Union member states, contributed significantly to this total, with aggregated military spending totaling USD 342 billion last year (USD 305 billion for Western Europe and USD 36.6 billion for Central Europe).
Situated in this strategic landscape are major aerospace manufacturers and operators, wherein the utilization of low-temperature greases is indispensable for ensuring the steadfast performance of aircraft components, particularly during critical phases such as takeoff and landing in colder climates. This underscores the business-critical role of specialized lubrication solutions in the European aerospace industry. Further, the German Low-Temperature Grease Market held the largest market share, and the UK Low-Temperature Grease Market was the fastest-growing market in the European region
The Asia-Pacific Low-Temperature Grease Market is expected to grow at the fastest CAGR from 2023 to 2032. The Asia Pacific region serves as a pivotal center for the manufacturing of consumer electronics, and India, in particular, contributes significantly to this sector. In FY23, the domestic production of electronics in India reached a substantial value of $101 billion.
Segmenting this production based on FY22 data reveals a diversified landscape, with Mobile Phones accounting for 43%, IT Hardware at 5%, Consumer Electronics at 12%, Strategic Electronics at 5%, Industrial Electronics at 12%, Wearables & Hearables at 0.3%, PCBA at 0.7%, Auto Electronics at 8%, LED Lighting at 3%, and Electronic Components at 11%. Within this dynamic electronic manufacturing environment, the production of electronic devices necessitates the utilization of machinery and components, demanding effective lubrication solutions, particularly in low-temperature environments.
Moreover, China’s Low-Temperature Grease Market held the largest market share, and the Indian Low-Temperature Grease Market was the fastest-growing market in the Asia-Pacific region.
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