The global market for grease cartridges is projected to have a considerable CAGR of around 5.0% during the forecast period.
The rising use of grease cartridges in the automotive, and mining industries is one of the major factors driving the growth of the market. Increasing automobile production boosting the demands for lubricants on a big scale, and it has witnessed that the automobile sector accounts for the 50% of the entire lubricant market.
The shift from fiberboard cartridges to plastic board cartridges due to the high cost and durability concern associated with fiberboard cartridges is also the factor increasing the market value of plastic board grease cartridges. Grease cartridges found their use in a broad spectrum of applications in various verticals such as oil & gas, construction, automobile, and mining. Th use of grease cartridges in these verticals will further be expected to lift its demands on a big level, which in turn, propel the market growth during the forecast period. Lack of skilled labor and strict government regulatory compliance may slow down the market growth.
The global Grease Cartridges market suffered a downfall during the COVID-19 crisis as most of the economic activities were halted during Q1 and Q2 2020. Additionally, during the lockdown, due to stoppage in transportation facilities, the automobile sector has faced disruption in production which resulted in the break on further manufacturing and production of new automobiles. This has decreased the demand for grease cartridges. Which led to the declination in market growth.
The global Grease Cartridges market is segmented based on capacity, material type, and closure type. Based on capacity, the market is diversified into 3oz, 14oz, 14.1oz, and 14.5oz. Based on material type, the market is bifurcated into fiberboard and plastic. Similarly, on the basis of closure type, the grease cartridges market is sub-segmented into pull-off, flat, piston, and spouted cap. Among these, the pull-off cap segment is expected to witness the fastest-growing during the forecast period.