In 2016, the global marine grease market was worth USD 238.9 millions. The market's growth is being driven by the increasing demand for shipping services worldwide due to increased international trade. The market will continue to grow due to the development of new waterways, and strong growth in the shipbuilding industry.
U.S. Marine Grease Market by End-Use, 2014-2025 (USD Million).
Because of its superior properties, marine grease is widely used in shipping. It has high-pressure additives that increase load carrying capacity, higher temperature range, thermal stability, corrosion protection and longer lubrication intervals. It improves the ship's overall efficiency.
In 2016, the US market was valued at USD 30.7million. It is expected to grow at 4.2% CAGR between 2017 and 2025. The country's infrastructure for water transport and growing international trade are driving the market. The demand is expected to rise due to robust growth in the end use segment.
Marine grease reduces friction between rotating parts of machines to improve output efficiency and the efficiency of engines, machinery, as well as other components in the ship. It can also gel up with water and function efficiently even after water loss. The shipping industry is one of the most common uses for lithium complex grease.
The market growth is expected to be slowed by the existence of global regulatory standards for a clean environment. Diverse hazardous issues could arise from the accidental release of lubricants into aquatic bodies. This is why strict regulations have been set by regulatory bodies like REACH and VGP. Vessel General Permit (VGP), regulations have been issued by the U.S. EPA for the use of environmentally-friendly lubricants on commercial vessels over 79 feet.
Many thicker marine greases are used in the shipping industry as a lubricant. These include lithium or lithium complex, lithium, polyurea aluminum, magnesium, organo clay and barium. The unique additive system of lithium complex grease provides maximum lubrication in the most demanding operating conditions. It can be used in many shipping applications, including outboards and trailer wheel bearings, trailer chassis lubrication, wheel bearings, and trailer wheel bearings.
Global calcium thicker segment was valued at USD 37.2 millions in 2016. It is expected to grow at 3.7% between 2017 and 2025. Anhydrous grease, it is resistant to water and has additives that protect against oxidation or rust. It is also used extensively in boat trailers and wheel bearings.
Marine grease is widely used in many end-use segments, including bulk carrier and cargo ships, passenger vessels, tankers, etc. Because of the increasing amount of heavy cargo and products being transported by ships, marine grease is most commonly used in bulk carriers and cargo ships. Marine grease is needed to keep the ship's efficiency and performance in check due to the increasing transshipment of cargoes via ships.
In 2016, the passenger ship segment was valued at USD 59.9million. It is expected to grow at a 5.2% CAGR between 2017 and 2025. The passenger ship segment is experiencing a boom due to increased passenger capacity, new ports, and diversification. Other end-use segments are special purpose vessels and service vessels, offshore vessels, yachts, and yachts.
Asia Pacific was the dominant market for marine grease in 2016, and this trend is expected to continue for the next eight years. It was worth USD 88.2 millions in 2016, and is expected to grow at a 5.3% CAGR from 2017 to 2025. This region is experiencing an increase in industrialization, new waterways development and growing coastal economies.
Market for marine grease worldwide, 2016 (USD Million), (%)
Asia Pacific was closely followed by Europe in 2016, and is expected to continue growing at 4.6% during the forecast period. Key factors driving this growth are the flourishing maritime transport industry and the existence of ship transport infrastructure.
British Petroleum, CHEVRON Lubricants, Exxon Mobil Company, Gulf Oil Marine Ltd, Lucas Oil Products Inc, LUK OilMarine, Old World Industries, Penrite Oil Co., Ltd, Royal Dutch Shell Company, Total Lubmarine, Warren Oil are the major players in this global market. These companies focus on making non-hazardous, environmentally-friendly marine grease products.
This report forecasts volume and revenue growth at the national, regional, and global levels. It also provides analysis of industry trends for each sub-segment from 2014 through 2025. Grand View Research has divided the global marine grease market based on thickness, end-use and location.
Thicker Type Outlook (Revenue USD Million, 2014-2025)
Complex Lithium
Calcium
Other
End-use Outlook (Revenue USD Million, 2014-2025)
Bulk Carrier & Cargo Ships
Passenger Ships
Tankers
Other
Regional Outlook (Volume of Kilo Tons; Revenue USD Million, 2014-2025)
North America
The U.S.
Canada
Mexico
Europe
Germany
UK
Netherlands
Asia Pacific
China
India
Japan
Singapore
Central & South America
Brazil
Middle East & Africa
Saudi Arabia
South Africa
b. The market for marine grease worldwide was valued at USD 266.7 million in 2019, and is forecast to grow to USD 278.7 millions in 2020.
How is the growth of the marine grease market?b. The global marine grease market will grow at a compound annual rate of 4.4% between 2017 and 2025, reaching USD 348.4 millions by 2025.
Which market segment had the largest share of marine grease?b. With a 38.0% share in 2019, Asia Pacific was the dominant market for marine grease. This can be attributed to the increasing industrialization of the region and development of new waterways as well as growing coastal economies.
What are the major players in the marine grease market?b. British Petroleum, CHEVRON Lubricants, Exxon Mobil Company, Gulf Oil Marine Ltd, Lucas Oil Products Inc, LUK OilMarine, Old World Industries, Penrite Oil Co., Ltd, Royal Dutch Shell Company, Total Lubmarine, Warren Oil are some of the key players in the marine grease industry.
What are the main factors that drive the marine grease marketb. b.
Up Market Research published a new report titled “Marine Grease Market research report which is segmented by Thicker Type (Lithium Complex, Calcium), by End-Use (Tankers, Bulk Carrier & Cargo Ships, Passenger Ships), By Players/Companies Lucas Oil Products Inc, Ltd, Exxon Mobil Company, CHEVRON Lubricants, Penrite Oil Co, Royal Dutch Shell Company, LUK OilMarine, Gulf Oil Marine Ltd, Old World Industries, Warren Oil The companies are focusing on manufacturing non-hazardous and environment-friendly marine grease products, British Petroleum, Total Lubmarine”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Marine Grease Market Research Report |
By Thicker Type | Lithium Complex, Calcium |
By End-Use | Tankers, Bulk Carrier & Cargo Ships, Passenger Ships |
By Companies | Lucas Oil Products Inc, Ltd, Exxon Mobil Company, CHEVRON Lubricants, Penrite Oil Co, Royal Dutch Shell Company, LUK OilMarine, Gulf Oil Marine Ltd, Old World Industries, Warren Oil The companies are focusing on manufacturing non-hazardous and environment-friendly marine grease products, British Petroleum, Total Lubmarine |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 213 |
Number of Tables & Figures | 150 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Thicker Type (Lithium Complex, Calcium), by End-Use (Tankers, Bulk Carrier & Cargo Ships, Passenger Ships).
Marine Grease Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Marine Grease Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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