The global marine grease market is expected to reach USD 348.4 million by 2025, according to a new report by Grand View Research, Inc. increasing demand from the various end-use segments is a key factor driving the growth. The robust growth from shipping industry in Asia Pacific is expected to boost the market further over the forecast period.
Marine grease is a semi-solid substance, used in various vessels such as bulk carrier ships, cargo ships, tankers, passenger vessels as it provides enhanced lubrication under salty water conditions. In addition, it has numerous applications in high temperature and pressure conditions. The market is mainly driven by the demand for the bulk carriers and cargo vessels, as they are exposed to the complex operating environment during transportation of industrial and consumer goods.
Key players including ExxonMobil Corporation, Chevron Lubricants, Shell Plc, Total Lubmarine, Lukoil Marine, Gulf Oil Marine, Penrite Oil are expected to hold significant share in the global market
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In terms of revenue, lithium complex thickener accounted as the largest segment in 2016 and is anticipated to continue its trends with a growth rate of 4.7% over the forecast period. Increasing need for environmentally compatible and multi-purpose grease are the factors anticipated to propel the growth. Marine grease is extensively used in various end-use segments including bulk carrier & cargo ships, passenger ships, tankers, and others. It is largely used in bulk carrier and cargo ships on account of increasing volume of heavy cargo and the products transported through ships. Increasing transshipment of cargos through ships led to increasing need for marine grease in order to maintain the efficiency and performance of the ship.
Further key findings from the report suggest:
- Lithium complex based thickener segment is expected to experience fastest growth in terms of value at a CAGR of 4.7% from 2017 to 2025 due to its property to serve as multipurpose grease
- Bulk carrier & cargo ships are expected to continue its dominance as the largest end-use segment in terms of revenue and is anticipated to reach USD 150.9 million by 2025. Rising purchasing power parity among emerging economies is expected to boost the growth of operation and maintenance of passenger ship segment which in-turn would boost the marine grease, expanding at a CAGR of 5.2% between the period from 2017 to 2025
- Asia Pacific market was valued at USD 88.2 million in 2016 and is projected to reach USD 139.8 million by 2025. Asia Pacific is expected to experience a surge in demand over the next eight years owing to new ports constructed in this region. In terms of revenue, the regional market is expected to grow at a CAGR of 5.3% between 2017 to 2025
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The demand is expected to surge owing to the development of new ports in the Asia Pacific region. Different grades as classified by the National Lubricating Grease Institute (NLGI) are used in various end-use areas as they provide the required properties such as resistance to water wash out, and corrosion prevention. Various types of NLGI graded greases are available to cater the requirement of the different types of vessels.
Marine grease reduces the friction between rotating machine parts to increase output efficiency of the engine, machinery, and several components installed in the ship. In addition, it has the capability to gel up with water, which functions efficiently even after water leakage. Among the various thicker types, lithium complex grease is extensively used in the shipping industry.
However, the presence of regulatory standards pertaining to the clean aquatic environment across the globe is expected to restrain the market growth over the forecast period. Different hazardous issues may arise from the spillage of in aquatic bodies, owing to which, stringent regulations have been imposed by various regulatory bodies such as REACH, and VGP. The U.S. EPA has issued Vessel General Permit (VGP) regulations for the usage of environment-friendly lubricants in all commercial vessels longer than 79 feet.
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Grand View Research has segmented the global marine grease market on the basis of end-use, thickener type:
End-use Outlook (Revenue, USD Million, 2014 – 2025)
- Bulk Carrier & Cargo Ships
- Passenger Ships
Thickener Type Outlook (Revenue, USD Million, 2014 – 2025)
- Lithium or Lithium Complex
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Various thicker types of marine grease are used as a lubricant in shipping industry including lithium or lithium complex, calcium, polyurea, aluminum, organo clay, barium, and sodium. Lithium complex grease is a unique additive system to serve maximum lubrication under the most critical operating conditions. It is applied in various application in shipping operations such as outboards, trailer wheel bearing, trailer chassis lubrication, and wheel bearings.
The global calcium thicker type segment was estimated at USD 37.2 million in 2016 and is anticipated to grow at a rate of 3.7% from 2017 to 2025. It is an anhydrous grease that is highly resistant to water and contains additives to protect against oxidation and rust. In addition, it is extensively used in boat trailer, wheel bearings, and other applications.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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