Marine Grease Market size is projected to experience a healthy growth during 2023 to 2032, attributed to the growing marine trade and rising defense and marine activities worldwide. According to the UNCTAD report, nearly 80% of the volume of international trade is carried by sea, while the percentage is even higher in most developing countries. Besides, factors like growing industrialization around the globe and a surge in the maritime transport sector would as well foster the demand.
Marine greases are generally used in rarely lubricated machinery to reduce the friction between the mechanical components of ships, thus enhancing its overall efficacy. Moreover, the exceptional properties of these lubricants, such as high load-carrying capacity, high thermal stability, mechanical stability, non-melting, corrosion protection, wide temperature range, and water resistance, have made the product highly useful under extreme conditions.
However, stringent regulatory norms, in line with different hazardous issues, may challenge the market growth over the analysis period. Besides, fluctuations in raw material prices will further impede the industry growth dynamics. Nevertheless, the rising development of improved infrastructure and new waterways will produce lucrative growth opportunities leading to the expansion of the overall marine grease market through 2032.
Shipping capacity has been witnessing significant constraints due to logistical hurdles and supply chain bottlenecks aggravated by the Russia-Ukraine crisis, resulting in shortages in container shipping equipment.
Besides, post congestion and unreliable schedules have led to a noticeable rise in surcharges and shipping fees, passively generating a widespread impact on consumer prices. All these factors, in tandem, may have a lasting impact on the marine industry globally, thus limiting the uptake of marine greases in the forthcoming years.
Based on the thickener type, the barium thickeners segment is estimated to grow notably over 2023-2032. The compound is a high-performance grease extensively known for its high-temperature resistance, mechanical stability, superior water tolerance, resistance to various chemicals, exceptional oxidation stability, and ability to withstand high speeds and heavy loads. Barium grease is used in diverse heavy-load applications, including marine, manufacturing, and other applications.
In terms of application, the marine grease market is slated to amass significant gains from the tankers segment by 2032. Tanker ships are generally used for oil transportation and exploration activities through marine channels. Marine grease helps enhance the overall operational efficiency of the tankers, supporting the growing adoption of the compound for these applications. Various companies are taking up strategic initiatives to expand their marine grease offerings for oil tankers for marine trade, which will favor the market growth.
From a regional perspective, the marine grease industry is diversified into different regions, with optimum growth coming from the Asia Pacific region. This can be credited to the growing trade through the sea across various Asian economies. As per the Ministry of Shipping, approximately 95% of India’s trading by volume and 70% by value is carried out through maritime transport. In addition, increasing government investments in their defense areas and naval bases of vivid economies will accelerate business growth through 2032. Moreover, major investments are underway, which are anticipated to propel the growth of port facilities in various Asian countries.
Gulf Oil, ExxonMobil Corporation, Chevron Corporation (Standard Oil Company), Lucas Oil, Castrol (BP, Burmah Oil, Burmah Castrol plc), Lubmarinem (TotalEnergies Lubrifiants), British Petroleum (BP), and others are some of the prominent leaders operating in the overall marine grease market.
These market vendors are relentlessly working on taking up strategic efforts like mergers and acquisitions, partnerships, and product launches to gain a strong position in the overall market space. The anhydrous calcium-thickened lubricating grease contains corrosion inhibitors, antioxidants, and extreme anti-wear and pressure additives.