The global marine grease market statistics are likely to be impelled by 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 of the developing countries. Besides, factors like growing industrialization around the globe and surge in the maritime transport sector would as well foster the demand for marine grease over the forthcoming years, from 2022 to 2028.
Marine greases are generally useful to machinery that can be lubricated rarely and reduce the friction between the mechanical components of ships, thus enhancing its overall efficacy. Moreover, the exceptional properties of these lubricants like 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 would 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 would further produce lucrative growth opportunities leading to the growth of the overall marine grease market throughout 2028.
Based on the thickener type, the barium thickeners segment is estimated to grow notably over the coming years. 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 the application, marine grease market is slated to observe significant growth from the tankers segment. Tanker ships are generally used for oil transportation and in exploration activities through marine channels. Marine grease helps in enhancing 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. To illustrate, in 2020, Gulf Oil acquired Ocean Tanker’s lubricant blending unit in Singapore. This would provide a suitable opportunity for Gulf to invest in the marine segment and expand its market share in marine lubricants and grease and other services.
Regionally, 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 has been supporting the business growth throughout 2028. Moreover, major investments are underway which are anticipated to propel the growth of the port facilities in various Asian countries.
Gulf Oils, ExxonMobil Corporation, Chevron Corporation (Standard Oil), Lucas Oil, Castrol (BP, Burmah Oil, Burmah Castrol plc), Total Lubmarinem, British Petroleum, and others, are some of the prominent leaders operating in the overall marine grease industry.
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.
COVID-19 crisis and its impact on marine grease market forecast
The outbreak of COVID-19 pandemic has had a debilitating effect on the overall marine grease market. This can be reasoned to the declining market statistics during 2020, majorly due to a halt in the shipping and maritime activities and downfall in marine trade. Moreover, commotions in the raw material supply chain and unavailability of proper resources as well brought the market to a standstill recently affecting the business growth prospects.