Marine Grease Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI4012
Marine Grease Market size is predicted to witness healthy growth from 2019 to 2025 due to increasing shipbuilding activities across the world. Marine grease are the lubricants used to protect ships from corrosion, wear and water washout. It also provides structural stability and act as a sealant to protect water entering into the ship. Majority of the shipbuilding activity occurs in the Asia Pacific region led by countries such as South Korea, Japan and China. The primary reason for the increasing demand for the ships are rising movement of goods and people around the globe. China and South Korea accounted for highest number of shipbuilding orders in 2017. Thus, rising demand for ships will create increasing number of shipbuilding activities, which will further enhance the marine grease market demand by 2025.
Another key growth enabling factor fueling the marine grease market growth is increasing ship repair and maintenance activities around the world. Shipbuilding manufacturers prefers repair and maintenance of existing ship over new construction due to higher profitability. Furthermore, international trade and globalization has led to the transformation of several emerging economies as the manufacturing hub for the entire globe. Countries such as China, India, Mexico, Brazil, etc. are prime examples of this trend. This will increase the amount of global trade in the coming years which will, in turn, drive demand for new ships and repair of existing ones. Thus, the rising number of ship repair and maintenance activities across the world will further boost marine grease market demand in coming years.
Though marine grease market is growing rapidly, the challenges associated with the product may hamper the industry growth in the coming years. Stringent government regulations to protect the aquatic system from the spillage of the product will slow down the growth of the market. Major government bodies including US EPA and European Union has provided regulations for the product usage in ships or vessels.
Marine grease market has been segmented into thickener type, application and region. On the basis of thickener type, the industry has been categorized into aluminum, barium, sodium, lithium, polyurea and others. Other thickener consists of organo-clay, calcium, etc. Lithium thickeners are likely to have a significant share in the coming years due to its wide usage in the application of wheel bearing, chassis lubrication, outboards of the ships or vessels.
On the basis of application, marine grease market has been categorized into bulk carriers & cargo ships, offshore shipping vessels, cruise & ferries, and tankers. Bulk carriers & cargo ships are likely to have substantial growth in the market due to increasing number of cargo shipments around the world. Rising demand for cargo shipments will create need for the product to improve the overall system efficiency & performance. Cruise & ferry will also be a key application segment due to increasing number of local marinas and ports around the world. Increasing number of passenger ships across the world will further propel the product demand in upcoming years.
Asia Pacific is likely to have substantial marine grease market demand in the upcoming years due to rising number of shipbuilding activities in the region. Japan, South Korea and China reported majority of the new ship construction in recent years. Rising industrialization, increasing coastal economy and development of new waterways in the region are likely to increase product demand in the upcoming years. Europe will also be a key region due to heavy dependency on waterways for movement of goods and people. Stringent government regulations in the region will create need for environment friendly marine grease products in coming years. North America will also have a significant share in the marine grease market due to increasing sea trade between different regions of the globe.
Some of the key players in the marine grease market includes ExxonMobil, Lucas Oil, Chevron, Pentrine Oil, Total Lubmarinem, CRC NZ, West, Liqui Moly, Castrol, British Petroleum, LUKOIL, Gulf Oils and Lubitec.
Marine Grease Market, By Thickener Type, 2014-2025 (USD Million)
- Others (organo clay, calcium, etc.)
Marine Grease Market, By Application, 2014-2025 (USD Million)
- Bulk carrier & cargo ships
- Offshore shipping vessels
- Cruise & ferry
The above information has been provided for the following regions and countries:
- North America
- South Korea
- Latin America
- Saudi Arabia
- South Africa
- Lucas Oil
- Chevron Marine
- Pentrine Oil
- Total Lubmarine
- CRC NZ
- West Marine
- Liqui Moly
- British Petroleum
- Gulf Oils
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