The global Marine Grease Market size is expected to value at USD 348.4 million by 2025. The market is subject to witness a substantial growth due to the growing demand for shipping services across the globe, and rising international trade. Additionally, rise in number of new waterways and rapid growth in the ship building industry are some of the critical factors responsible for the growth of marine grease industry in upcoming years. Globally, the marine grease market is predicted to grow at CAGR of 4.4% in forecast period, providing numerous opportunities for market players to invest in research and development in the marine grease industry.
Increasing application of marine grease in the shipping industry is attributed to its advanced properties. Some of these advanced properties include high pressure additives, high load carrying capacity, broad temperature range, high mechanical strength, resistance to temperature changes, resistance to erosion, long lubrication intervals, high melting point, and water resistance. Such properties enhances overall performance of the system. Growing demand for transportation system and rising import & export among various economies across the globe are expected to fuel market growth over the forecast period.
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Furthermore, rapid industrialization, and increasing demand from various end-user market segment is further propelling market growth, in the recent years. Growing popularity of marine grease among various end-user market segment is credited to factors such as enhanced output efficiency of the engine, machinery, and several components installed in the ship. Marine grease decreases the friction in-between various rotational machine elements thus increasing overall output of the system.
Marine grease easily gels up with water, which is critical in case of water leakage. Growing demand of the lithium complex grease in the shipping industry is anticipated to boost market growth in near future. However, stringent rules and regulation in regards to the uncontaminated aquatic environment around the globe is predicted to limit market growth to certain extent in upcoming years. Different kinds of marine grease that are extensively adopted as a lubricant in shipping industry include lithium complex grease, calcium complex grease, polyuria grease, aluminum grease, oregano clay grease, and sodium grease. Lithium complex grease offers a rare additive solution that provided maximum lubrication during the most critical operations.
Application of the marine grease include various shipping operations like outboards, trailer wheel bearings, trailer chassis lubrication, and wheel bearings. The calcium thicker type is considered as one of the fastest growing segment in the marine grease market with substantial revenue generation in the last couple of years. Growing popularity of the calcium thicker type market segment is credited to the high water resistance and protection against oxidation and rust. Some of the common application of calcium thicker grease include boat trailer, wheel bearings, and trailer chassis lubrication.
Marine Grease is largely utilized in order to achieve superior lubrication in various shipping operations and protection oxidation and rust in marine applications. Marine grease is increasingly used in leisure craft and industrial marine fleets. Some of the important application of the marine grease involves gears, stern drives, prop shaft splines, steering tubes and cables. Marine grease is also used in throttle lines and linkages, dog seals and trunion steering mounts.
The marine grease industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. European region has shown major growth in recent years owing to the rise in the adoption of latest technologies and existence of well-established industrial infrastructure. Asia-Pacific region is predicted to hold major market share in the marine grease market with massive growth in forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market with rapid industrialization, development of new waterways, rise in the coastal economies and significant investment by leading industry players considering potential opportunities in the region.
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The key players in the marine grease industry are British Petroleum plc, Chevron Lubricants, Inc., Exxon Mobil Co., Gulf Oil Marine Limited, Lucas Oil Products Incorporations, Lukoil Marine Lubricants Ltd., Old World Industries, LLC, Penrite Oil Corporations, Royal Dutch Shell Company plc, Total Lubmarine Ltd., and Warren Oil Company, LLC.
End-use Outlook (Revenue, USD Million, 2014 - 2025)
• Bulk Carrier & Cargo Ships
• Passenger Ships
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