PUBLISHER: IndustryARC | PRODUCT CODE: 1075870
PUBLISHER: IndustryARC | PRODUCT CODE: 1075870
Marine Grease Market size is forecast to reach $XX billion by 2027, after growing at a CAGR of X% during 2022-2027. Marine grease is a semisolid lubricant primarily used to increase the output efficiency of the engine, equipment, and other components by reducing the friction between the revolving mechanical parts. Due to its high working proficiency in high-temperature and high-pressure conditions, it is extensively used in the maritime industry. The increasing demand of shipping due to growing economy of the costal countries around the world, increasing international trade, development in the field of new waterways and growing naval defense budget around the globe, are some of the key factors driving the industry growth.
Marine Grease Market Report Coverage
The report: "Marine Grease Market - Forecast (2022-2027)", by IndustryARC, covers an in-depth analysis of the following segments of the Marine Grease Industry.
By Application - Winches, Seacock, Deck Gear, Blocks, Bearings, Wire Rope Protection, Folding Propellers and Others.
By Type - Soap Based or Synthetic Greases, Mineral Based and Bio-Based
By End User - Bulk Carrier and cargo ships, Passenger Ships, Tankers, Cruise & Ferries and Others.
By Geography - North America, South America, Europe, Asia-Pacific and Rest of World.
The increasing globalization of enterprises has driven the demand for shipping services, leading to the expansion of the shipping industry, and has created growth opportunities for the global marine grease market.
The demand of eco-friendly bio-based grease is growing. It is estimated to account for highest growth during the forecast period, 2022-2027.
Europe dominates the global marine grease market, due to its higher dependency on the marine ways for trade and other purpose.
Covid-19 has negatively impacted the world economy with more than 190 countries witnessing its impact. The economic impact of the response to COVID-19 has led to the decline in the global shipping and trade activities which in turn is estimated to impact the global marine grease market.
Marine Grease Market Segment Analysis - By End User
Bulk Carrier and cargo ships user segment is estimated to lead the marine grease market share in 2019. Marine grease is extensively used by bulk carrier and cargo ships due to rise in the volume of heavy cargo and other products transported through ships. This rise in the trans-shipment of cargos through ships has led to increase in the need for marine grease in order to maintain the efficiency and performance of the ship. Additionally, rise in marine trade among nations has led to increase in demand for super-sized ships is estimated to fuel product demand.
Marine Grease Market Segment Analysis - By Type of Greases
Mineral based grease is the largest grease segment of the global marine grease market and is estimated to account for the largest market share in 2019. Most greases produced today use mineral oil as their fluid components. This oil is available in light and heavy grades, depending on the usage and requirement. Mineral oil is produced in large quantities because of its high demand in different marine applications, such as engines, turbines, and stern tubes. However, during the forecast period, 2022-2027, bio-based or vegetable oil and segment is estimated to experience the highest growth rate in Europe and North America due to introduction of new government regulations related to protection of aquatic environment in these regions.
Marine Grease Market Segment Analysis - By Geography
Europe dominates the global marine grease market, due to its higher dependency on the marine ways for trade and other purpose. However, the market is also projected to witness lucrative opportunities in the Asia-Pacific region due to the presence of some of the busiest ports in the world. The rising infrastructural developments and increasing trade activities in these countries are estimated to fuel the market demand.
Marine Grease Market Drivers
Growing demand international trade through waterways
The increasing globalization of enterprises has driven the demand for shipping services, leading to the expansion of the shipping industry, and has created growth opportunities for the global marine grease market. According to "International Chamber of Shipping" (ICS) around 90 % of the global trade is carried by the shipping industries. There are more than 50,000 merchant ships trading internationally, transporting every kind of cargo and registered in over 150 nations.
Rising popularity of bio-based grease
Eco-friendly products are gaining popularity in the marine grease market. The use of bio-based grease, which is produced from renewable feedstocks including plant-based oil and sugar through ultrafiltration, fermentation, and crystallization techniques is growing. The use of bio-based grease helps in reduction of Volatile organic compounds (VOCs) along with the toxicity of gases from nearby industries. This shift to eco-friendly products is estimated to further drive market growth. Increasing demand from OEM manufacturer for bio based ecological products along with strict regulatory amendments over environmental concerns will foster the bio-based grease industry. Key benefits offered such as low cost, biodegradability, less toxicity and less maintenance will foster market growth by 2026.
Marine Grease Market Challenges
Stringent environmental regulations are implemented due to various risks arising from the spillage of marine grease in marine bodies. These regulations pose a major threat to the market. In order to meet these regulatory requirements, it is imperative for the industry operators to shift their focus towards production and use of less hazardous substitutes. Stringent safety norms have been introduced by various governments to control the high sulfur and nitrogen emissions into the sea by the use of mineral oil. These emissions not only harm aquatic life and the environment but also damage the ozone layer, thus increasing the need to switch to less toxic synthetic and bio-based products.
Marine Grease Market Landscape
Technology upgrades, acquisitions and R&D activities are key strategies adopted by players in the marine grease market. In 2019, the market was consolidated by the top five players accounting for XX% of the share. Major players in the marine grease market are Chevron Corporation, Lubmarine (Total Group), Exxon Mobil Corporation, Royal Dutch Shell PLC, BP Marine, Lucas Oil, Sinopec Corporation, Gulf Marine and Industrial Supplies Inc. and JX Nippon Oil & Energy Corporation, among others.
In March 2020, Chevron Marine launched a set of digital solutions to support its shipping business towards an efficient future. The solutions, developed under Chevron's Business Technology Innovation (BTI) initiative, is a part of the company's on-going, multi-year digitization investment program.
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