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Marine Grease Market Size
Marine Grease Market is projected to experience a healthy growth rate from 2024 to 2032, attributed to the growing marine trade and rising defense and marine activities worldwide. A recent UNCTAD report revealed that nearly 80% of the volume of international trade is carried by sea. According to the report on shipping & shipbuilding markets released by ship brokerage firm Barry Rogriano Salis (BRS) Group in November 2023, China had an order book of 121.3 million deadweight tons of ships under construction at the end of 2022. The growing industrialization around the globe and the surge in the maritime transport sector will also foster the product demand.
Marine greases are generally used in rarely lubricated machinery to reduce the friction between the mechanical components of ships for enhancing its overall efficacy. Moreover, exceptional properties, such as high load-carrying capacity, high thermal stability, mechanical stability, non-melting, corrosion protection, wide temperature range, and water resistance, have made marine greases highly useful under extreme conditions.
However, stringent regulatory norms, in line with different hazardous issues, may challenge the market growth over the analysis period along with fluctuations in raw material prices. Nevertheless, the rising development of improved infrastructure and new waterways will produce lucrative growth opportunities leading to the expansion of the overall market through 2032.
Marine Grease Market Trends
The increasing maritime trade activities and the expansion of the shipping industry are also escalating the demand for marine grease. As per a report by United Nations Conference on Trade and development, the global maritime trade was estimated to grow 2.4% in 2023 and is projected to reach over 2% between 2024 and 2028. Moreover, the growing focus on vessel maintenance and lubrication is enhancing operational efficiency and prolonging equipment lifespan.
The stringent regulations regarding marine pollution and environmental sustainability will fuel the demand for eco-friendly and biodegradable marine grease formulations. Rapid technological advancements are also leading to the development of high-performance grease products to offer better corrosion protection, water resistance, and thermal stability.
Marine Grease Market Analysis
The metal soap-based product segment is estimated to accumulate sizeable share of the marine grease industry by 2032, due to benefits, such as superior lubrication properties and high load-bearing capacity. Metal soap-based greases provide excellent protection against corrosion and wear, turning ideal for marine applications where equipment is exposed to harsh environmental conditions. Additionally, the compatibility of metal soap-based greases with various materials commonly found in marine equipment will further enhance their demand in the marine industry.
Marine grease industry share from the passenger ships segment is estimated to rise at a significant rate through 2032, owing to the increasing demand for cruise vacations and ferry services worldwide. Passenger ships require effective high quality lubrication solutions to ensure smooth operation and minimize downtime. Additionally, the stringent maintenance requirements and safety standards imposed on passenger ships will encourage the adoption of specialized marine grease formulations tailored to meet their unique needs.
Asia Pacific marine grease market size is anticipated to expand at notable pace between 2024 and 2032, attributed to the burgeoning maritime trade and expansion of the shipping sector. With the surging dominance of global seaborne trade, there is heightened demand for marine grease to lubricate various marine equipment and machinery in the region. As per the Ministry of Shipping, approximately 95% of India’s trading by volume and 70% by value is carried out through maritime transport.
The increasing investments in port infrastructure and maritime logistics is leading to the growing adoption of eco-friendly and biodegradable marine grease formulations in compliance with stringent environmental regulations, further aiding the regional industry expansion.
Marine Grease Market Share
Leading companies involved in the manufacturing and supply of marine grease are adopting various inorganic corporate strategies, such as mergers & acquisitions, collaborations, and product launches to increase their global presence and industry revenue.
Some of the major marine grease companies are:
- Gulf Oil
- ExxonMobil Corporation
- Chevron Corporation (Standard Oil Company)
- Lucas Oil, Castrol (BP, Burmah Oil, Burmah Castrol plc),
- Lubmarinem (TotalEnergies Lubrifiants)
- British Petroleum (BP)
Marine Grease Market News:
- In April 2022, Chevron Global Energy Inc., a subsidiary of Chevron Corporation, finalized the acquisition of Neste Corporation's NEXBASE brand, including associated qualifications, approvals, sales, and marketing operations.