Global Marine Grease Market – Industry Trends and Forecast to 2029

Global Marine Grease Market, By Product Type (Mineral, Synthetic, Bio-Based), Thickener Type (Metallic Soap, Non-Soap, Inorganic), Application (Winches, Seacock, Deck Gear, Blocks, Bearings, Wire Rope Protection, Folding Propellers, Slide Rails, Metal Cables, Chains and Others), Ship Type ( Bulk Carrier & Cargo Ships, Passenger Ships, Tankers, Cruise & Ferries and Others) – Industry Trends and Forecast to 2029.

Marine Grease Market Analysis and Size

Growth in the marine sector all over the globe is generating a positive outlook for the market. Due to its corrosion and water resistance properties, marine grease is extensively used to lubricate trailer chassis lubrication, outboards, trailer wheel bearing, and wheel bearings. Apart from this, the implementation of many government initiatives boost the market by using bio-based marine grease is expected to drive market growth.

Data Bridge Market Research analyses that the marine grease market was valued at USD 1.60 billion in 2021 and is expected to reach USD 2.14 billion by 2029, registering a CAGR of 3.70% during the forecast period of 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Marine Grease Market Scope and Segmentation

Market Definition

Marine grease is a semi-solid lubricant used to protect marine components from tear, wear and corrosion. It has lubricating fluids, performance-enhancing additives, and thickeners. It is produce by using reduced fat of waste animal parts, inedible lard and synthetic oil, or can be petroleum-derived containing a thickening agent. Marine grease acts as a sealant to decrease water leakage and protects the marine from impurities. It helps to maintain stop-start performance flexibility, protect bearing surfaces, and reduce friction. It provides enhanced rust-proofing performance, high thermal stability and wear resistance, and high viscosity index and corrosion protection.

Global Marine Grease Market Dynamics

Drivers

• Growing demand of marine grease for ship building and boat industry

The increasing demand for the boat and shipbuilding industry is a crucial driver expected to drive the growth rate of the marine grease market. The boats and ships with marine grease are more reliable than other conditions. There are plenty of profits such as rust-proofing performance, high thermal stability and wear resistance, and high viscosity index and corrosion protection due to all these features, ship and boats manufacturers prefer to use marine grease.

• High usage of lithium thickener

 Lithium complex grease is a different type of additive system which provides maximum lubrication under the most critical operating situations. It is applied in several applications in shipping operations such as trailer chassis lubrication, outboards, trailer wheel bearing, and wheel bearings. The rising demand of lithium thickeners in marine industry is expected to drive the growth rate of the marine grease market.

Furthermore, the increasing demand of transportation through waterways and the growing demand of marine lubricants to improve the performance of ships will further boost the market growth rate. Also, growing industrialization and the growth of maritime transport segment all over the globe are some major factors which will expected to increase the growth of the marine grease market.

Opportunities

• Increasing marine tourism

Marine tourism is major significant factor for the growth of the marine grease market. The global seaborne tourism industry is witnessing massive market growth. Persons are highly interested to explore the sea through these tourism ships, boats, curies and ships. Tourism growth is the major factor that offers plenty of demand for the marine grease in the market. 

Moreover, the increasing development of new waterways and improved infrastructure  will further increase several opportunities that will led to the growth of the marine grease market during the forecast period.

Restraints/ Challenges

• Stringent  rules associated with marine grease market

The growth of the marine grease market is restrained by many regulatory rules issued by different governing authorities. Environmental Protection Agency (EPA) imposes rules to ensure that industries treat pollutants in their wastes to protect wastewater treatment plants. These guidelines put pressure on marine grease producers and forced them to invest in eco-friendly products. Thus, the stringent governing standards will likely to impede the growth of the marine grease market in the above mentioned forecast period.

Moreover, fluctuations in the prices of raw materials and different hazardous issues associated with the products will become the biggest and foremost challenge in the market growth.

This marine grease market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the marine grease market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Marine Grease Market

The outbreak of covid 19 has affected trade operations overall the globe. Every worldwide industry is facing economic challenges during this pandemic. During this pandemic, the supply chain and production activities disruptions are huge for the market. All these are the major factors changing the outlook of the marine grease market. However, post covid 19, the trade operations of the market will recover slowly.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global Marine Grease Market Scope

The marine grease market is segmented on the basis of product type, thickener type, application and ship type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• Mineral
• Synthetic
• Bio-Based

Thickener Type

• Metallic Soap
• Lithium
• Calcium
• Sodium
• Aluminum
• Others
• Non-Soap
• Inorganic
• Clay
• Silica
• Others

Application

• Winches
• Seacock
• Deck Gear
• Blocks
• Bearings
• Wire Rope Protection
• Folding Propellers
• Slide Rails
• Metal Cables
• Chains
• Others

Ship Type

• Bulk Carrier & Cargo Ships
• Passenger Ships
• Tankers
• Cruise & Ferries
• Others

Marine Grease Market Regional Analysis/Insights

The marine grease market is analysed and market size insights and trends are provided by country, product type, thickener type, application and ship type as referenced above.

The countries covered in the marine grease market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (M.E.A.) as a part of Middle East and Africa (M.E.A.), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the marine grease market in terms of market share and revenue. This is due to rapid industrialization along with the development of new waterways in this region. The presence of ship transport infrastructure and the flourishing maritime transport sector in this region are other major factors that will boost the market growth.

Europe is expected to be the fastest developing region during the forecast period of 2022-2029 due to the stringent government rules along with increasing dependency on waterways for movement of people and goods in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Marine Grease Market Share Analysis

The marine grease market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to marine grease market.

Some of the major players operating in the marine grease market are:

• Shell PLC. (U.K.)
• Chevron Corporation (U.S.)
• Idemitsu Kosan Co., Ltd. (Japan)
• China Petrochemical Corporation (China)
• BP p.l.c. (U.K.)
• TotalEnergies (France)
• ExxonMobil Corporation (U.S.)
• J.X. Nippon Oil & Gas Exploration Corporation (Japan)
• Chemtool Incorporated (U.S.)
• Petroliam Nasional Berhad (Patrons) (Malaysia)
• FUCHS (Germany)
• Lubrita Europe B.V (Europe)
• Dow (U.S.)
• Citgo Petroleum Corporation (U.S.)
• Balmer Lawrie & Co. Ltd (India)
• Penrite Oil (Australia)
• Harrison Manufacturing Company (Australia)
• Axel Americas LLC (U.S.)
• Calumet Branded Products llc (U.S.)
• Hexol (Canada)
• Indian Oil Corporation Ltd. (India)
• Phillips 66 Company (U.S.)