Global Marine Grease Market 2018-2022
About Marine Grease
Marine grease is a semi-solid material, commonly used to increase the output efficiency of the engine, equipment, and other components by reducing the friction between the revolving mechanical parts. It is extensively used in the maritime industry due to its high working proficiency in high-temperature and high-pressure conditions.
Technavio’s analysts forecast the global marine grease market to grow at a CAGR of 4.53% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global marine grease market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Marine Grease Market 2018-2022
Technavio recognizes the following companies as the key players in the global marine grease market: BP, Chevron, Exxon Mobil, Gulf Oil Marine, Royal Dutch Shell, and Total.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is regulations on emission levels. The maritime transport industry is the biggest end-user of marine grease. There has been a sharp decline in shipping operations, and the environmental regulations regarding international maritime have become more stringent. The International Maritime Organization (IMO) introduced the Energy Efficiency Design Index (EEDI) in 2011 for all the new ships that have been contracted from 2013.”
According to the report, one driver in the market is growth of the shipbuilding industry. The shipbuilding industry is the key consumer of the global marine grease market. The growth of the shipbuilding business was very low till 2010, following which it exhibited rapid growth primarily because of the growth of the global foreign direct investment (FDI) flows, seaborne trade, and expansion of businesses of multinational companies. The production of new ships and increase in the repair and maintenance of old ships will act as a driving factor for the global marine grease market.
Further, the report states that one challenge in the market is volatility in the price of raw materials. Marine lubricants are largely produced using crude oil by the fractioning process. The mineral oil-based lubricants accounted for approximately 80% share of the marine lubricants market. Marine grease is one of the important segments of the marine lubricants market. The oil and gas industry is one of the principal suppliers of raw materials for the global marine grease market. The instabilities in the price of crude oil have an adverse effect on the price of the raw materials, affecting the costs of marine grease products.
BP, Chevron, Exxon Mobil, Gulf Oil Marine, Royal Dutch Shell, and Total.
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