Marine Grease Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Marine Grease Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for the Marine Grease is expected to grow at a CAGR of approximately 4% globally during the forecast period.

Increasing demand from marine transportation and rapidly growing naval defense and marine tourism are driving the market growth.

Increasing concerns about aquatic life due to marine pollution and the outbreak of COVID-19 are the reasons expected to hinder the market growth of the marine grease market.

Key Market TrendsIncreasing Demand from Cargo and Passenger Ships

• Marine greases are used in different types of ships, such as vessels, containers, bulkers, etc., to protect the engine and other equipment from frictional forces, and enhance the efficiency of the components and have other excellent properties.
• The properties of marine grease include anti-wear and very high load-carrying properties, thermal stability, resistance to oxidation, rust and corrosion resistance, long service life, lead and chlorine-free, and longer lubrication intervals.
• In ships, marine greases are being used for winch Gears, support bearings, propeller shaft splines, stern drives, steering mounts, tubes and cables areas.
• China is the largest manufacturer of various products and exports to many other major countries through seaways. Bulk carriers, cargo ships are being used to export goods and other raw materials to other regions.
• Emerging economies of Brazil, Chile and South Africa and other Middle Eastern countries are aslo expected to drive the growth of marine grease due to the growing adaption of technological advancements in those regions.
• Recently, marine tourism has witnessed decent growth in Europe, Asia-Pacific, and North America regions. The demand for marine grease from cruise ships (passenger ships) has been increasing in the past few years.
• The US marine transport industry is expected to grow, due to the changing trade dynamics and increase in volume shipments between the United States-Europe and United States-Asia-Pacific corridors.
• The global impact of the COVID-19 is expected to decrease the usage and demand of marine grease in different operations for some brief period.

Asia Pacific Region to Dominate the Market

• Asia-Pacific is expected to dominate the global market owing to the highly developed manufacturing sector in China, India, and Japan, coupled with the development of the naval defense sector in the region in recent years.
• Due to the increasing government investments in their defense areas, the naval bases of different countries in Asia-Pacific have been growing continuously.
• Robust growth in online shopping in Asia-Pacific is expanding the intra-region trade to a major extent. A majority of the marine transport growth is expected to be witnessed in the Southeast Asian countries in the coming years, as they are growing out to be the strategic points for the manufacture and export of products for many multinational players.
• Major investments are underway in the Eastern Economic Corridor, which is expected to support the growth of the port facilities in Thailand, in turn increasing the ease of ship trade across the region.
• According to The United Nations Conference on Trade and Development (UNCTAD), Asia-Pacific leads the exports of various goods through container ships to other regions in recent years.
• Dry bulk carriers, which carry iron ore, coal, grain, and similar cargo, account for the largest share of the world fleet in deadweight tonnage and the largest share of the total cargo-carrying capacity, at more than 40 percent.
• The outbreak of COVID-19 has affected the economies of various countries in the Asia-Pacific region at present. The halt in various manufacturing sectors due to lockdown is impacting the trade and related activities in the current scenario.

Competitive Landscape

The marine grease market is fragmented in nature with many players competing in the market. Some of the major companies are Royal Dutch Shell, Exxon Mobil Corporation, Chevron Corporation, TOTAL S.A, and Sinopec, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
BP Plc (Castrol)
Chevron Corporation
Exxon Mobil Corporation
Gulf Oil
Indian Oil Corporation Limited
JX Nippon Oil and Energy Corporation
Lucas Oil Products, Inc
Lukoil
PETRONAS
Royal Dutch Shell Plc
Sinopec
TOTAL S.A

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