Marine Grease Market (2018 - 2025)

Report Overview

The global marine grease market size was valued at USD 238.9 million in 2016. Increasing demand for shipping services globally on account of increasing international trade is a key driver fueling the market growth. Moreover, the development of new waterways and robust growth in the shipbuilding industry are further propelling the market over the forecast period.

U.S. marine grease market by end-use, 2014 - 2025 (USD Million)

Marine grease is used in the shipping industry owing to its several superior properties. It possesses high-pressure additives, high load carrying capacity, a wider temperature range, mechanical stability, high thermal stability, corrosion protection, longer lubrication intervals, non-melting, and water resistance properties under extreme conditions. It increases the overall efficiency of the ships.

The U.S. market was estimated at USD 30.7 million in 2016 and is anticipated to grow at a CAGR of 4.2% from 2017 to 2025. The presence of water transportation infrastructure coupled with growing international trade is fueling the demand in the country. In addition, robust growth in the end-use segment is further boosting the demand over the forecast period.

Marine grease reduces the friction between rotating machine parts to increase the output efficiency of the engine, machinery, and several components installed in the ship. In addition, it has the capability to gel up with water, which functions efficiently even after water leakage. Among the various thicker types, lithium complex grease is extensively used in the shipping industry.

However, the presence of regulatory standards pertaining to the clean aquatic environment across the globe is expected to restrain the market growth over the forecast period. Different hazardous issues may arise from the spillage of aquatic bodies, owing to which, stringent regulations have been imposed by various regulatory bodies such as REACH, and VGP. The U.S. EPA has issued Vessel General Permit (VGP) regulations for the usage of environment-friendly lubricants in all commercial vessels longer than 79 feet.

Thicker Type Insights

Various thicker types of marine grease are used as a lubricant in the shipping industry including lithium or lithium complex, calcium, polyurea, aluminum, organoclay, barium, and sodium. Lithium complex grease is a unique additive system to serve maximum lubrication under the most critical operating conditions. It is applied in various applications in shipping operations such as outboards, trailer wheel bearing, trailer chassis lubrication, and wheel bearings.

The global calcium thicker type segment was estimated at USD 37.2 million in 2016 and is anticipated to grow at a rate of 3.7% from 2017 to 2025. It is an anhydrous grease that is highly resistant to water and contains additives to protect against oxidation and rust. In addition, it is extensively used in boat trailers, wheel bearings, and other applications.

End-use Insights

Marine grease is extensively used in various end-use segments including the bulk carrier & cargo ships, passenger ships, tankers, and others. It is largely used in the bulk carriers and cargo ships on account of an increasing volume of heavy cargo and the products transported through ships. Increasing transshipment of cargo through ships led to an increasing need for marine grease in order to maintain the efficiency and performance of the ship.

The passenger ship segment was estimated at USD 59.9 million in 2016 and is anticipated to grow at a CAGR of 5.2% between 2017 to 2025. Increasing passenger capacity of new ships along with new local ports and ship diversification is fueling the demand in the passenger ship segment. Other end-use segments include special purpose vessels, service vessels, offshore vessels, and yachts.

Regional Insights

The Asia Pacific dominated the marine grease market in 2016 and is expected to continue over the next eight years. It was valued at USD 88.2 million in 2016 and is projected to grow at a CAGR of 5.3% from 2017 to 2025. Increasing industrialization in the region, coupled with new waterways development, and growing coastal economies is fueling the demand in this region.

Global marine grease market, by region (USD Million), 2016 (%)

The Asia Pacific was followed by Europe in 2016 and is expected to grow at a rate of 4.6% over the forecast period. The flourishing maritime transport sector and the presence of ship transport infrastructure in the region are key factors driving the growth.

Marine Grease Market Share Insights

The major players in the global market include British Petroleum, CHEVRON Lubricants, ExxonMobil Company, Gulf Oil Marine Ltd, Lucas Oil Products Inc, LUK OilMarine, Old World Industries, Penrite Oil Co., Ltd, Royal Dutch Shell Company, Total Lubmarine, and Warren Oil. The companies are focusing on manufacturing non-hazardous and environment-friendly marine grease products.

Marine Grease Market