New York, May 02, 2023 (GLOBE NEWSWIRE) -- The global marine grease market is expected to achieve a Compound Annual Growth Rate (CAGR) of 3.6% during the forecast period of 2023-2030, according to a recent research report by Reports Insights. The market was valued at USD 10.71 Billion in 2022 and is projected to exceed USD 14.80 Billion by 2030. The growth in the market can be attributed to the increasing demand for marine grease, primarily due to the rapid expansion of naval defense and marine tourism sectors.
Global Marine Grease Market Size, Share & Trends Analysis By Product Type (Mineral Oil-Based Marine Grease, Synthetic-Based Marine Grease, and Bio-Based Marine Grease), Ship Type (Bulk Carriers, Container Ships, Tankers, Passenger Ships and Ferries, Fishing Vessels, and Others), Thickener Type (Lithium Complex, Calcium Complex, Polyurea, Aluminum Complex, Bentone, and Others), Application (Marine Engines, Deck Machinery, Steering Gear, Winches, Wire Rope Protection, Slide Rails, Metal Cables, and Others), and By Region, Forecast Period 2023 – 2030.
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Marine grease is made up of a base oil and thickener. The base oil comprises mineral oil, synthetic oil, or a blend of both, and the thickener is based on lithium, calcium, or other materials. The thickener gives the grease consistency and enables to adhere to surfaces, reducing wear and tear on the equipment. Marine grease is a lubricant designed to provide effective lubrication and protection in the harsh marine environment.
In addition, marine greases play a crucial role in limiting the corrosion and the appearance of microalgae or bacteria present in the water. Thus, the excellent anti-oxidation and anti-corrosion properties of marine grease are driving the growth of the market.
Increasing demand from marine transportation and marine tourism are the key factors driving the demand for marine grease for the protection and lubrication of machinery and equipment on board ships. For instance, according to United Nations Conference on Trade and Development, in 2021, Asia Pacific remained the world leading maritime cargo handling center, accounting for 42% of exports and 64% of imports. Hence, the increasing marine transportation activities are boosting the marine grease market.
Global Marine Grease Market Segmentation Details:
Based on Product Type, the mineral oil segment accounted for the largest market shares in 2022 as they are commonly used for multipurpose lubrication of mechanical components such as chains, gears, bearings, slides, and threaded connections. Further, mineral-oil-based lubricants offer advantages such as enhanced compatibility with seals, better solubility with additives, and lower cost. As a result, the aforementioned factors are driving the segment growth.
Based on Ship Type, the container ship segment is anticipated to offer substantial shares to the global marine grease market growth during the forecast period. Container ships are vessels structured to hold vast quantities of cargo compacted in different containers and are more advanced than other ships due to their cargo-carrying capacity and greater operating efficiency.
For instance, according to the report published in Marine Insight, in June 2022, container ships carry maximum seagoing non-bulk cargoes and carry about 90% of the world non-bulk cargo goods. Thus, the increasing use of container ships for carrying goods is driving the demand for marine grease for efficient functioning, in turn, is anticipated to fuel the segment growth during the forecast period.
Based on Thickener Type, the lithium complex thickener segment contributed to the largest market shares in 2022 due to excellent water and heat resistance properties making them suitable for various marine applications. Lithium complex thickener also helps in preventing rust and offer longer life at high temperature.
Additionally, lithium complex greases are preferred over traditional lithium greases due to their improved heat resistance and higher dropping points. For instance, according to NLGI International, lithium complex grease accounts for 42% of all North American grease production. Thus, the increasing use of lithium complex grease due to the above-mentioned properties is driving the growth of the segment.
Based on Application, the deck machinery segment is anticipated to offer substantial shares to the global marine grease market growth during the forecast period. Deck machineries are the machines present on the vessel exposed deck and are optimal for ship-diverse operations including vessel securing and lifesaving purposes, among others. Deck machinery is used for cargo handling, particularly for loading and unloading cargo in and out of the ships. Hence, all the aforementioned factors are expected to fuel the segment growth during the forecast period.
Based on region, Europe accounted for the largest share contribution to the market growth in 2022 due to high dependency on waterways for the movement of people and goods in the region. For instance, Europe consists of over 1200 major and minor ports across diverse and rich waterways. Out of which the major three ports named as Antwerp, Rotterdam, and Hamburg collectively handle the world’s 12% cargo goods. Thus, the presence of a large number of ports and increasing marine transportation in the region are expected to fuel the demand for marine grease for the protection and lubrication of ships.
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| Report Attributes | Report Details |
| Market Size By 2030 | USD 14.80 Billion |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 3.6% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Total Energies, Exxon Mobil Corporation, Chevron Corporation, BP Plc, Shell Global, FUCHS Group, China Petroleum & Chemical Corporation, LUKOIL Marine Lubricants DMCC, Idemitsu Kosan Co., Ltd., Indian Oil Corporation Limited, and Cortec Spray Technology |
| By Product Type |
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| By Ship Type |
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| By Thickener Type |
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| By Application |
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| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Geography |
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Key Market Highlights
- The global marine grease market size is estimated to exceed USD 14.80 billion by 2030 and grow at a CAGR of 3.6% during the forecast period (2023-2030).
- Globally, marine grease is divided based on the product type into mineral oil-based marine grease, synthetic-based marine grease, and bio-based marine grease.
- In the context of ship type, the market is classified into bulk carriers, container ships, tankers, passenger ships and ferries, fishing vessels, and others
- On the basis of thickener type, the market is categorized into lithium complex, calcium complex, polyurea, aluminum complex, bentone, and others.
- On the basis of application, the market is classified into marine engines, deck machinery, steering gear, winches, wire rope protection, slide rails, metal cables, and others.
- The market is geographically divided into five regions: Europe, South America, the Asia-Pacific, North America, and the Middle East and Africa.
- Asia Pacific is estimated to support the market growth during the forecast period due to the increasing development of ship transport infrastructure combined with the growth of maritime transportation.
Find What You Need With Our Detailed Table Of Contents (TOC) & Summary Of Marine Grease Market Report @ https://www.reportsinsights.com/industry-forecast/global-marine-grease-market-statistical-analysis-673866
Recent Developments
- In April 2022, Chevron Global Energy Inc., a subsidiary of Chevron Corporation, acquired Nestle Corporation. As part of the acquisition, Chevron is likely to maintain all current supply sources utilizing a long-term offtake agreement.
- In December 2022, Shell plc. subsidiary Pennzoil-Quaker State, acquired a 49% stake in the parent company of Allied Reliability Inc., which provides lubrication systems and components.
- In January 2021, Shell Marine has been awarded a multi-year contract to provide marine lubricants to cruise line operator Carnival Corporation’s global fleet of 89 ships.
List of Major Global Marine Grease Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
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- Total Energies
- Exxon Mobil Corporation
- Chevron Corporation
- BP Plc
- Shell Global
- FUCHS Group
- China Petroleum & Chemical Corporation
- LUKOIL Marine Lubricants DMCC
- Idemitsu Kosan Co., Ltd.
- Indian Oil Corporation
- Cortec Spray Technology
Global Marine Grease Market Segmentation:
- By Product Type
- Mineral Oil-Based Marine Grease
- Synthetic-Based Marine Grease
- Bio-Based Marine Grease
- By Ship Type
- Bulk Carriers
- Container Ships
- Tankers
- Passenger Ships and Ferries
- Fishing Vessels
- Others
- By Thickener Type
- Lithium Complex
- Calcium Complex
- Polyurea
- Aluminum Complex
- Bentone
- Others
- By Application
- Marine Engines
- Deck Machinery
- Steering Gear
- Winches
- Wire Rope Protection
- Slide Rails
- Metal Cables
- Others
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