Global Marine Grease Market to Reach US$ 544.2 Million by 2032, Bolstered by Significant Growth in Shipping Industry

According to the latest report by IMARC Group, titled “Marine Grease Market Report by Thicker Type (Lithium Complex, Calcium, and Others), End Use (Bulk Carrier and Cargo Ship, Passenger Ships, Tankers, and Others), and Region 2024-2032," the global marine grease market reached a size of US$ 392.7 Million in 2023. Marine grease is a jelly or semisolid lubricant used in ships to protect ferrous and non-ferrous metals from rust, corrosion, and pitting. It is manufactured using synthetic oils, minerals, and phenolic resins and contains additives, such as polymers, anti-wear agents, and tackifiers. Marine grease is widely used in trailer wheel bearings, steering assemblies, deck equipment, slides, hinges, submerged pumps, offshore drilling equipment, and open gear operations. It provides enhanced performance under extreme conditions due to its high thermal stability, enhanced load-bearing capacity, longer lubrication intervals, mechanical stability, and a wider temperature range. Marine grease also provides excellent fresh and saltwater corrosion protection, impressive aging and sheer stability, and extreme pressure properties.

Global Marine Grease Market Trends:

The significant growth in the shipping industry due to increasing international trade activities and the development of new waterways is one of the key factors driving the market growth. Marine grease is widely used in bulk carriers, cargo ships, and oil tankers for maintaining the efficiency of vessels by reducing the friction between mechanical components, providing sealing properties, improving the machinery service life, and optimizing maintenance. In line with this, the implementation of various government initiatives to strengthen the expansion of maritime trade by increasing capacity use, improving port efficiency, and augmenting connectivity are acting as another growth-inducing factor. Furthermore, the widespread product utilization in navy ships and submarines for outboard equipment, hydraulic systems, engines, and propellers due to the growing naval defense budgets is providing an impetus to the market growth. Apart from this, the introduction of bio-based grease manufactured from sustainable feedstock, such as plant-based oils and sugars that reduce volatile organic compound (VOC) emissions and toxicity of gases, is creating a positive outlook for the market. Moreover, the widespread product adoption due to the rapid proliferation of ships for transportation, exploration, and leisure activities is providing a considerable boost to the market growth. Other factors, including increasing industrialization and extensive research and development (R&D) activities toward decreasing product cost and improving performance, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 544.2 Million by 2032, exhibiting a CAGR of 3.6% during 2024-2032.

Market Summary:

• On the basis of the thicker type, the market has been divided into lithium complex, calcium, and others.
• Based on the end use, the market has been classified into bulk carries and cargo ship, passenger ships, tankers, and others.
• On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
• The competitive landscape of the industry has also been examined, with some of the key players being BP p.l.c., Chevron Corporation, ENEOS Corporation, Gulf Oil Marine Ltd, Idemitsu Kosan Co. Ltd., Lucas Oil Products Inc, Lukoil Marine Lubricants DMCC, Penrite Oil, Royal Dutch Shell plc, TotalEnergies SE and Warren Oil Company LLC.
   

Report Scope:

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