Marine grease is used to provide high performance for rotating equipment operating in a challenging marine environment. Raw materials used in the production includes base oil (mineral, synthetic, bio-based), thickener and additives. The purpose of this grease is to provide seamless working of vessels during in water transit. The performance of marine grease is determined by National Lubricating Grade Institute (NLGI). Major players in the market have a product portfolio suitable to the different working conditions and aligned with various NLGI grades.
The multi-purpose grease is on high demand as it can replace the use of the various types of greases for different operating conditions. This feature coupled with its compliance with environmental regulations is expected to account for the rise in the multi-purpose environmentally acceptable product. The major global players are investing in research and development to manufacture low-cost product. Lithium complex based products are leading the thickener segment to provide high performance in complex marine conditions.
Global marine grease market, by end-use (USD million), 2016
Transportation through aerial mode is expensive, and hence there is an increasing need for economical ways of transportation. Waterways are regarded as one of the cheapest means of transport and they are significant contributor to increasing international trade. Hence, bulk carrier & cargo ships dominated the marine industry globally on account of their ability to transport goods in bulk quantities. In addition, passenger segment is witnessing a substantial growth attributing to the rise in spending capability across emerging economies. Cooperation among various regulatory bodies is expected to have a positive impact on the market. Owing to the above factors, bulk carrier & cargo ships and passenger ships segments are projected to drive the market which in-turn would result in increased demand over the forecast period.
Asia Pacific was leading the global market in terms of revenue in 2016 and is anticipated to continue its dominance over the next eight years. Major players are strengthening their value chain by vertical integration in the crude oil exploration, production, and refining processes. In addition, they are also engaged in the acquisition of domestic players with strong distribution channels and geographical presence to increase market penetration. The companies are emphasizing on manufacturing environment compliant products to avoid environmental issues and have product differentiation advantage over their competitors in the global market.
Some of the key market players are ExxonMobil Corporation, Chevron Lubricants, Shell plc, Total Lubmarine, LUKOIL Marine, Gulf Oil Marine, Penrite Oil. The players are engaged in increasing their global presence with expanding their presence globally.
In-depth report on global marine grease market by Grand View Research:
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