Marine Grease Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | < 4.00 % |
| Fastest Growing Market | Middle-East and Africa |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Marine Grease Market Analysis
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.
Marine Grease Market Trends
This section covers the major market trends shaping the Marine Grease Market according to our research experts:
Increasing 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.
Marine Grease Industry Overview
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.
Marine Grease Market Leaders
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Royal Dutch Shell
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Exxon Mobil Corporation
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Chevron Corporation
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TOTAL S.A
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Sinopec
*Disclaimer: Major Players sorted in no particular order
Marine Grease Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Drivers
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4.1.1 Increasing Demand from Marine Transportation
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4.1.2 Rapidly Growing Naval Defense and Marine Tourism
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4.2 Restraints
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4.2.1 Increasing Government Regulations on Marine Pollution
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4.2.2 Other Restraints
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4.3 Industry Value-Chain Analysis
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4.4 Porters Five Forces Analysis
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4.4.1 Threat of New Entrants
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4.4.2 Bargaining Power of Buyers
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4.4.3 Bargaining Power of Suppliers
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4.4.4 Threat of Substitute Products
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4.4.5 Degree of Competition
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5. MARKET SEGMENTATION
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5.1 Product Type
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5.1.1 Metal Soap based
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5.1.2 Other Types
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5.2 Ship Type
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5.2.1 Cargo/Container Ships
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5.2.2 Passenger Ships
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5.2.3 Tankers and Bulkers
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5.2.4 Other Ship Types
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5.3 Geography
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5.3.1 Asia-Pacific
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5.3.1.1 China
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5.3.1.2 India
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5.3.1.3 Japan
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5.3.1.4 South Korea
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5.3.1.5 Rest of Asia-Pacific
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5.3.2 North America
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5.3.2.1 United States
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5.3.2.2 Canada
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5.3.2.3 Mexico
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5.3.3 Europe
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5.3.3.1 Germany
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5.3.3.2 United Kingdom
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5.3.3.3 Italy
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5.3.3.4 France
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5.3.3.5 Russia
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5.3.3.6 Rest of Europe
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5.3.4 South America
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5.3.4.1 Brazil
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5.3.4.2 Argentina
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5.3.4.3 Rest of South America
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5.3.5 Middle-East & Africa
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5.3.5.1 Saudi Arabia
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5.3.5.2 South Africa
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5.3.5.3 Rest of Middle-East & Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Market Share (%)/Ranking Analysis**
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6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
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6.4.1 BP Plc (Castrol)
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6.4.2 Chevron Corporation
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6.4.3 Exxon Mobil Corporation
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6.4.4 Gulf Oil
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6.4.5 Indian Oil Corporation Limited
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6.4.6 JX Nippon Oil and Energy Corporation
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6.4.7 Lucas Oil Products, Inc
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6.4.8 Lukoil
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6.4.9 PETRONAS
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6.4.10 Royal Dutch Shell Plc
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6.4.11 Sinopec
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6.4.12 TOTAL S.A
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Marine Grease Industry Segmentation
The Marine Grease Market report include:
| Product Type | |
| Metal Soap based | |
| Other Types |
| Ship Type | |
| Cargo/Container Ships | |
| Passenger Ships | |
| Tankers and Bulkers | |
| Other Ship Types |
| Geography | ||||||||
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Marine Grease Market Research FAQs
What is the current Marine Grease Market size?
The Marine Grease Market is projected to register a CAGR of less than 4% during the forecast period (2024-2029)
Who are the key players in Marine Grease Market?
Royal Dutch Shell , Exxon Mobil Corporation , Chevron Corporation , TOTAL S.A and Sinopec are the major companies operating in the Marine Grease Market.
Which is the fastest growing region in Marine Grease Market?
Middle-East and Africa is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Marine Grease Market?
In 2024, the Asia Pacific accounts for the largest market share in Marine Grease Market.
What years does this Marine Grease Market cover?
The report covers the Marine Grease Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Marine Grease Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Marine Grease Industry Report
Statistics for the 2024 Marine Grease market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Marine Grease analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
