The global marine grease market is expected
to reach USD 348.4 million by 2025, according to a new report by Grand View
Research, Inc. Increasing demand from the various end-use segments is a key
factor driving the growth. The robust growth from shipping industry in Asia
Pacific is expected to boost the market further over the forecast period.
Marine grease is a semi-solid
substance, used in various vessels such as bulk carrier ships, cargo ships,
tankers, passenger vessels as it provides enhanced lubrication under salty
water conditions. In addition, it has numerous applications in high temperature
and pressure conditions. The market is mainly driven by the demand for the bulk
carriers and cargo vessels, as they are exposed to the complex operating
environment during transportation of industrial and consumer goods.
In terms of revenue, lithium
complex thickener accounted as the largest segment in 2016 and is anticipated
to continue its trends with a growth rate of 4.7% over the forecast period.
Increasing need for environmentally compatible and multi-purpose grease are the
factors anticipated to propel the growth.
The demand is expected to surge
owing to the development of new ports in the Asia Pacific region. Different
grades as classified by the National Lubricating Grease Institute (NLGI) are
used in various end-use areas as they provide the required properties such as
resistance to water wash out, and corrosion prevention. Various types of NLGI
graded greases are available to cater the requirement of the different types of
vessels.
Browse full research report on Marine Grease Market: http://www.grandviewresearch.com/industry-analysis/marine-grease-market
Further key findings from the report suggest:
- Lithium complex based thickener segment is expected
to experience fastest growth in terms of value at a CAGR of 4.7% from 2017
to 2025 due to its property to serve as multipurpose grease
- Bulk carrier & cargo ships are expected to
continue its dominance as the largest end-use segment in terms of revenue
and is anticipated to reach USD 150.9 million by 2025. Rising purchasing
power parity among emerging economies is expected to boost the growth of
operation and maintenance of passenger ship segment which in-turn would
boost the marine grease, expanding at a CAGR of 5.2% between the period
from 2017 to 2025
- Asia Pacific market was valued at USD 88.2 million in
2016 and is projected to reach USD 139.8 million by 2025. Asia Pacific is
expected to experience a surge in demand over the next eight years owing
to new ports constructed in this region. In terms of revenue, the regional
market is expected to grow at a CAGR of 5.3% between 2017 to 2025
- Key players including ExxonMobil Corporation, Chevron
Lubricants, Shell Plc, Total Lubmarine, Lukoil Marine, Gulf Oil Marine,
Penrite Oil are expected to hold significant share in the global market
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives
Grand View Research has segmented the global marine grease
market on the basis of end-use, thickener type and region:
End-use Outlook (Revenue, USD Million, 2014 - 2025)
- Bulk
Carrier & Cargo Ships
- Passenger
Ships
- Tankers
- Others
Thickener Type Outlook (Revenue, USD Million, 2014 -
2025)
- Lithium
or Lithium Complex
- Calcium
- Others
Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North
America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- Netherlands
- Asia
Pacific
- China
- India
- Japan
- Singapore
- Central
& South America
- Brazil
- Middle
East & Africa
- Saudi
Arabia
- South
Africa
Access Press Release
By Grand View Research: http://www.grandviewresearch.com/press-release/global-marine-grease-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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