The global marine grease market revenue is expected to expand at a lucrative CAGR over the forecast period. Growing demand for shipping services on account of increasing international trade is expected to drive market growth over the forecast period. Moreover, properties of marine grease such as high thermal stability, non-melting, longer lubrication intervals, high-pressure additives, mechanical stability, wider temperature range, water resistance, and corrosion protection are expected to propel market growth over the forecast period.
The global marine grease market report has been segmented on the basis of thickener, end-user, and region.
On the basis of thickener, the global marine grease market has been segmented into calcium, lithium complex, and others (polyurea, aluminum, organoclay, barium, and sodium). The calcium segment is expected to witness steady growth over the forecast period. Calcium thickener is an anhydrous grease that is highly water-resistant and contains additives to protect against rust and oxidation.
On the basis of the end-user, the global marine grease market has been segmented passenger ships, tankers, bulk carrier & cargo ships, and others (service vessels, special purpose vessels, offshore vessels, and yachts). Passenger ship segment is expected to witness higher growth rate over the forecast period. Growing number of passenger ships owing to increasing adoption of marine transportation is expected to drive segment growth over the forecast period.
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On the basis of region, the global marine grease market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe market is expected to grow at a rapid pace over the forecast period. Rising infrastructural developments and increasing trade activities in the region are expected to augment Europe marine grease market.
Key players operating in the global marine grease market include Royal Dutch Shell plc, Chevron Lubricants Co. Ltd., Exxon Mobil Corporation, Lucas Oil Products Inc., Total Group, Gulf Oil Marine Ltd., Penrite Oil Co., Ltd., OLD WORLD INDUSTRIES, LLC, Warren Oil Company, LLC, and Castrol Limited.