Marine Grease Market to Expand with Significant CAGR - 2024
Marine
grease used as a lubricant in the shipping industry is derived from
crude oil, animal oil, vegetable oil, and various other chemicals.
The superior properties of these lubricants such as higher thermal
stability, high load carrying capacity, longer lubrication intervals,
non-melting, mechanical stability, high pressure additives, wider
temperature range, corrosion protection, and water resistance have
made it suitable for use under extreme conditions. Marine greases
therefore increase the overall efficiency of ships, which is a key
factor fuelling its demand globally.
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Report Overview @
The
report provides a granular analysis of the various factors supporting
the market’s growth. In addition, it lists down the restraints that
pose threat to the global marine grease market. It provides refined
projections for the market and studies the effect of Porter’s five
forces. The report thus compiles valuable information intended to
provide a better perspective of the market to its stakeholders.
Global
Marine Grease Market: Trends and Opportunities
Marine
grease reduces the friction between the mechanical components of a
ship, thus helping improve its overall efficiency. The increasing
globalization of enterprises has spurred the demand for shipping
services. While this led to the expansion of the shipping industry,
it also created attractive growth opportunities for the global marine
grease market. The increase budget allocation in the defense sector
will also encourage the market’s growth.
On
the downside, various hazards arising from the spillage of marine
grease in marine bodies have resulted in the implementation of
stringent environmental regulations. This could pose a major threat
to the market. However, in order to pace with the evolving trends,
the leading companies are shifting their focus towards less hazardous
substitutes. The change in policies, aimed at meeting the stringent
regulations, holds immense opportunities for the market’s growth.
With
companies increasingly focusing on marine grease derived from mineral
and vegetable oil, the marine grease market stands a chance of
reporting progress through the course of the forecast period.
Global
Marine Grease Market: Regional Outlook
Regionally,
the global marine grease market can be segmented into Asia Pacific,
North America, Europe, and Rest of the World. Among these regions,
Europe holds dominance in the global market. However, the market is
also expected to witness lucrative opportunities in Asia Pacific. The
region has some of the busiest ports in the world, located in
countries such as China, Hong Kong, and Singapore. The rising
infrastructural developments and increasing trade activities in these
countries are expected to keep the demand for marine grease high in
Asia Pacific.
The
demand witnessed in the developing countries of Africa and Latin
America, will boost the market’s growth in Rest of the World.
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Global
Marine Grease Market: Vendor Landscape
Besides
covering the growth drivers and restraints, the report also presents
a thorough analysis of the prevailing vendor landscape. It therefore
includes the profiles of companies such as Royal Dutch Shell, Total
Lubricants, ExxonMobil, Chevron, and BP Marine Castrol among others.
Using SWOT analysis, it gauges the strengths and weaknesses of the
companies profiled. The analysis also helps identifying the
opportunities and threats that these companies could witness through
the course of the forecast period.
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