Marine Grease Market to grow substantially through 2026 | ExxonMobil, Lucas Oil, Chevron, Pentrine Oil, Total Lubmarinem
o Marine grease market size, historical from 2015 to 2019 and annual forecast from 2020 to 2026
o Major marine grease industry trends, technology evolution, economic indicators and business challenges
o Regulatory and geopolitical trends impacting the industry
o Business drivers and pitfalls impacting key regional markets
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Marine grease finds extensive application in the shipping industry for lubrication and protection. It minimizes the friction between the mechanical components of a ship, helping enhance its overall efficiency. Increased globalization of enterprises over the past decade has spurred the demand for shipping services.
Based on the type of thickener used, aluminum segment is projected to witness notable growth in the near future. Aluminum thickeners offer excellent surface adhesion, mechanical and shear stability, and superior resistance against rust and water washout. These thickeners work well even at high temperatures. These thickeners are prominently used in numerous marine applications on account of these properties. Other types of thickeners are sodium, barium, polyurea, and calcium.
Company profiled in hydroxychloroquine market report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
2. Lucas Oil
3. Chevron Marine
4. Pentrine Oil
5. Total Lubmarine
6. CRC NZ
7. West Marine
8. Liqui Moly
10. British Petroleum
12. Gulf Oils
Marine grease products are prominently used in tankers, bulk carriers & cargo ships, cruise & ferry, and offshore shipping vessels. The offshore oil & gas sector has experienced tremendous growth in over the past several years. This in turn has resulted in a significant demand for offshore shipping vessels required to carry out the operations for floating drilling rigs and fixed production platforms.
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According to the U.S. Energy Information Administration, offshore oil and gas production in the Gulf of Mexico constituted around 16% of the overall U.S. crude oil production and nearly 3% of the overall U.S. dry natural gas production. Growing offshore drilling activities in the forthcoming years will undeniably fuel the demand for marine greases in offshore shipping vessel applications.
In terms of the geography, Latin America marine grease industry is poised to witness notable growth over the analysis period. The proliferation of ecommerce and the rise of tech-driven startups has positively influenced the logistics and shipping industry in Latin America. Recent estimates suggest that the region requires public and private investments of up to US$55 billion by 2040 in order to significantly enhance its competitiveness in the marine industry. These trends will certainly propel the demand for marine grease products in the upcoming years.
Some of the companies mentioned in the report include ExxonMobil, Lubitec, Gulf Oils, LUKOIL, British Petroleum, Castrol, Liqui Moly, CRC NZ, West, Total Lubmarinem, Pentrine Oil, Chevron, and Lucas Oil.
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