Key Market Overview:
Marine Grease Market size was valued at USD 10.71 Billion in 2022, accounting for a CAGR growth of 3.6% during the forecast period (2023-2030), and the market is projected to be valued at USD 14.80 Billion by 2030.
Marine grease is a specialized type of lubricant that is designed to protect the equipment and machinery used in the marine industry. Marine environment presents unique challenges for lubricants, such as exposure to saltwater, high humidity, extreme temperatures, and high pressures. Marine grease is formulated to withstand the above-mentioned conditions and provide reliable performance in marine equipment.
Marine grease is extensively used in the offshore oil and gas industry to lubricate and protect equipment used in exploration and production activities. For instance, according to the United Nations Conference on Trade and Development, in 2021, China, South Korea, and Japan accounted for 94% of shipbuilding, while Bangladesh, Pakistan, and India accounted for 72% of ship recycling 2021. As a result, the increasing use of marine vessels is driving the need for high-quality, reliable grease including marine grease to maintain and protect the equipment, machinery, and engines of the ships.
Marine Grease Report Coverage:
|Report Attributes||Report Details|
|Market Size in 2030 (USD Billion)||14.80 Billion|
|CAGR (2023-2030)||3.6 %|
|By Product Type||Mineral Oil-Based Marine Grease, Synthetic-Based Marine Grease, and Bio-Based Marine Grease|
|By Ship Type||Bulk Carriers, Container Ships, Tankers, Passenger Ships and Ferries, Fishing Vessels, and Others|
|By Thickener Type||Lithium Complex, Calcium Complex, Polyurea, Aluminum Complex, Bentone, and Others|
|By Application||Marine Engines, Deck Machinery, Steering Gear, Winches, Wire Rope Protection, Slide Rails, Metal Cables, and Others|
|By Geography||Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia] |
Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey]
North America [United States, Canada, Mexico]
Middle East & Africa [GCC, North Africa, South Africa]
South America [Brazil, Argentina, Columbia, Chile, Peru]
|Key Players||Total Energies, Exxon Mobil Corporation, Chevron Corporation, BP Plc, Shell Global, FUCHS Group, China Petroleum & Chemical Corporation, LUKOIL Marine Lubricants DMCC, Idemitsu Kosan Co., Ltd., Indian Oil Corporation Limited, and Cortec Spray Technology|
The growing maritime transport activities are driving the adoption of efficient lubricants including marine grease for lubricating and protecting machinery and equipment on board ships. For instance, in 2022, according to the India Brand Equity Foundation, all the major ports in India handled 650.52 million tonnes (MT) of cargo traffic, and the ports sector in India is driven by high growth in external trade. Hence, the growing need for external trade and commerce is increasing the operation of ships, in turn, leading to a higher demand for marine grease.
Many government regulations and rules are issued against marine pollution which are likely to hinder the growth of the marine grease market. For instance, the Environmental Protection Agency (EPA) imposes rules to ensure that industries treat pollutants in their wastes to protect wastewater treatment plants. These guidelines urge market players to invest in eco-friendly products. Thus, the above-mentioned factors are likely to restrict the market growth.
With the growing emphasis on environmental sustainability, there is an opportunity for the market players to develop and commercialize eco-friendly marine grease products. This includes biodegradable products, as well as products that are formulated with environmentally friendly base oils and thickeners. For instance, Cortec Spray Technology developed BioGrease GP, a multipurpose biobased grease that are likely to provide excellent lubrication and protection for marine equipment and are environmentally sustainable, in turn, spurring market growth over the forecast period.
By Product Type
The product type segment is categorized into mineral oil-based marine grease, synthetic-based marine grease, and bio-based marine grease. In 2022, the mineral oil-based segment accounted for the highest share of the marine grease market owing to the increasing need of marine turbines for electricity generation, and mineral oil-based marine grease are widely used in the production of marine turbines. For instance, electricity generation in the marine energy market amounted to be 0.88bn KWh in 2023 and is forecasted to grow at 2.68% CAGR in 2028. The growing demand for marine turbines is proliferating the growth of the marine grease market.
However, bio-based marine grease is the fastest-growing segment in marine grease during the forecast period owing to the high demand for eco-friendly and biodegradable lubricants in the marine industry. Bio-based marine grease are developed from renewable resources and helps to reduce friction and wear between metal-to-metal contact areas, lubricating sleeves, ball, and roller bearings. As a result, the increasing demand for sustainable lubricant products is expected to fuel the product demand over the forecast period.
By Ship Type
The ship type segment is categorized into bulk carriers, container ships, tankers, passenger ships and ferries, fishing vessels, and others. In 2022, the bulk carriers segment accounted for the highest share of the marine grease market owing to the transportation of large volumes of cargo in a single voyage, reducing transportation costs for shippers.
Furthermore, bulk carriers are commonly used to transport bulk cargo, such as coal, grain, and iron ore, in large quantities. For instance, according to the United Nations Conference on Trade and Development, bulk carriers recorded an increase in total carrying capacity from 41% in 2012 to 43% in 2022. Hence, the increasing use of bulk carriers to transport cargo goods is driving the growth of the marine grease market.
However, container ships are expected to be the fastest-growing segment during the forecast period. Container ships transport a combination of two standardized container sizes listed as 20 or 40-feet equivalent units, known as TEUs and FEU. The standardization of containers makes it easy to load and unload cargo, reducing the time spent in ports and increasing the speed of delivery.
Additionally, the ships have large cargo-carrying capacity and greater operating efficiency as compared to other ships. As a result, the aforementioned factors are expected to propel the segment growth.
By Thickener Type
The thickener type segment is divided into lithium complex, calcium complex, polyurea, aluminum complex, bentone, and others. In 2022, the lithium complex thickener segment accounted for the highest share of the marine grease market. Lithium-complex greases offer good stability, high-temperature characteristics, and water-resistance properties. As a result, the above-mentioned properties boost the need for lithium complex grease for lubrication and protection of machinery and equipment, in turn, proliferating the product demand.
However, calcium complex thickener is expected to be the fastest-growing segment during the forecast period owing to their excellent water resistance and corrosion protection which makes them superior to other thickeners for marine applications. For instance, according to the report published by Ocean Panel-commissioned, in March 2023, coastal and marine tourism accounted for approximately 50% of global tourism and is one of the largest economic sectors.
The application segment is categorized into marine engines, deck machinery, steering gear, winches, wire rope protection, slide rails, metal cables, and others. In 2022, the marine engines segment accounted for the highest share of the marine grease market. Marine grease is widely used in marine engines to facilitate the creation of an oil layer between the moving parts, which lessens the amount of friction and wear. For instance, according to the report published by Statista, the global market for marine engines is forecasted to reach USD 16.4 billion by 2024. Hence, the growth of the marine engine market is driving the need for lubricants such as marine grease to withstand harsh marine conditions and protect engine components from wear and corrosion, in turn, driving the segment growth.
However, deck machinery refers to the equipment and machinery used on the deck of a ship, including cranes, hoists, and windlasses. These machines require lubrication to operate efficiently and prevent corrosion from harsh environmental conditions. Marine grease is commonly used to lubricate deck machinery components such as gears, bearings, and sliding surfaces to reduce friction, prevent wear and tear, and protect against corrosion. Hence, deck machinery is expected to be the fastest-growing segment during the forecast period.
By region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2022, Europe accounted for the highest market share in the marine grease market. This is due to the presence of a large number of ports and harbors, as well as a significant amount of marine transportation and offshore activities in the region. For instance, as per the report published by Eurostat, the gross weight of goods handled in the main EU ports increased by 0.7 % in the third quarter of 2022 compared with the same quarter of 2021. Hence, the increased marine transportation in the Europe region is driving the need for marine grease for effective lubrication and protection of marine equipment, in turn, driving the market growth in the region.
However, Asia Pacific is expected to be the fastest-growing region in the market during the forecast period owing to the rapid growth of the marine industry and maritime transport particularly in countries such as China, Japan, and South Korea.
For instance, as per the United Nations Conference on Trade and Development, in 2021, Asia Pacific was the leading maritime cargo handling centre in the world accounting for 42% of exports and 64% of imports. As a result, the increasing demand for marine transportation and offshore activities in these countries is expected to drive the demand for marine grease in the region.
Marine Grease Market Competitive Landscape:
The marine grease market is highly competitive, with several large players and numerous small and medium-sized enterprises. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the market include-
• Total Energies
• Exxon Mobil Corporation
• Chevron Corporation
• BP Plc.
• Shell Global
• FUCHS Group
• China Petroleum & Chemical Corporation.
• LUKOIL Marine Lubricants DMCC
• Idemitsu Kosan Co., Ltd.
• Indian Oil Corporation Limited
• Cortec Spray Technology
• In November 2022, Chevron launched a new lubricant for marine vessels to cater to the growing demand for sustainable solutions in the marine industry.
• In March 2021, ExxonMobil Corporation introduced Mobilgard M420 oil, particularly used in medium-speed engines. The oil series is designed for use in the distillate, residual, and LNG-fuelled medium-speed diesel engine applications in marine industries.