Global Marine Grease Market: Overview
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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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.
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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.
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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