Transparency Market Research Report Added "Marine Grease Market" to its database.
Albany, NY -- (SBWIRE) -- 12/18/2014 -- Marine grease is employed as lubricants in the shipping industry. Animal oil, vegetable oil or crude oil and several other chemicals are used as raw materials for the production of marine grease. Marine grease helps in reducing friction between mechanical components of a ship thus improving the overall efficiency of the ship. Increasing globalization of companies leading to increase in demand for shipping has been a major driver for marine grease market growth. Growing defense budget of countries across the globe also has been a major growth factor for the marine grease industry. Various hazards associated with spillage of marine grease in water bodies have led to stringent environmental regulations in the marine grease market which has been a major restraint for market growth. Major companies in the marine grease market are shifting their focus to various non hazardous substitutes for increasing acceptance of their product and to meet the stringent regulations. Mineral and vegetable oil based marine grease are expected to offer huge growth opportunity for the market.
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Europe dominates the global demand for marine grease and the trend is expected to continue during the forecast period. Asia Pacific is expected to be the fastest growing region for the next six years primarily owing to the emerging economies of India and China. Increasing industrial investments and growth in defense budgets are expected to be major factors driving growth in the Asia Pacific region. Demand for marine grease in Europe and North America is expected to grow at a sluggish rate mainly owing to the presence of stringent environmental regulations. Emerging economies in Latin America and Africa are expected to drive growth in the RoW segment.
Some of the major players in the marine grease market include Total Lubricants, Chevron, Royal Dutch Shell, ExxonMobil and BP Marine Castrol among others.
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