LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global marine grease market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global marine grease market will grow at a CAGR of close to 5% during the forecast period. The growth of the shipbuilding industry is a major factor driving the market’s growth.
The shipbuilding industry is the primary consumer of the global marine grease market. The growth of the shipbuilding business was very low till 2010 after which it exhibited rapid growth mainly due to the growth of the global foreign direct investment (FDI) flows, seaborne trade, and expansion of businesses of multinational companies. The production of new ships and increase in the repair and maintenance of old ships will act as a driving factor for the global marine grease market.
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The three emerging market trends driving the global marine grease market according to Technavio research analysts are:
- Regulations on emission levels
- Increasing demand from APAC
- Rising popularity of bio-based grease
Regulations on emission levels
The maritime transport industry is the biggest end-user of marine grease. There has been a sharp decline in shipping operations and the environmental regulations regarding international maritime have become more stringent. The International Maritime Organization (IMO) introduced the Energy Efficiency Design Index (EEDI) in 2011 for all the new ships, which have been contracted from 2013. EEDI has also imposed a type of carbon emission prevention trading system and carbon emission tax that encourages shipbuilding companies to design and manufacture more fuel-efficient vessels. EEDI has regulations that limit the carbon emissions from ships. If the level of emission does not meet the required level, the ship cannot be delivered.
The main shipyards in South Korea are developing dual engines, which can use both heavy fuel and LNG to improve sailing efficiency and meet environmental regulations. Greases are used to protect the parts of the ship from fouling. Fouling of the ship hull leads to speed reduction, increased fuel consumption, a higher frequency of dry dockings, and loss of time and money. The reduction in the fuel efficiency caused by biofouling in the shipping industry leads to large operational losses.
“Biofouling of the hull of the ship substantially enhances the haul, decreasing the overall hydrodynamic performance of the vessel and increasing the fuel consumption. It is in the best interest of the ship owners to use anti-fouling greases that prevent corrosion and anti-fouling growth on the ship hulls. This leads to less hull skin friction over time with conceivably lower fuel consumption,” says a senior analyst at Technavio for research on specialty chemicals.
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Global marine grease market segmentation
This market research report segments the global marine grease market into the following three end-user segments (bulk carriers and cargo ships, passenger ships, and tankers) and three major regions (the Americas, APAC, and EMEA)
Of the three major end-user segments, the bulk carriers and cargo ships segment dominated the market in 2017, accounting for approximately 41% of the market share. In 2017, APAC dominated the market by contributing to close to 37% of the market share.
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