A recent report from private consultancy, HTF Market Intelligence, has ascertained that the current market for marine grease is now hitting a new high.
The study found that the global market for marine grease is well positioned and poised to expand. Analysts projected that the market would develop at a compound annual growth rate of six per cent between this year and 2032, rising from 720 million to 1.2 billion.
The statistics unearthed showed that the marketisation process is currently being accelerated by the segmentation of important regions and that the marine grease market is now expanding its reach.
Dubbed the “Global Marine Grease Market Study” the report from HTF Market Intelligence cited leading lubrication manufacturers producing high-quality marine greases for the sector. Major players in the industry include Petro-Canada, Fuchs Group, Shell, Chevron, Mobil, TotalEnergies, Castrol, BP, Lukoil, Klüber Lubrication, Morris Lubricants, Valvoline, Royal Purple and Repsol, among others.
Across more than 143 informative pages, the document provided comprehensive market analysis and detailed the industry and product scope, alongside market status and prognosis for the timescale of 2025 to 2032.
Marine grease is defined as specialised lubrication solution suited to extreme environments at coastal sites and offshore, on vehicles and work platforms like rigs. Unlike standard greases, marine grease is formulated to perform in the harshest marine conditions. It provides advanced protection against corrosive forces, prevents rust, is water resistant and has exceptionally high load bearing capacity for ship machinery, gears and bearings.
You may also interested in:
BP announces executive appointments
According to a BP press release, Meg O’Neill, who took over as Chief Executive officer in April, has appointed two new Executive Vice Presidents (EVPs).
New whitepaper calls for early collaboration on data centre cooling
Valvoline Global, Gray and Gray AES have together announced a whitepaper outlining the importance of including a fluid coolant strategy when designing new data centres.