Transparency
Market Research Reports incorporated a definite business overview and
investigation inclines on "Marine Grease Market". This
report likewise incorporates more illumination about fundamental
review of the business including definitions, requisitions and
worldwide business sector industry structure.
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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More Reports on Chemical & Materials Markets:
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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