Marine Lubricants Market

Updated on : October 25, 2024

Marine Lubricants Market

The global marine lubricants market was valued at USD 6.3 billion in 2022 and is projected to reach USD 6.9 billion by 2028, growing at 1.5% cagr from 2023 to 2028. One of the major reasons making an positive outlook for the marine lubricants market is the infrastructure expansion boosting the shipping industry, enlargement of universal shippbulding business, and enlargement in oceanic tourism. Also, the mounting demand of bio-derived marine lubricants is pushing the market. Due to these reasons, the consumption of marine lubricants is grown significantly.

Marine Lubricants Market Forecast & Trends

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Marine Lubricants Market Dynamics

Driver: expansion in seaborn trade

Due to rapid population growth in Europe, Asia Pacific, and North America, there has been a significant increase in the demand for food, urbanization, and industrialization. Thus, it led to the expansion of trade between countries, the need for shipping goods across oceans has enhanced notably. This expansion in seaborne trade has commanded an rise in the number of vessels, which in turn has led to an growth in the requirement for marine lubricants.

Restraints: Strict ecological regulations

The shipping business is a major contributor to air and water pollution, thus, there are environmental regulations in lay for marine lubricants to restrain the use of definite types of lubricants that are risky to the environment. This can limit the expansion of the marine lubricants market, as companies must ensure that their products fulfill with these regulations. This can cause excessive prices for marine lubricants, which might limit growth and act as a restraint on the growth of the market.

Opportunities: Growing need for bio-derived marine lubricants

Bio-derived marine lubricants are contemplated more natural friendly as compared to traditional marine lubricants. Also, the mounting necessity for bio-derived marine lubricants grants a substantial chance for manufacturers working in the marine lubricants market. Moreover, many countries have authorized regulations directing the use of bio-derived marine lubricants to decrease pollution and protect marine life. This has led to an growth in demand for marine lubricants, which creates an opportunity for producers to tap into this growing market.

Challenges: Development of alternate technologies

The development of alternate technologies for instance hybrid propulsion and electric systems is a major challenge on the expansion of the marine lubricants market. Hybrid propulsion and electric systems are becoming progressively accepted owing to their ability to lower emissions and fuel effectiveness. As more ships switch to hybrid propulsion and electric systems systems, the demand for conventional marine lubricants may decline, which could adversely impact the market.

Marine Lubricants Market Ecosystem

Prominent companies in this market include well-established, financially stable marine lubricants business. These businesses have been in business for a while and have a extensive range of products, pioneering technologies, and strong international sales and marketing networks. Top companies in this market include Exxon Mobil Corporation (US), Shell plc (UK), BP p.l.c. (UK), TotalEnergies SE (France), and Chevron Corporation (US).

Based on ship type, bulk carrier is projected to be the largest market for marine lubricants, in terms of value, during the forecast period.

The Marine Lubricants Industry segmented in bulk carrier, tankers, container ships, and others on the ship type. From them, the foremost bulk transportation services such as packaged good, iron ore, coal, and other dry bulk are carried through bulk carriers. Additionally, these ships are particularly recommended for shipping dry cargo. Hence, the bulk carrier ship type is the largest ship type for the marine lubricants market.

Based on oil type, mineral oil was the largest segment for marine lubricants market, in terms of value, in 2022.

The demand for mineral oil based marine lubricants is excessive in products such as stern tubes, engines, turbines, and compressors. Due to the availability of light and heavy grades of mineral oils, the lubricants for marine industry are extensively manufactured from mineral oil. Mineral oil is generally more affordable compared to synthetic oils and other alternative base oils. In the maritime industry, where large volumes of lubricants are required for various equipment and engines, cost considerations play a significant role. The relatively lower price of mineral oil makes it a cost-effective option for many vessel owners and operators.

Based on product type, engine oil was the largest segment for marine lubricants market, in terms of value, in 2022.

Hydraulic fluid, compressor oil, engine oil and others are major market segment based on the product type. Moreover, the extraordinary demand for marine lubricant such as engine oil is estimated to hold the largest market count of marine lubricant. Due to the use of these marine lubricants is mostly in engines.  Marine engines, such as those used in ships and boats, require specialized lubrication to ensure optimal performance and longevity. Engine oil is specifically formulated to provide lubrication and protection to the internal components of these engines, including pistons, cylinders, crankshafts, and valves. As engines are a critical component of marine vessels, engine oil represents a significant portion of the lubricants used in the marine industry.

“Asia Pacific accounted for the largest market share for marine lubricants market, in terms of value, in 2022”

In terms of value, Asia Pacific is the largest market for marine lubricants, followed by the Europe. This is due to the rise in population, industrialization, low labour cost, improved living standards and accessibility of raw materials. Due to this reasons the Asia Pacific holds the largest market share for marine lubricants. The Asia Pacific region is a major hub for shipbuilding and ship repair activities. Countries like China, South Korea, and Japan are known for their shipbuilding capabilities and have a large number of commercial vessels under construction or in operation. Shipbuilding requires the use of marine lubricants during the construction and maintenance of ships, further driving the demand in the region.

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Marine Lubricants Market Players

The key players profiled in the report include Exxon Mobil Corporation (US), Shell plc (UK), BP p.l.c. (UK), TotalEnergies SE (France), Chevron Corporation (US), Lukoil (Russia), Petronas (Malaysia), Idemitsu Kosan Co., Ltd. (Japan), ENEOS Holdings, Inc. (Japan), China Petroleum & Chemical Corporation (China), Gazprom Neft (Russia), and among others, are the key manufacturers that holds major market share in the last few years. Major focus was given to the collaborations, partnerships and new product development due to the changing requirements of users across the world. 

Marine Lubricants Market Report Scope

This report categorizes the global marine lubricants market based on oil type, product type, ship type, and region.

On the basis of oil type, the marine lubricants market has been segmented as follows:

• Mineral Oil
• Synthetic Oil
• Bio-Based Oil

On the basis of product type, the marine lubricants market has been segmented as follows:

• Engine Oils
• Cylinder Oils
• System Oils
• Hydraulic Fluid
• Compressor Oils
• Others

On the basis of ship type, the marine lubricants market has been segmented as follows:

• Bulk Carriers
• Tankers
• Container Ships
• Others

On the basis of region, the marine lubricants market has been segmented as follows:

• Asia Pacific
• North America
• Europe
• Middle East & Arica
• South America

Recent Developments

• In March 2022, Shell plc completed the acquisition of the Environmentally Considerate Lubricants (ECLs) business of the PANOLIN Group. This involves the product formulations, , intellectual property, PANOLIN brand, international customer base, technology, and portfolio of products of ECL.
• In June 2021, BP p.l.c. made exopansion with a digital hub in Pune, India. This expansion is made to meet changing demands and achieve digital expertise by delivering sustainable solutions.
• In January 2023, TotalEnergies SE made an agreement with CEPSA to acquire its upstream business assets in United Arab Emirates (UAE).

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