Marine Lubricants Market

Marine Lubricants Market Size-(2023-2028)

Marine Lubricants Market was estimated at $ 7.4 billion in 2022 and should reach $ 8.1 billion in 2028, at an annual rate of 5.3% between 2023-2028

Marine lubricant is a high-performance, easily biodegradable oil that is employed to provide maximum protection to marine equipment and escalate engine efficiency. Marine lubricants help reduce wear between surfaces in contact with relative motion in related applications. It is employed to lubricate the parts of inflatable boats, outboard motorboats, drillships, semi-submerged ships, oil tankers, freighters, and passenger ships. These lubricants help reduce energy consumption, provide high efficiency, and minimize operating costs, escalating equipment life.

Marine Lubricants Market Drivers and Restraints

Rising trends among customers of luxury travel cruises will have a positive effect on the industry share of marine lubricants. The escalation in maritime trade due to low transportation and maintenance costs, as well as the presence of a significant number of shipping industries, should stimulate the market for marine lubricants.

The escalating call for emerging alternative technologies should stimulate expansion in the world market for marine lubricants. The recreational boat market could experience significant expansion due to escalated participation in recreational activities and recreational sports. The expansion of the tourism sector worldwide has led to an escalation in the number of various activities, such as sailing, field, fishing, regattas, and water sports games, creating a positive impact on the global marine lubricant market. The expansion of maritime trade due to bilateral agreements in the countries, as well as escalated investments and partnerships in the marine lubricants sector should stimulate the expansion of the industry. The surge in natural gas and crude oil production, combined with the incline in offshore exploration activities, further boosts call for products. Companies are investing in technological advancements and capacity development to expand their product portfolio.

The rising cost of fuel and the implementation of strict regulations by the IMO are predicted to escalate the consumption of worldwide marine lubricants. In addition, with rising fuel prices, carriers are predicted to operate the engines at a slow steam level, which, in turn, will save fuel. Marine engines cannot continuously run at slow speeds, which could escalate corrosion problems for the engine and associated live components and systems. To ensure engine safety and proper operation, reliance on these lubricants should escalate and stimulate the market for marine lubricants during the foreseen period. Strict regulations regarding the use of synthetic lubricants and the discharge of fluids into the ocean that harm flora and fauna can hinder the overall expansion of the industry. 

MARINE LUBRICANTS MARKET REPORT COVERAGE

Marine Lubricants Market Segmentation

Marine Lubricants Market - By Oil Type

• Mineral Oil

• Synthetic

• Bio-Based

• Grease

The synthetic segment is predicted to grow at a substantial CAGR during the foreseen period due to rising demand for highly efficient, sustainable and green products. Several governments have introduced strict safety regulations to control high emissions of sulfur and nitrogen to the sea through the use of mineral oil.

Marine Lubricants Market - By Product Type

• Engine Oil

• Hydraulic Fluid

• Compressor Oil

• Others

The compressor oil segment is foreseen to develop with the highest CAGR during the foreseen period due to escalating call for refrigeration and air compressors on large vessels currently in service. In addition, there is a rising call for luxury ships and cruise ships, resulting in a significant escalation in call for better cooling systems to be employed on these ships/boats, which in turn translates into a call for refrigeration.

Marine Lubricants Market - By Region

The Marine Lubricants Report includes the segmentation of Regions with their respective Countries.

• North America Marine Lubricants Industry includes U.S, Canada.

• Europe Marine Lubricants Industry includes the UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.

• Asia Pacific Marine Lubricants Industry includes India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC.

• Latin America Marine Lubricants Industry includes Brazil, Mexico, Argentina, Chile & Rest of LATAM.

• Middle East & Africa Marine Lubricants Industry includes KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, and rest of MEA.

Asia Pacific was the largest marine lubricant market in 2019 and is predicted to dominate the business during the foreseen period. The Asia Pacific marine lubricants market is greatly stimulated by the presence of the world's most active ports in the region, in countries such as China, Singapore and Hong Kong. The escalation in commercial activities and the rising development of infrastructure in the shipping industry are mainly responsible for the high call for marine lubricants in the locale. Mineral oil is the most widely employed marine lubricant in engines, stern tubes, hydraulic systems, compressors and other types of products. The marine lubricant market in the Asia Pacific region is primarily characterized by a strong call for low and medium-priced lubricants and a steady escalation in call for high-performance lubricants recommended by OEMs.

Recent Developments 

• IndianOil introduced two latest marine fuel grades and a variety of lubricants at Bunker ConFab 2019, a worldwide bunker meeting newly held in Mumbai. The latest range of fuel qualities complies with IMO 2020, the new regulations of the International Maritime Regulation (IMO) that limit the sulfur content from 3.5% to 0.5%.

• LUKOIL Marine Lubricants of Russia newly introduced another supply barge called LUKOIL Marine in the region of Singapore. LUKOIL Marine becomes the third in a barge fleet, including Transwift with a capacity of 100 dwt and Marine Success with 350 dwt, which supplies lubricants to Singapore.

Marine Lubricants Market Key players:

1. BP plc (UK)

2. Royal Dutch Shell plc (Netherlands)

3. Exxon Mobil Corporation (US)

4. Chevron Corporation (US)

5. Sinopec Corporation (China)

6. PJSC Lukoil (Russia)

7. Idemitsu Kosan Co., Ltd. (Japan)

8. Total S.A. (France)