by The marine lubricants market is comprised of lubricating oils used in the engines, gear systems, bearings, and other components of ships and vessels. Marine lubricants provide better fuel economy, lower emissions, and extended equipment life for ships. They help prevent corrosion and reduce friction between parts while operating under extreme pressure and temperature fluctuations encountered at sea. Some key applications of marine lubricants include engine oils, hydraulic oils, greases, and compressor oils. The global shipping industry has seen significant growth in recent years to accommodate the increasing trade volumes between countries. With over 90% of global trade being carried by sea, the marine transportation sector plays a vital role in the global economy. The steady expansion of international freight traffic, offshore exploration activities, and maritime tourism are fueling the demand for new ships, boats, and offshore vessels. This is driving the marine lubricants market.
The global marine lubricant market is estimated to be valued at US$ 11,185.6 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing marine industry (as highlighted in the heading) is one of the key drivers propelling the marine lubricants market. As international seaborne trade increases steadily each year, more cargo vessels and container ships are required to transport goods across oceans. The demand for specialized vessels for offshore oil & gas drilling, dredging, towing and other marine operations is also on the rise. This is translating to greater consumption of high-performance lubricants optimized for marine equipment. Another factor fueling the market growth is stringent environmental regulations regarding sulfur emissions from ships. The International Maritime Organization has imposed a global 0.50% sulfur cap on fuel content for vessels sailing outside emission control areas since 2020. This is incentivizing ship owners to use advanced low-sulfur marine lubricants to comply with the new norms and avoid penalties. Leading lubricant manufacturers are engaged in extensive R&D to develop eco-friendly lubricant solutions with enhanced cleanliness and emissions reduction capabilities to capitalize on this opportunity.
Segment Analysis
The marine lubricant market is segmented based on product type, ship type, and region. Among product types, the engine oil segment dominates the market as it accounts for over 30% of the global demand due to wide use of marine engines that require lubrication. Within ship types, the bulk carriers sub-segment is the leading segment as bulk carriers constitute over 40% of global cargo ship fleet and require frequent engine lubrication.
PEST Analysis
- Political: Regulations regarding emission control and prevention of marine pollution by International Maritime Organization (IMO) are influencing manufacturers to develop advanced eco-friendly marine lubricants.
- Economic: Rising global seaborne trade and growth in world fleet size are driving demand from merchant shipping industry.
- Social: Growing awareness about benefits of use of advanced lubricants in enhancing fuel efficiency and reducing operating costs of ships is a key factor.
- Technological: Developments in formulation of low sulfur and low ash marine lubricants that comply with stringent emission norms while providing improved engine protection are key to address tougher environmental laws.
Key Takeaways
The global marine lubricant market is expected to witness high growth at a CAGR of 6.1% during the forecast period of 2023 to 2030.
Regional analysis comprises the Asia Pacific region dominates market with over 35% share due to large fleet size and presence of leading ship building Nations like China and Japan.
Key players operating in the marine lubricant market are Lubmarine (Total Group), Royal Dutch Shell Plc, BP Marine, Chevron, ExxonMobil Corporation, Sinopec Corporation, Castrol, Gulf Marine and Industrial Supplies Inc., Lukoil Marine Lubricants, Quepet Lubricants, JX Nippon Oil & Energy Corporation, Idemitsu Kosan Co., Ltd., and IKO Marine Lubricant Supply Co. Ltd. Maintaining equipment, enhancing performance and reducing total cost of operations are primary goals of players in the competitive global market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
