by The Marine Lubricants Market is estimated to be valued at US$ 11,185.6 Mn or Bn in 2022 and is expected to exhibit a CAGR of 6.1% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Marine lubricants are used to lubricate engine parts and other machineries used in ships and vessels. The key products include hydraulic oil, gear oil, turbine oil, compressor oil, grease etc. These lubricants help reduce friction, minimize wear & tear and improve overall engine performance. They ensure smooth operations of machineries under severe marine conditions involving salt water, moisture, extreme pressure and temperatures.
Market Dynamics:
The growth of the marine lubricants market is driven by growing maritime trade activities and expansion of global shipping industry. According to World Trade Organization (WTO), the value of global merchandise trade increased by 13.5% in 2021 from 2020 level. This has augmented the demand for fuel efficient and high performance ships and vessels which contribute to the sales of advanced marine lubricants.
Another key driver is stringent regulations regarding sulphur emission from ships. The International Maritime Organization (IMO) has imposed a global 0.50% sulphur cap on marine fuels since 2020 to reduce air pollution. This has accelerated the shift towards low-sulphur compliant marine lubricants across global fleets. Leading lubricant manufacturers are investing in R&D to develop products conforming to latest emission norms and sustainability goals of maritime industry.
Segment Analysis
The marine lubricants market is dominated by the engine oil segment, which accounts for around 40% of the total market share. Engine oils are widely used to lubricate the internal combustion engines used in ships and vessels. Their key function is to reduce friction between the moving parts, thereby enhancing engine efficiency. Within the engine oil segment, cylinder oil holds a major share due to its extensive usage in large marine diesel engines, where they help in reducing friction and minimizing corrosion and deposit formation in the cylinders.
PEST Analysis
Political: Regulations regarding emission reductions from ships and usage of environment-friendly lubricants are driving the demand for advanced low-sulfur and organic ester-based lubricants. Economic: Growth in international seaborne trade and world GDP are fueling the demand for ships and vessels, thereby boosting consumption of marine lubricants. Social: Increasing maritime tourism and cruise industry are positively impacting the sales of marine lubricants. Technological: Development of advanced lubricants with enhanced fuel efficiency and equipment protection abilities is supporting the marine lubricants market growth.
Key Takeaways
The global Marine Lubricants Market Insights is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing international seaborne trade. Asia Pacific holds the major share in the marine lubricants owing to large fleet size in countries such as China, Japan and South Korea. Within Asia Pacific, China is the fastest growing market on account of expanding domestic fleet size.
Regional analysis: Asia Pacific region dominates the global marine lubricants market with around 45% share majorly driven by China, Japan and South Korea. China is the fastest growing market in the region with fleet strength growing over 5% annually.
Key players in the Marine Lubricants market include 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
