Growing Applications of High-Performance Lubricants is Fueling the Growth of Marine Lubricants Market
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| Marine Lubricants Market |
The global 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 to 2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Marine lubricants are oils used to reduce friction between the moving parts on a ship to enhance operational efficiency, improve performance, and extend machinery lifespan. They play an important role in reducing maintenance costs and downtime.
Market key trends:
One of the key trends fuelling growth in the marine lubricants market is the increasing application of high-performance lubricants in various machineries including main engines, hydraulic systems, greases, and others. Main engine cylinder oils and system oils require efficient lubricants to withstand extreme pressure and reduce sludge formation. Leading lubricant manufacturers are focusing on developing advanced lubricants with better corrosion protection, improved thermal stability, and enhanced load-carrying capabilities to cater to the evolving demand from the marine industry. Furthermore, strict environmental regulations regarding emission control are promoting the use of advanced low friction lubricants. Synthetic and biodegradable marine lubricants with lower environmental impact are gaining traction.
Segment Analysis:
The global marine lubricants market is segmented by product type into engine oil, hydraulic fluid, grease, and other specialties. Within this segmentation, the engine oil segment dominates the market and accounted for more than 40% share of the global marine lubricants market in 2020. Engine oil is extensively used across all vessels for lubrication purposes during their operation and movement. With growth in maritime trade and shipping vessels, the demand for engine oil is expected to continue its dominance during the forecast period.
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 maritime trade activities globally.
The Asia Pacific region is currently the fastest growing as well as dominating region in the global marine lubricants market. The region accounted for over 35% share of the global market in 2020 led by strong presence of container vessel fleet as well as commercial shipping across countries like China, Japan, and South Korea.
Key players operating in the marine lubricants 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. Among these, ExxonMobil Corporation accounted for over 15% market share in 2020 owing to its large portfolio of marine lubricant brands and global supply chain network.
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