2022 Worldwide Marine Lubricants Industry Outlook & Forecast Report - Increasing Use of Methanol as Marine Fuel is Driving Growth

News provided by

Dec 02, 2022, 12:30 ET

DUBLIN, Dec. 2, 2022 /PRNewswire/ -- The "Marine Lubricants Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.

The marine lubricants market is expected to grow at a CAGR of 3.19% during 2022-2027.

The global marine lubricant market is expected to witness shipments of 2,197 kilotons by 2027. Globally, the demand and adoption of high-performance marine lubricants are high due to the rising concerns about reducing carbon footprints, sustainability aspects, and the introduction of the 2013 VGP regulation and IMO 2020 regulation.

This has led to the use of environmentally acceptable lubricants (EALs) based on PAOs that enable marine operators to comply with the regulation while reducing the carbon footprint in the shipping industry. This existing and upcoming demand can be broadly classified into base oil type, application segments, and end-user segments.

Marine lubricants are the special class of lubricants that are used to lubricate shipping equipment (such as air compressors, ship engines, piston rings, roller bearings, compressor blades, enclosed gear, and gas turbine systems, among others); that improve the overall efficiency of the engine and equipment operating in coastal areas.

It plays a fundamental part in protecting the machines from rust, corrosion, moisture, oxidation, and breakdown, thus enabling the machine to operate under harsh conditions. Factors such as the demand for higher-performance marine lubricants and the transition from conventional feedstock to modern feedstock (such as base oil and additives) to produce high-quality base stock have contributed to the global marine lubricants market.

The marine lubricant industry has significantly changed due to customers' evolving needs and preferences. Two foremost factors, such as the demand for higher-performance marine lubricants and the transition from conventional feedstock to modern feedstock (such as base oil and additives) to produce high-quality base stock, have contributed to the changing market landscape in the marine lubricant industry.

The established markets of Europe and APAC are expected to witness high demand for high-performance marine lubricant products during the forecast period due to the increasing adoption of 40 BN cylinder oil in marine equipment and the high marine trade. Thus, this offers vendors many opportunities during the forecast period.

Competitive Landscape

The global marine lubricant market is moderately fragmented, and the degree of fragmentation is expected to accelerate during the forecast period.

There are a significant number of global and domestic vendors across the geographies. Important global marine lubricant market players include TotalEnergies (France), Shell (Netherland), Exxon Mobil Corporation (US), Chevron Corporation (US), Fuchs (Germany), and Liqui Moly (Germany), among others.

The high entry barriers characterize the market due to the mandate policies and standards for improving the overall energy demand and consumption of marine equipment. The market is expected to witness significant changes in raw materials, technology, and ingredient content in marine lubricant products.

Key Vendors

Chevron Corporation
Castrol
ExxonMobil Corporation
Shell
TotalEnergies

Other Prominent Vendors

Addinol
Cortec Corporation
FUCHS
Kluber Lubrication
Lubriplate Lubricants Company
Liqui Moly
Motul
Metalube
Pentagonlubricants
Penrite Oil
Panolin AG
Repsol
Sinopec
Vickers Oil
Valvoline Inc.
Vinayak Oil

Recent Developments:

In September 2019, Chevron Corporation launched high-performance gear oils for marine clutched gear systems that protect against extreme pressure, load, and shock.
In June 2021, Chevron Corporation formed a joint venture with Akwa Group to expand further across African ports in Niger, Gabon, Senegal, Benin, Tunisia, and the Democratic Republic of Congo.
In June 2022, Shell and CMA CGM Group entered an agreement in which Shell is expected to supply LNG to CMA CGM Group as marine fuel from the later half of 2023. This strategic agreement would enable the firm to achieve the goal of decarbonization.
In January 2021, Shell signed an agreement with Carnival Corporation, a cruise line operator, to supply high-performance marine lubricants for its cruise ship.

Key Questions Answered:

1. How big is the global marine lubricants market?
2. What is the projected market size of the global Marine Lubricants Market by 2027?
3. What is the growth rate of the Marine Lubricants Market?
4. Which region dominates the global marine lubricants market?
5. What are the key driving factors in the Marine Lubricants Market?
6. Who are the key players in the global Marine Lubricants Market?

Key Topics Covered:

1 Research Methodology

2 Research Objectives

3 Research Process

4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.1.3 Market Estimation Caveats
4.2 Base Year
4.3 Scope of the Study
4.3.1 Market Segmentation by Geography

5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation

6 Premium Insights
6.1 Market Overview
6.2 Market Dynamics: Key Trends, Drivers, and Restraints
6.2.1 Market Trends & Opportunities
6.2.2 Market Drivers
6.2.3 Market Restraint
6.3 Segment Analysis
6.3.1 Insights by Base Oil
6.3.2 Insights by Application
6.3.3 Insights by End-Use
6.3.4 Geographical Analysis
6.3.5 Competitive Landscape

7 Market at a Glance

8 Introduction
8.1 Overview
8.1.1 Covid-19 Impact
8.2 Criteria to Select Marine Lubricants
8.2.1 Oil Viscosity
8.2.2 Oxidation Resistance
8.2.3 Flash Point
8.2.4 Thermal Stability
8.2.5 Detergency
8.2.6 Load Carrying Capacity
8.2.7 Alkalinity
8.3 Value Chain Analysis
8.3.1 Raw Material Suppliers
8.3.2 Manufacturer
8.3.3 Retailer/ Distributor
8.3.4 End-Users
8.4 Regulations & Standards
8.4.1 Vessel Grant Permit
8.4.2 Eu Ecolabel
8.4.3 Nordic Swan
8.5 Patents - Marine Lubricants

9 Market Opportunities & Trends
9.1 Increasing Demand for Imo-Compliant Marine Fuel
9.2 Bio-Based Marine Lubricants Gaining Momentum

10 Market Growth Enablers
10.1 Increasing Use of Methanol as Marine Fuel
10.2 Steady Shift from Group I Base Stock to Premium Base Stock
10.3 Increasing Concerns About Sustainability in the Shipping Industry

11 Market Restraints
11.1 Increasing Raw Material Prices
11.2 Frequent Changes in Fuel Oil Specifications

12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.2.1 by Value
12.2.2 by Volume
12.3 Marine Industry: Outlook
12.3.1 Current and Future Trends
12.3.2 Recent Orders for the Construction of Marine Vessels
12.4 Five Forces Analysis
12.4.1 Threat of New Entrants
12.4.2 Bargaining Power of Suppliers
12.4.3 Bargaining Power of Buyers
12.4.4 Threat of Substitutes
12.4.5 Competitive Rivalry

13 Base Oil
13.1 Market Snapshot & Growth Engine
13.1.1 by Value
13.1.2 by Volume
13.2 Market Overview
13.3 Mineral Base Oil
13.3.1 Market Overview
13.3.2 Market Size & Forecast (Value & Volume)
13.3.3 Market by Geography (Value & Volume)
13.4 Synthetic Base Oil
13.4.1 Market Overview
13.4.2 Market Size & Forecast (Value & Volume)
13.4.3 Market by Geography (Value & Volume)
13.5 Bio-Based Oil
13.5.1 Market Overview
13.5.2 Market Size & Forecast (Value & Volume)
13.5.3 Market by Geography (Value & Volume)

14 Application
14.1 Market Snapshot & Growth Engine
14.1.1 by Value
14.1.2 by Volume
14.2 Market Overview
14.3 Engine System
14.3.1 Market Overview
14.3.2 Market Size & Forecast (Value & Volume)
14.3.3 Market by Geography (Value & Volume)
14.4 Gear System
14.4.1 Market Overview
14.4.2 Market Size & Forecast (Value & Volume)
14.4.3 Market by Geography (Value & Volume)
14.5 Motor & Auxiliaries
14.5.1 Market Overview
14.5.2 Market Size & Forecast (Value & Volume)
14.5.3 Market by Geography (Value & Volume)
14.6 Hydraulic System
14.6.1 Market Overview
14.6.2 Market Size & Forecast (Value & Volume)
14.6.3 Market by Geography (Value & Volume)
14.7 Air Compressor
14.7.1 Market Overview
14.7.2 Market Size & Forecast (Value & Volume)
14.7.3 Market by Geography (Value & Volume)
14.8 Others
14.8.1 Market Overview
14.8.2 Market Size & Forecast (Value & Volume)
14.8.3 Market by Geography (Value & Volume)

15 End-Use
15.1 Market Snapshot & Growth Engine
15.1.1 by Value
15.1.2 by Volume
15.2 Market Overview
15.3 Bulk Carriers
15.3.1 Market Overview
15.3.2 Market Size & Forecast (Value & Volume)
15.3.3 Market by Geography
15.4 Tankers
15.4.1 Market Overview
15.4.2 Market Size & Forecast (Value & Volume)
15.4.3 Market by Geography
15.5 Container Ships
15.5.1 Market Overview
15.5.2 Market Size & Forecast (Value & Volume)
15.5.3 Market by Geography
15.6 General Cargo Ships
15.6.1 Market Overview
15.6.2 Market Size & Forecast (Value & Volume)
15.6.3 Market by Geography
15.7 Others
15.7.1 Market Overview
15.7.2 Market Size & Forecast (Value & Volume)
15.7.3 Market by Geography

16 Geography
16.1 Market Snapshot & Growth Engine
16.1.1 by Value
16.1.2 by Volume
16.2 Geographic Overview

17 North America

18 Latin America

19 Middle East & Africa

20 APAC

21 Europe

22 Competitive Landscape
22.1 Competition Overview
22.2 Recent Developments

23 Key Company Profiles
23.1 Chevron Corporation
23.1.1 Company Overview
23.1.2 Financial Overview
23.1.3 Chevron Corporation in the Marine Lubricants Market
23.1.4 Product Offerings
23.1.5 Recent Developments
23.1.6 Key Strategies
23.1.7 Key Strengths
23.1.8 Key Opportunities
23.2 Castrol
23.2.1 Company Overview
23.2.2 Financial Overview
23.2.3 Castrol in the Marine Lubricants Market
23.2.4 Product Offerings
23.2.5 Key Strategies
23.2.6 Key Strengths
23.2.7 Key Opportunities
23.3 Exxon Mobil Corporation
23.3.1 Company Overview
23.3.2 Financial Overview
23.3.3 Exxon Mobil Corporation in the Marine Lubricants Market
23.3.4 Product Offerings
23.3.5 Key Strategies
23.3.6 Key Strengths
23.3.7 Key Opportunities
23.4 Shell
23.4.1 Company Overview
23.4.2 Financial Overview
23.4.3 Shell in the Marine Lubricants Market
23.4.4 Product Offerings
23.4.5 Recent Developments
23.4.6 Key Strategies
23.4.7 Key Strengths
23.4.8 Key Opportunities
23.5 Totalenergies
23.5.1 Company Overview
23.5.2 Financial Overview
23.5.3 Totalenergies in the Marine Lubricants Market
23.5.4 Product Offerings
23.5.5 Recent Developments
23.5.6 Key Strategies
23.5.7 Key Strengths
23.5.8 Key Opportunities

24 Other Prominent Vendors
24.1 Addinol
24.1.1 Company Overview
24.1.2 Product Offerings
24.2 Cortec Corporation
24.2.1 Company Overview
24.2.2 Product Offerings
24.3 Fuchs
24.3.1 Company Overview
24.3.2 Business & Financial Overview
24.3.3 Product Offerings
24.4 Kluber Lubrication
24.4.1 Company Overview
24.4.2 Financial Overview
24.4.3 Product Offerings
24.5 Lubriplate Lubricants Company
24.5.1 Company Overview
24.5.2 Product Offerings
24.6 Liqui Moly
24.6.1 Company Overview
24.6.2 Product Offerings
24.7 Motul
24.7.1 Company Overview
24.7.2 Product Offerings
24.8 Metalube
24.8.1 Company Overview
24.8.2 Product Offerings
24.9 Pentagonlubricants
24.9.1 Company Overview
24.9.2 Product Offerings
24.10 Penrite Oil
24.10.1 Company Overview
24.10.2 Product Offerings
24.11 Panolin AG
24.11.1 Company Overview
24.11.2 Product Offerings
24.12 Repsol
24.12.1 Company Overview
24.12.2 Business & Financial Overview
24.12.3 Product Offerings
24.13 Sinopec
24.13.1 Company Overview
24.13.2 Business & Financial Overview
24.13.3 Product Offerings
24.14 Vickers Oil
24.14.1 Company Overview
24.14.2 Product Offerings
24.15 Valvoline
24.15.1 Company Overview
24.15.2 Business & Financial Overview
24.15.3 Product Offerings
24.16 Vinayak Oil
24.16.1 Company Overview
24.16.2 Product Offerings

25 Report Summary

26 Quantitative Summary

27 Geography

28 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/m3q9ck

Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets