Marine Lubricants Market to Reach US$ 7.53 Bn by 2031, TMR Report

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Apr 11, 2022, 09:30 ET

Significant advantages of marine lubricants to meet the performance parameters of marine vessels for optimized operations fuels demand
Rising use of marine lubricants for few types of marine vehicles such as cargo ships, inflatable boats, & passenger boats, to achieve optimum engine efficiency and prevent engines from rusting spells growth of marine lubricants market

ALBANY, N.Y., April 11, 2022 /PRNewswire/ -- The marine lubricants market is projected to rise at a CAGR of 4.1% during the forecast period from 2021 to 2031. Prospects of increasing utilization of marine lubricants for passenger ships, cargo ships, outboard motorboards, drill-ships, and inflatable boats, among other marine transportation vehicles, are fuelling the growth of the marine lubricants market.

In recent years, highly liberalized policies of the International Trade Organization and agreements among member nations have led to considerable expansion of maritime transport. It remains the dominant mode for international trade accounting for more than 80 percent volume of the world trade. Therefore, with exponential rise in volume of marine trade due to low transportation cost and low maintenance, the demand for marine lubricants continues to soar.

Characteristically, marine lubricants are a class of lubricants that are used to serve high performance needs of marine transportation vehicles for critical operations. Marine lubricants help to decrease wear and tear in marine vehicles.

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Asia Pacific held the leading share of more than 51% of the marine lubricants market in 2020. China, Japan, and Korea are key centers for ship building globally, thereby accounting for a significant share of the region in the marine lubricants market. The development of world-class ports in China and in ASEAN countries is also fuelling the growth of marine lubricants market in the region.

Marine Lubricants Market – Key Findings of Report

Advantages of improved output efficiency of machine parts of marine vehicles are spelling the demand for marine lubricants. The swelling demand for group 2 and group 3 base oils is thus attracting manufacturers to produce more base oil to create opportunities in the marine lubricants market
The mineral lubricant product segment witnesses higher demand than other product segments, and is projected to hold 86.72% share of the marine lubricants market by 2031
Advent of bio-based and synthetic marine lubricants is creating new frontiers in the marine lubricants market. Serious environmental hazards and threat to aquatic life associated with oil spills are compelling the use of non-toxic, biodegradable bio-based marine lubricants.

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Significant cost advantage of marine transportation over aviation transportation is anticipated to boost the marine lubricants market
Competitive landscape of the marine lubricants market is consolidated with top three players accounting for 48.1% revenue share in 2020. Top-notch players are investing heavily in R&D to predict oil changing prices, since these process are controlled by the Organization of the Petroleum Exporting Countries (OPEC) and some other organizations.
Demand for marine lubricant for applications in offshore waterways supersedes over demand for inland waterways. The offshore operation segment is likely to continue to witness strong demand due to increasing ocean fish farming and ocean transportation activities.

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Marine Lubricants Market – Growth Drivers

Proliferation of the shipping industry due to vast economic advantages of marine trade fuels the growth of the marine lubricants market
Advantages of improved output efficiency of machine parts of marine vehicles leading to rise in demand for group II and group III base oils are leading to vast opportunities in marine lubricants market

Marine Lubricants Market – Key Players

Some of the key players operating in the marine lubricants market are;

Lukoil Marine Lubricants Ltd.
Royal Dutch Shell
Total Lubmarine
Chevron Corporation
BP Marine
ExxonMobil Corporation
Castrol

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The marine lubricants market is segmented as follows;

Marine Lubricants Market by Product Type

Mineral Oil Marine Lubricants
Synthetic Marine Lubricants
Bio-based Marine Lubricants

Marine Lubricants Market by Application

Engine Oil Marine Lubricants
Hydraulic Oil Marine Lubricants
Grease
Others (Turbine Oils, Gear Oils, Compressor Oils, and Heat Transfer Fluids)

Marine Lubricants Market by Region

North America

U.S.
Canada

Europe

U.K.
Turkey
Germany
Italy
Spain
Netherlands
France

Asia Pacific

China
Japan
South Korea

Latin America

Mexico
Brazil

Middle East & Africa

South Africa
GCC Countries

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