Marine Lubricants Market worth $6.7 billion by 2026 Globally, at a CAGR of 1.5 %, says MarketsandMarkets™
Chicago, May 19, 2023 (GLOBE NEWSWIRE) — The global Marine Lubricants Market is projected to grow from USD 6.2 billion in 2021 to USD 6.7 billion by 2026, at a CAGR of 1.5% from 2021 to 2026. as per the recent study by MarketsandMarkets™. Marine lubricants reduce friction between various operating mechanical parts in a ship or vessel. The lubrication process helps in dissipating excess heat and combating wear and tear. These marine lubricants enhance the output efficiency of machinery and increase the working life of the mechanical parts in a vessel or ship. The composition of marine lubricants comprises base stocks and additives. The base stocks are classified into five groups, of which Group I to Group III fall under mineral oil, and Group IV and Group V fall under synthetic oil. Marine lubricants are formulated with additives such as alkaline detergents, pour-point depressants, antioxidants, corrosion inhibitors, anti-wear, and extreme pressure. The additives used in the formulation serve various functions such as increased lubricity, resistance to corrosion, and reduction in excess heat.
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356 – Market Data Tables
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List of Key Players in Marine Lubricants Market:
- BP Plc. (UK)
- Chevron Corporation (US)
- ExxonMobil Corporation (US)
- Royal Dutch Shell Plc (Netherlands)
- TotalEnergies SE(France)
- Valvoline (US)
- Petronas (Malaysia)
- Lukoil (Russia)
- Idemitsu Kosan Co. Ltd (Japan)
- China Petrochemical Corporation (China)
Drivers, Restraints, Opportunities and Challenges in Marine Lubricants Market:
- Drivers: Infrastructural developments strengthening the shipping industry.
- Restraints: Shift toward synthetic lubricants may increase the drain interval.
- Opportunity: Shift from Group-I to Group-II base stocks.
- Challenges: Volatility in raw material prices.
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Key Findings of the Study:
- Synthetic oil is estimated to be the fastest-growing oil type in the marine lubricants market between 2021 and 2026.
- Engine oil was the largest product type for marine lubricants market in 2020.
- Europe is estimated to be the second-largest marine lubricants market during the forecast period.
The composition of marine lubricants comprises base stocks and additives. The base stocks are classified into five groups, of which Group I to Group III fall under mineral oil, and Group IV and Group V fall under synthetic oil. Marine lubricants are formulated with additives such as alkaline detergents, pour-point depressants, antioxidants, corrosion inhibitors, anti-wear, and extreme pressure. The additives used in the formulation serve various functions such as increased lubricity, resistance to corrosion, and reduction in excess heat.
Based on oil type, the marine lubricants market is segmented as mineral oil, synthetic, and biobased. The mineral oil-based marine lubricants segment holds the largest share of the market due to its easy availability and low cost. They are a complex mixture of naphthenes, paraffins, and aromatics. Due to this complex mix of mineral oils, they have a diverse set of properties that can be adjusted according to the specific product type. This makes mineral oil based marine lubricants the preferred choice over its counterparts. Synthetic and bio-based marine lubricants are also in high demand due to their increased efficiency and less toxicity. Also, bio-based products are biodegradable in nature, less toxic, and do not harm aquatic life, thereby, maintaining a balance in the ecosystem.
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Based on ship type, the marine lubricants market has majorly been segmented into bulk carriers, tankers, container ships, and others. The improving economic condition of countries in various regions is fueling the high demand for efficient and bigger ships to accommodate the rising cargo demand. Marine engines are getting bigger and efficient. The large ocean-going vessels are powered by slow speed, two-stroke marine diesel engines having a crosshead design. For cylinder and crankcase lubrication, two-stroke engine oils are used which need regular top-ups. Cylinder lubricants are fully lost during the combustion process and are injected with each engine cycle, which entails the significant use of marine lubricants in large ocean-going vessels.
On the basis of region, marine lubricants market is dominated by Asia Pacific, in terms of value, in 2020, followed by Europe and North America. The high economic growth of the emerging economies and the increasing disposable income of the people in the region make APAC an attractive marine lubricants market. The increasing trade activities and rising infrastructural developments in the shipping industry (in the form of increasing ports network) are primarily responsible for the high demand for marine lubricants. The ports of China and Singapore are the major markets for marine lubricants.
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