Marine Lubricants Market (By Oil Type: Bio-Based, Synthetic Oil, Mineral Oil, Grease; By Product: Engine oil, Hydraulic oil, Turbine oil, Gear oil, Others; By Ship Types: Bulk Carrier, Oil Tankers, General Cargo, Container Ships, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast 2020 - 2027

The market for marine lubricants is expected to grow at a CAGR of around 3.7% from 2020 to 2027 and expected to reach the market value of around US$ 7,735.8 Mn by 2027.

Marine lubricants reduce the wear and tear between contacting surfaces in relative motion in marine applications. It also helps in reducing energy consumption, provide high efficacy, and minimize operating costs, and increases equipment lifespan. These are used to lubricate the parts of inflatable boats, tankers, drillships, semi-submerged ship, outboard motorboats, cargo ships, and passenger ships. These are widely used in the shipping industry to protect and enhance the efficiency of engines and equipment.

Market Dynamics

The rising trends among consumers for luxury travel cruises along with the growing tourism sector worldwide have led to an increased number of various activities including sailing, fishing, campaigning, boat racing, and water sport games is driving the market growth. The rising marine trade due to low transportation & maintenance cost along with the presence of a substantial number of shipping industries is supporting the market value. The recreational boat market is also anticipated to support marine lubricants market growth due to increasing participation in recreational and pleasure sports activities. The growing marine trade on account of bilateral agreements in nations is further accelerating market growth.

On the other side, stringent regulations and fluctuating cost associated with the marine lubricants is projected to limit the growth to an extent over the estimated timeframe from 2020 to 2027.

Mineral Oil is leading the global marine lubricants market with major revenue share

By oil type, mineral oil accounted for the major share in terms of revenue (US$ Mn) and also projected to maintain its dominance throughout the forecast period. Whereas, synthetic oil and bio-based oil segment are projected to exhibit lucrative growth in the near future due to environment-friendly advantages associated with them. The stringent government regulations associated with the emissions from the mineral oil that negatively affect aquatic life is favoring the demand for synthetic and bio-based oil over the forecast period.

Asia Pacific accounted for the maximum revenue share in the marine lubricants market

In 2019, Asia Pacific has registered major revenue share (%) in the marine lubricants market and also projected to maintain its dominance over the estimated timeframe from 2020 to 2027. The emerging economies of the region including China and India are majorly contributing to the regional market value. China accounted for the maximum revenue share (%) in the regional market. The increasing international trade in the region through the less cost associated with water transportation is favoring the regional market value. Furthermore, the region is also projected to exhibit the fastest growth with major CAGR (%) over the estimated timeframe from 2020 to 2027. The rising investments and partnerships in marine lubricant business are projected to provide potential growth during the forecast timeframe

The players profiled in the report include Bp p.l.c., Chevron Corporation, China Petrochemical Corporation (SINOPEC), Exxon Mobil Corporation, FUCHS, Gazprom neft — Lubricants Ltd., Gulf Oil International, Idemitsu Kosan Co., Ltd., Indian Oil Corporation Ltd, JXTG Nippon Oil & Energy Corporation, LUKOIL, Quepet Lubricants, and Royal Dutch Shell plc. The major marine lubricants players were involved in strategic developments for escalating the profit share in regional as well as global market. The major investments were announced for the technological advancements associated with the changing consumer demand for the marine lubricants.

Market Segmentation

Market By Oil Type

Bio-Based

Synthetic Oil

Mineral Oil

Grease

Market By Product

Engine oil

Hydraulic oil

Turbine oil

Gear oil

Others

Market By Ship Types

Bulk Carrier

Oil Tankers

General Cargo

Container Ships

Others

Market By Geography

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa