Marine Lubricants Market

SKU: DMCH506 | Last Updated On: Oct 03 2022 | Available Formats

> Global Marine Lubricants Market Expected to reach a high CAGR By 2029: DataM Intelligence

Global Marine Lubricants Market is segmented By Product Type (Diesel Engine Oils, Marine Diesel Application (Slow Speed Diesel Engines, Medium Speed Diesel Engines, High-Speed Diesel Engines), Turbine Oils, Hydraulic Oils, Refrigeration Oils, Gear Oils, Heat-Transfer Oils, Others), By Ship Type (Bulk carrier, Tankers, Containers, RORO), By Oil Type (Mineral, Synthetic, Bio-degradable), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

[150 Pages Report] The Global Marine Lubricants Market is expected to grow at a CAGR  by 2029.

Marine Lubricants Market - Strategic Insights

Metrics

Details

Market CAGR

3%

Segments Covered

By Product Type, By Ship Type, By Oil Type and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Marine lubricants are oil formations that are used extensively in various types of machinery located on large ships usually to reduce the friction between the surfaces in contacts, which in turn prevents their wear and tear. These lubricants lost from the marine vessels and machinery (not accidental spills) enter the aquatic ecosystem, where severe damage to the aquatic ecosystem can take place. Hence the usage of Ecosystem friendly and Biodegradable Marine lubricants is on the rise. According to the Swedish Club, a mutual marine insurance company, lubrication oil failures is the most common and expensive kind of damage.

Further, IMO 2020, will enforce strict global regulation on the sulphur content of no greater than 0.5% following which will cause marine lubricant oil manufacturers to reassess the lubrication characteristics and requirements of their products.

Market Dynamics

The global market for Marine Lubricants is primarily driven by the growing shipping industry in the world. Shipping remains the most cost-effective way to transport the vast majority of international trade and will be central to global development and growth in the future. According to the United Nations Conference on Trade and Development (UNCTAD), around 80% of the global trade by volume and over 70% of the global trade by value are carried by sea. In the forthcoming years, expanding at 4%, global maritime trade will gather momentum and will raise sentiment in the shipping industry.

Further, global shipping ports are principal infrastructural assets that service shipping and trade, and their performance is largely determined by developments in the world economy and trade. According to the annual review of maritime transport by UNCTAD, the global port activity has increased considerably since 2017. Global container containers boasted an increase in the volume of about 6% during the year, up from 2.1% in 2016, and it is expected to increase further in the forecasted years. Increasing growth of the shipping industry and the trade along with the rise in imports and exports will majorly augment the marine lubricants market in the forecasted years.

However, the Marine Lubricants market is expected to face an unnerving challenge ahead due to the various regulations imparted that are being imparted. For instance, IMO 2020, will demand sulfur content in marine fuels to be not more than 0.5% whereas the current permissible value stands at 3.5%. This imposition of the rules is expected to affect the Marine lubricant market directly as lubricants work accordingly to the fuel used. Further, the usage of Environmentally Acceptable Lubricants (EALs) is in demand considering the marine ecosystem, thus putting the manufacturers to requirements.

Market Segmentation

By Product Type, the Global Marine Lubricants market is segmented into Diesel Engine oils, Compressor Oils, Hydraulic oils, Refrigeration oils, Gear oils, Heat Transfer oils, and others. Diesel Engine Oils have three different marine Diesel applications- Slow-speed, two-stroke crosshead engines (60-250 rpm), Medium-speed, four-stroke trunk piston engines (400-1000 rpm), High-speed, four-stroke engines (>1000rpm). Slow-speed engines are the predominant ones whereas the high-speed ferry market is relatively new. Turbine oils are suitable for all kinds of equipment where an economical, yet high-quality, stable lubricant with good water-separating characteristics is sufficient. Compared to Turbine oils, Hydraulic oils are more advanced, particularly concerning anti-wear performance, air release properties, and viscosity index.

By Ship type, the Global Marine Lubricants market is bifurcated into Containers, Tankers, Bulk Carriers, and RORO. Bulk Carriers account for the largest share of the world fleet in deadweight tonnage according to UNCTAD. This, in turn, goes along with the consumption of marine lubricants. Bulk carriers are followed by Oil Tankers, which account for 29.2% of total dead-weight tonnage. Then comes Container ships in the consumption of marine lubricants following Bulk carriers and Tankers.

By Oil Type, the Global Marine Lubricants market is segmented into Mineral, Synthetic, and Bio-Degradable. In 2018, the Mineral lubricants segment dominated the market and is expected to maintain its dominance during the forecast period. However, the bio-degradable lubricants segment is expected to witness a higher CAGR during the forecast period. The demand for Environmentally Acceptable Lubricants (EALs) is increasing to meet the standards of toxicity, biodegradability, and bioaccumulation potential that are supposed to minimize their consequences in the aquatic environment, when compared to synthetic and mineral lubricants. Even though synthetic lubricants are more expensive than mineral-oil-based lubricants, they offer operating and performance advantages that decrease operating costs. For example, synthetic lubricant is the preferred choice for lubricating cargo gas compressors that compress various gases.

Geographical Analysis

By Geography, the global marine lubricants market is segmented into North America, Asia-Pacific, Europe, South America, and the Middle East, and Africa.

Asia-Pacific region dominates the market share for Global Marine Lubricants market and is expected to do the same in the forecasted years. This dominance is primarily attributed to superpower countries like China, India, Japan, and South Korea. The prime reason behind it is the growing shipping industries and the coming up of various new ports. According to UNCTAD, the largest ship-owning country in terms of vessel numbers in China, with 5512 commercial ships of 1000 gross tons and above, many of which are developed in domestic trades as of 2017.

North America is expected to follow the APAC region in terms of the market share of Marine Lubricants owing to the closely related maritime connectivity with other countries. UNCTAD liner shipping connectivity index provides an indicator of the country's position within the global shipping network. The liner shipping index is closely related to the trade competitiveness and hence gives a fair idea about the marine lubricants market. As of 2018, following the Asian-Pacific giants of China and Korea, came Netherlands and Germany with an index of 98.0 and 97.1 respectively.

Competitive Analysis

Key players in the market are adopting strategies such as mergers and partnerships, acquisitions, and regional expansion to stand out as strong competitors in the market. New product launches and increasing R&D are other ways the leading players improve their market presence.

The major players in the market include Exxon Mobil, Shell, BP plc, Chevron Corporation, and Total S.A. (Total LubMarine). Other prominent players in the market are Klüber Lubrication, Lukoil Marine Lubricants, Eni S.p.A., Sinopec, and Idemitsu Kosan Global.

The major players have already started to devise their strategies in response to the new rules and regulations that are being imposed by the International Maritime Organization (IMO) in 2020. For instance, Total SA has already started the work on next-generation fuels and lubricants to support the 2020 strategy. Experts from across Total SA will tour the world's major shipping hubs to discuss safe solutions and safe operations in 2020 and beyond.

  • On May 1, 2019, Chevron U.S.A Inc (CUSA), a wholly-owned subsidiary of Chevron Corporation completed its acquisition from Petrobras America Inc. for all outstanding shares and equity interests of Pasadena Refining System, Inc(PRSI) and PRSI Trading LLC. This acquisition will build on the strength of the company's Gulf Coast business, enabling more supply of the retail market in the region with Chevron-produced products and positions for better connectivity to substantial upstream assets in the Permian Basin.

  • On 3rd September 2018, Klüber Lubrication developed the new, ultimately biodegradable high-performance lubricant Klüber BM 32-142 especially for the eco-friendly lubrication of rolling and plain bearings subject to extreme maritime conditions. This has been one significant development as this lubricant complies with the requirement for the classification as an Environmentally Acceptable Lubricant (EAL) in terms of biodegradability as defined by the US Environmental Protection Agency for the “2013 Vessel General Permit”.

Scope of the Report

  • The report covers the factors impacting the market, Porter 5 Forces, Competitive Scenario, Price trend analysis, Product Benchmarking, and company profiles.

  • Marine Lubricants Market is segmented by oil type into mineral oil, synthetic, bio-based, and grease. By product type, the market is categorized into the engine oil, hydraulic fluid, compressor oil, and others.

  • By ship type, the market is categorized into the bulk carrier, tanker, container, and others. Geographically, the market is segmented into – North America, South America, Europe, Asia Pacific, and the Rest of the World.

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FAQ

What is the Marine Lubricants Market growth?

The market is growing at a CAGR of 3%.

What is Marine Lubricants Market size in 2021

The Marine Lubricants Market size was valued at USD YY million in 2021.

Who are the key players in Marine Lubricants Market?

Shell, BP plc, Chevron Corporation, Total S.A., Klüber Lubrication, Lukoil Marine Lubricants, Sinopec.

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