The marine lubricants market is segmented by Oil Type (Mineral Oil, Synthetic Oil, Bio-Based, and Grease), by Product Type (Engine Oil, Hydraulic Fluid, Compressor Oil, and Others), by Ship Type (Bulk Carriers, Tankers, Container Ship, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
The marine lubricants market is segmented by Oil Type (Mineral Oil, Synthetic Oil, Bio-Based, and Grease), by Product Type (Engine Oil, Hydraulic Fluid, Compressor Oil, and Others), by Ship Type...
The marine lubricants market is estimated to grow from USD 6.2 billion in 2022 to USD 6.98 billion by 2028 at a CAGR of 1.90% during the forecast period.
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What are marine lubricants?
Marine lubricants are used to reduce friction and heat generation between the surfaces when the surfaces move. These are also responsible for transmitting forces, transporting foreign particles, or heating or cooling the surfaces while they are moving.
The increased emission of harmful nitrogen and sulfur oxide into the sea has drawn attention of the lubricant manufacturers to adopt quick measures to continue their operations in the market. Less emission will lead to better quality and durability of marine lubricants used in ships, prolonging the service life of the mechanical equipment. All the technological advancements in the marine industry play a crucial role in the growth of marine lubricants.
Marine Lubricants Market Report Overview
Market Size in 2028
USD 6.98 billion
Market Size in 2022
USD 6.2 billion
Market Growth (2023-2028)
CAGR of 1.90%
Base Year of Study
2021
Trend Period
2017-2022
Forecast Period
2023-2028
Market Dynamics
The market is driven by a host of factors, some of which are noted below:
The major factors contributing to the increasing growth of the marine lubricants market are a surge in world trade, new shipbuilding abilities, and dry-docking activities.
The market is segmented as mineral oil, synthetic oil, bio-based, and grease. The mineral oil segment held the largest share of the market in 2022 and is expected to register a moderate CAGR during the forecast period. The low cost and easy availability of mineral oil from crude extracts and their easy applicability in almost every marine application are driving the growth of this segment.
By Product Type
The market is segmented into engine oil, hydraulic fluid, compressor oil, and others. The engine oil segment is expected to dominate the market during the forecast period because of the huge size of the engine, high consumption, and smaller drain intervals; the engine requires a large amount of fuels and lubricants which are the key factors driving the growth of the segment.
By Ship Type
The market is segmented as bulk carriers, tankers, container ships, and others. The bulk carrier segment is expected to dominate the marine lubricants market during the forecast period.
By Region
Asia-Pacific is estimated to be the largest as well as the fastest-growing marine lubricants market during the forecast period, because of the presence of the busiest ports in the region. Increasing trade activities and rising infrastructural developments in the shipping industry (in the form of increasing ports network) are responsible for the high demand for marine lubricants in the region.
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Segmentation
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The marine lubricants market is segmented into the following categories.
By Oil Type:
Mineral Oil
(Oil Type Analysis: Paraffinic Oil, Naphthenic Oil, and Aromatic Oil)
Synthetic Oil
(Oil Type Analysis: PAO, PAG, and Esters)
Bio-Based
(Oil Type Analysis: Plant Source and Animal Fats)
Grease
(Oil Type Analysis: Metallic Soap Thickener, Non-soap Thickener, and Inorganic Thickener)
By Product Type:
Engine Oil
(Product Type Analysis: Cylinder Oil and System Oil)
Hydraulic Fluid
Compressor Oil
Others
(Product Type Analysis: Gears, Heat Transfer Fluid, and Rust Preventatives)
By Ship Type:
Bulk Carriers
(Ship Type Analysis: Handysize, Handymax, Panamax, and Capesize)
Tankers
(Ship Type Analysis: Panamax, Aframax, Suezmax, Very Large Crude Carrier (VLCC), and Ultra Large Crude Carrier (ULCC)
Container Ship (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Others
(Ship Type Analysis: Reefers, Drill Ships, Passenger ships, Roll Roll Off Ships, and Service Ships)
By Region:
North America (Country Analysis: the USA, Canada, and Mexico)
Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
What Deliverables Will You Get in this Report?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth analysis of the Marine Lubricants Market
How lucrative is the future?
The market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional and country-level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and Forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
Will I get the information on my specific requirement?
10% free customization
Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Detailed profiling of additional market players (up to 3 players)
SWOT analysis of key players (up to 3 players)
Market Segmentation
Current market segmentation of any one of the product types by oil type.
Competitive Benchmarking
Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.
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Marine lubricants are used to reduce friction and heat generation between the surfaces when the surfaces move. These are also responsible for transmitting forces, transporting foreign particles, or heating or cooling the surfaces while they are moving. The increased emission of harmful nitrogen and sulfur oxide into the sea has drawn attention of the lubricant manufacturers to adopt quick measures to continue their operations in the market. Less emission will lead to better quality and durability of marine lubricants used in ships, prolonging the service life of the mechanical equipment. All the technological advancements in the marine industry play a crucial role in the growth of marine lubricants.
BP plc, Royal Dutch Shell plc, Exxon Mobil Corporation, Chevron Corporation, Sinopec Corporation, PJSC Lukoil, Idemitsu Kosan Co., Ltd., and Total S.A are among the key players in the market.
The major factors contributing to the increasing growth of the marine lubricants market are a surge in world trade, new shipbuilding abilities, and dry-docking activities.
