By 2026, Marine Lubricants Market to grow at over 4.5% CAGR | By key players Aegean Marine Petroleum Network, Inc., Total S.A, Idemitsu Kosan Co., Ltd., Gulf Oil International

Speaking in terms of the regional landscape, Asia Pacific has emerged as a lucrative ground for the global marine lubricants market. APAC is marked as one of the rigidly transforming continents across the globe in terms of marine lubricant usage. This can be aptly credited to the mounting developments in marine infrastructure across the region. China, a major driving force in the APAC shipbuilding ecosystem, is likely to garner noteworthy gains in the regional marine lubricants market over time. What drives the industry in the nation is the subsidy policy brought to action in 2018 by the government.

Key Players in the Marine Lubricants Market:

Stanley Group, Fuchs Petrolub SE, PETRONAS Lubricants International, Indian Oil Corporation Ltd., Idemitsu Kosan Co., Ltd., Gulf Oil International, Aegean Marine Petroleum Network, Inc., Total S.A., Quepet Lubricants, JX Nippon Oil & Energy Corporation, LUKOIL, Castrol, Sinopec Corp., Exxon Mobil Corporation, Chevron Marine Lubricants, Royal Dutch Shell plc, Baileys Marine Fuels, Lubricon, Valvoline Inc., Synforce Lubricants

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Concurrently, the predominance of large scale marine lubricant manufacturers across the region has stimulated the business growth. The region is remnant of rigorous business activities, that are also responsible for enhancing the marine lubricants market outlook.

One of the major marine lubricant giants, Indian Oil Corporation, an Indian company, has potentially marked its niche in the production and distribution of marine lubricants. The company has bunkering operation in approximately 15 Indian ports along with fulfilling over 100 per cent bunker requirement of the Indian navy. Moreover, the company had in October 2019 unveiled two of its new marine fuel grades at an International Bunker meet 2019. These products are in line with new International Maritime Regulation restricting the Sulphur content from 3.5 per cent to 0.5 per cent.

Rise in offshore drilling activities

Increasing government spending on offshore drilling activities to cater to growing energy demand is likely to provide impetus to industrial marine channels. Escalating focus on improving functioning time of drilling and semi submerged ships will fuel the demand for marine lubricants.

Generally, the industrial marine channel is segmented into semi-submerged and drill ships. The semi submerged ship segment held a share 10% of the global share and is expected to showcase exponential growth over the coming years. On the other hand, drilling ship segment is set to register CAGR of 4% over the analysis period owing to wide range of application in oil well drilling and offshore construction.

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Growing inclination towards marine recreational activities

Rising per capita income along with shifting consumer preference towards leisure boating activities has augmented the marine recreational sector. With rise in personal watercraft sales, recreational marine channel segment is likely to showcase growth rate of 3.5%, which may foster marine lubricants market size over the analysis period.

The recreational segment is divided into out-board motorboats, in-board motorboats, inflatable boats, and others. Among these, the inflatable boats segment is anticipated to hold 2% market share. On the other hand, in-board motorboats segment is estimated to grow at 3.8% due to its extensive application in water sports racing, cruise and tourism. Rising spending on leisure and recreational activities across the globe will stimulate marine lubricants market growth.

Marine lubricants are experiencing heavy demand in the transportation sector. Rising cross-national trade through sea-route may bolster product demand. The marine transportation channel is divided into passenger ships, tankers, container ships, cargo ships, and others. Reportedly, the tankers segment held 7% of the global share and is likely to register considerable growth during the projected timeframe owing to increased oil transportation.

Cargo ships are deployed at large due to their efficient network & navigation capability. The segment may grow at 4% on account of increasing bilateral foreign trade as well as rise in marine-based export import activities done via these ships due to its comparatively lower freight charges. Container ships and others segment may meanwhile hold 20% and 6% of the marine lubricants market share respectively.

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