Marine Lubricants Market worth $6.7 billion by 2026 | Key players BP Plc., TotalEnergies SE, Valvoline, Petronas, Lukoil

According to recent market research "Marine Lubricants Market by Oil Type (Mineral Oil, Synthetic, Bio-based, and Grease), Product Type (Engine oil, Hydraulic fluid, Compressor oil), Ship Type (Bulk Carrier, Tanker, Container), and Region - Global Forecast to 2026", The marine lubricants market is projected to reach USD 6.7 billion by 2026, at a CAGR of 1.5% from USD 6.2 billion in 2021. 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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Synthetic oil have several advantages over conventional mineral-based marine lubricants such as stable viscosity for a wide range of temperature, reduced friction at start-up, and extended oil life, among others. In addition, synthetic lubricants have properties such as high performance in extreme conditions, better viscosity index, higher shear stability, and chemical resistance. They are thermally stable and require less viscosity index improver additives.

The engine is the key component of a ship/vessel operating in the sea and is classified into two types, propulsion engines and auxiliary engines. Propulsion engines move the vessel through water by igniting fuel inside the cylinder unit of the engine. Auxiliary engines are all the other engines used in a ship for driving the electric generators, fans, pumps, and other equipment on a vessel. Lubricants used in these engines play a vital role in the service life as well as the operating conditions of the ship. The lubrication system fosters the supply of lubricating oil to various parts in the engine.

Global engine oil consumption is expected to increase during the forecast period, and the quantity of additives added is expected to increase to meet stringent environmental norms. This is expected to drive the growth of the market between 2021 and 2026.

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The marine lubricants market size is estimated to be USD 6.2 billion in 2021 and is expected to reach USD 6.7 billion by 2026, at a CAGR of 1.5% during the forecast period. The marine lubricants market is mainly driven by the emerging emission abatement technologies, growth in maritime tourism and the infrastructural developments that are strengthening the shipping industry. The impact of Covid-19, and shift towards synthetic-based lubricants are the key restraints in the marine lubricants market. However, the growing demand for bio-based marine lubricants offers opportunities to marine lubricants manufacturers.

The key market players profiled in the report include 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), JX Nippon oil & Energy Corporation (Japan), Gulf Oil Corporation Ltd. (US), ENOC (Emirates National Oil Company) (UAE), ENI SPA (Italy), Indian Oil Corporation (India), PetroChina Company Limited (China), SK INC. (South Korea), CEPSA(Spain), Gazrprom Neft (Russia ), ADDINOL Lube Oil GmbH (Germany), Bel-Ray Company LLC (US), Morris Lubricants (UK), Penrite Oil (Australia), Liqui Molly GmbH (Germany), and Dyade Lubricants (Netherland).

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Royal Dutch Shell Plc, commonly known as Shell, is an energy and petrochemical company. The company operates through four segments, namely, integrated gas, upstream, oil products, and chemicals. Its upstream business is engaged in the exploration and extraction of crude oil, natural gas, and natural gas liquids, as well as markets and transports them. The integrated gas segment is engaged in the liquefaction and transportation of gas and the conversion of natural gas to liquids to provide fuels and other products. Its oil products segment engages in various oil products, chemicals manufacturing, and marketing activities. They offer marine lubricants through their oil products business segment. The company offers marine lubricants through its oil products business segment, which accounted for the major share of the overall company's revenue. The company operates in more than 70 countries of APAC, the Middle East & Africa, North America, Europe, and South America.

In May 2019, Royal Dutch Shell Plc. opened its first lubricant laboratory in India. The laboratory will serve as a service provider for the growing demand for innovative lubricant products.

ExxonMobil Corporation is the largest publicly traded oil & gas company, which markets fuel and lubricants under four brands, namely Esso, Exxon, Mobil, and ExxonMobil. The company operates through three business segments, namely, upstream, downstream, and chemical. The upstream segment is engaged in the exploration of crude oil and natural gas. The downstream segment manufactures and sells petroleum products. The company owns lubricant blending plants in 25 countries, present in almost all the regions; this includes 6 base stock refineries and 21 blending plants. ExxonMobil is the largest integrated refiner in the world, with almost 80% refinery and blending operations integrated directly to oil fields, which help in maintaining a steady supply of raw material to manufacture refined products, such as base oil for lubricants. The chemical segment manufactures and sells petrochemicals. ExxonMobil offers marine lubricants through its downstream business segment. It generates most of its revenue through this segment. It is one of the world's largest companies by revenue and one of the world's big oils & gas companies. The company operates in North America, Europe, APAC, the Middle East & Africa, and South America.

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