Marine Lubricants Market worth $6.9 billion by 2028 | Key players Exxon Mobil Corporation, Shell plc, BP p.l.c., TotalEnergies SE, Chevron Corporation.

According to recent market research the "Marine Lubricants Market by Oil Type (Mineral Oil, Synthetic Oil, and Bio-Based), Product Type (Engine Oil, Hydraulic Fluid, Compressor Oil), Ship Type (Bulk Carrier, Container Ships), & Region( Asia Pacific, North America) - Global Forecast to 2028", size was USD 6.3 billion in 2022 and is projected to reach USD 6.9 billion by 2028, at a CAGR of 1.5% from 2023 to 2028. The market is projected to grow because of the enlargement in oceanic tourism. The government in several countries have introduced favorable policies and schemes to encourage oceanic tourism activities. This encourages the use of motorboats, cruise ships, ferries, and other passenger vessels, which will fuel the marine lubricants market. Therefore, the enlargement in oceanic tourism is a crucial driving factor behind the demand for marine lubricants.

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Due to the availability of light and heavy grades of mineral oils, the marine lubricants are widely produced from mineral oil. Also, the demand for mineral oil based marine lubricants is high in products such as engines, turbines, stern tubes, and compressors. Thus, the mineral oil type segment has largest share in oil type.
Engine oil, hydraulic fluid, compressor oil and others are various market segment based on the product type. From them, during the forecast period, engine oil is projected to hold the largest market share of marine lubricants. The high need for marine lubricants in engines is basically because of the raising ship size which increased engine capabilities and high usage in marine propulsion units.

The bulk carrier, tankers, container ships, and others are various market segment based on the ship type. Amongst them, the major bulk transportation services such as coal, iron ore, packaged good, and other dry bulk are transported through bulk carriers. Also, these ships are especially suggested for transport dry cargo. Thus, the bulk carrier ship type is the largest ship type for the marine lubricants market.

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Asia Pacific is projected to be the largest market for marine lubricants, driven by the raising industrialization, rise in exports and low labour cost specially in India and China. Due to these reasons the demand for marine lubricants in Asia Pacific region is increased. The region has experienced rapid economic growth in recent decades, leading to increased maritime trade and shipping activities. The expanding economies of countries like China, India, Japan, and South Korea have resulted in a substantial demand for marine lubricants to support their shipping industries.
The key players profiled in the report include Exxon Mobil Corporation (US), Shell plc (UK), BP p.l.c. (UK), TotalEnergies SE (France), and Chevron Corporation (US).

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Exxon Mobil Corporation is is one of the world's largest publicly traded oil & gas company. It promotes fuel and lubricants under four brands: Exxon Mobil, Exxon, Esso, and Mobil. The company owns 21 lubricant blending plants in nearly 25 countries in almost all regions. Through its specialty products business segment, it offers marine lubricants. Likewise, the company has strong R&D capabilities, which help know customers well. The company is focusing on improvements, sustained investments, and technological advancements. It has an extensive worldwide presence in almost all key countries. In March 2021, Exxon Mobil Corporation launched new engine oil, namely, MobilGard M420. It is oil for four-stroke, medium-speed marine engines.

Shell plc, formerly known as Royal Dutch Shell Plc, is a petrochemical and energy company. Also, it is one of the six oil & gas "supermajors" and one of the world's most valuable companies. It operates through five business segments, and from marketing business segment offers marine lubricants. The company maintains its position in the market through its 32 lubricant blending plants, 9 grease plants, and 4 base oil manufacturing plants around the world. It has strong presence in Asia Pacific, the Middle East & Africa, North American, European, and South American region. In December 2022, Shell plc acquired the PANOLIN Group's Environmentally Considerate Lubricants (ECLs) business. This includes the PANOLIN brand, portfolio of its products, product formulations and international customer base.

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