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Marine Lubricants Global Market Report 2024 To 2033 | BP plc, Royal Dutch Shell plc, Exxon Mobil Corporation, Chevron Corporation, China Petroleum & Chemical Corporation
Marine Lubricants Market Share
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According to The Business Research Company's, The marine lubricants market size has grown strongly in recent years. It will grow from $7.87 billion in 2023 to $8.65 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to global shipping industry growth, stringent environmental regulations, rising global trade.
The marine lubricants market size is expected to see rapid growth in the next few years. It will grow to $12.92 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to shift towards bio-based lubricants, digitalization and iot in shipping, focus on fuel efficiency, emerging markets. Major trends in the forecast period include biodegradable lubricants, digitalization in lubricant management, customized lubricant solutions, adoption of synthetic lubricants, collaborations and partnerships, focus on research and development.
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Market Drivers and Trends:
The increase in demand for bio-based lubricants is expected to propel the growth of the marine lubricants market. All lubricants that biodegrade quickly dissolve and are not hazardous to humans or aquatic habitats are referred to as bio-lubricants. They are also known as eco-friendly, biodegradable, or sustainable lubricants. Because of the biodegradability and low toxicity of bio-lubricants, as well as the benefit of fewer emissions from utilizing them, the marine industry is becoming a prominent area that uses them. For instance, according to American Oil Chemists' Society (AOCS), the global market for bio-lubricants is predicted to rise from $2 billion, which was indicated in the year 2020 to $2.4 billion, which is projected for the year 2025, as environmental rules and regulations in the marine industry improve. Therefore, a rise in demand for bio-lubricants drives the growth of the marine lubricants market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
BP plc, Royal Dutch Shell plc, Exxon Mobil Corporation, Chevron Corporation, China Petroleum & Chemical Corporation, PJSC Lukoil, Idemitsu Kosan Co. Ltd., Total S. A., Castrol Limited, Gulf Oil Marine Ltd., Synforce Lubricants., Valvoline LLC, PetroChina Company Limited, Eni S. p. A, Croda International PLC., Bailey's Marine Fuels, Quepet Lubricants, JX Nippon Oil & Energy Corporation, IKO Marine Lubricant Supply Co. Ltd, Repsol SA, Aegean Marine Petroleum Network Inc., Fuchs Lubricants Co., Indian Oil Corporation Ltd., Stanley Lubricants, Compañía Española de Petróleos S. A. U., Pennzoil Products Company, Quaker State Corporation, Petro-Canada Lubricants, Schaeffer's Specialized Lubricants, Lubrication Engineers Inc., AMSOIL INC., Bel-Ray Company LLC
Marine Lubricants Market 2024 Key Insights:
• The marine lubricants market size is expected to see rapid growth in the next few years. It will grow to $12.92 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%.
• Increased Demand For Bio-Based Lubricants Fuels Growth Of Marine Lubricants Market
• Growing Trend Of Strategic Collaborations In The Marine Lubricant Market
• Asia-Pacific was the largest region in the marine lubricants market in 2023
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