Press release
Marine Lubricants Market Projected to Reach US$ 7.64 Billion Forecast by 2030 with a 2.4% CAGR
Marine Lubricants Market
Market Overview:
Marine lubricants refer to the specialized types of oils and greases which are employed in the shipping industry in order to withstand conditions of the sea such as moisture and high pressure. They are employed in the function of maintaining efficiency and continuity in the proper movement of the ship's engines as well as other related components.
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Marine lubricants help reduce friction between the engine's parts as well as prevent corrosion of metal parts as they are constantly in contact with moisture. They comprise oils and greases that are either synthetically manufactured or naturally sourced from plants, which are also known as Environmentally Acceptable Lubricants (EALs).
Growth Drivers:
• Advancements in technologies such as slow steaming, low sulfur fuel, catalytic reduction, on-time lubrication, and exhaust gas recirculation have resulted in easy integration of these technologies in the regular working of ships. Marine lubricants help in this as they allow for seamless adoption of these newer technologies without hampering regular workflow.
• The marine industry is also aiming to reduce its fuel consumption in order to reduce its impact on the environment while also increasing the efficiency of the ship's engine. The use of marine lubricants reduces the burden on the ship's engine by reducing friction, ensuring flawless functioning, and reduced fuel consumption.
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Major Participants:
The shipping industry is seeing major progress as the transfer of large amounts of goods is physically possible only using water transport. The marine lubricants market has gained major traction, which is evident by the profit margins earned by various companies.
• BP Plc.
• China Petrochemical Corporation
• ENI SPA
• ENOC (Emirates National Oil Company)
• ExxonMobil Corporation
• Gazrprom Neft
• Gulf Oil Corporation Ltd.
• Idemitsu Kosan Co. Ltd
• Indian Oil Corporation
• JX Nippon oil & Energy Corporation
• Lukoil
• PetroChina Company Limited
• Petronas
• Royal Dutch Shell Plc
• SK INC
• TotalEnergies SE
• Valvoline
For instance, in October 2021, the Indian government announced the commencement of the Maritime India Summit 2021, in which it was stated that the central government intends to invest in waterway facilities and ports and that the Ministry of Ports and Waterways has compiled a list of more than 380 projects that can be funded.
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Segmental Analysis:
• The marine lubricants market is segmented based on oil type, product, marine channel, and region.
• Based on oil type, this segment is categorized into mineral oil, synthetic oil, and bio-based oil.
• In the marine channel segment, the transport segment is expected to be the most significant revenue contributor in the global market.
Marine Lubricants, Oil Type Outlook (Revenue - USD Billion, 2018 - 2030)
• Mineral Oil
• Synthetic Oil
• Bio-based Oil
Marine Lubricants, Product Outlook (Revenue - USD Billion, 2018 - 2030)
• Engine Oil
• Hydraulic Fluid
• Compressor Oil
• Others
Marine Lubricants, Marine Channel Outlook (Revenue - USD Billion, 2018 - 2030)
• Recreational
o Inflatable Boats
o In Board Motorboats
o Out Board Motorboats
o Others
• Industrial
o Drill Ships
o Semi Submerged Ship
• Transport
o Tankers
o Cargo Ships
o Container Ships
o Passenger Ships
o Others
Regional Overview:
• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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