Press release
Marine Lubricants Market Growth to be Driven by Emerging Trends | $14.07 Billion by 2029
Marine Lubricants Market
What is the Projected Market Size of the Marine Lubricants Industry?
The scale of the marine lubricants market has substantially increased in the past few years. The numbers will surge from $8.58 billion in 2024 to $9.37 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 9.2%. The expansion in the historical timeline can be credited to the growth of the worldwide shipping industry, tight environmental rules, and a surge in global commerce.
What Will Be the Size of the Marine Lubricants Market by 2029?
The size of the marine lubricants market is projected to expand rapidly in the upcoming years, reaching $14.07 billion in 2029 with a compound annual growth rate (CAGR) of 10.7%. The expansion in the forecast period can be ascribed to a shift towards bio-based lubricants, the application of digitalization and IoT in shipping, emphasis on fuel efficiency, and rising markets. Prominent trends throughout this forecast period encompass biodegradable lubricants, the integration of digitalization in lubricant management, tailored lubricant solutions, the shift towards synthetic lubricants, collaborations, partnerships, and a focus on research and development.
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What Are the Key Drivers Accelerating Growth in the Marine Lubricants Market?
The marine lubricants market is likely to expand owing to the growing demand for bio-based lubricants. These lubricants, also known as bio-lubricants, are quickly biodegradable and pose no risk to human or aquatic life, earning them labels such as eco-friendly, biodegradable, or sustainable lubricants. The marine industry is increasingly making use of these lubricants due to their biodegradability, reduced toxicity, and the added advantage of lowered emissions upon usage. The American Oil Chemists' Society (AOCS) has forecasted that the global demand for bio-lubricants, which stood at $2 billion in 2020, will surge to $2.4 billion by 2025 in response to enhanced environmental regulations in the marine industry. Consequently, the increased demand for bio-lubricants is propelling the growth of the marine lubricants market.
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How Is the Marine Lubricants Market Segmented by Type, Application, and Region?
The marine lubricants market covered in this report is segmented -
1) By Product Type: Engine Oil, Hydraulic Oil, Turbine Oil, Gear Oil, Greases, Other Products
2) By Oil Type: Mineral Oil, Synthetic Oil, Bio-based, Grease
3) By Ship Type: Bulk Carriers, Tankers, Container Ship, Other Ship Types
Subsegments:
1) By Engine Oil: Mineral Engine Oil, Synthetic Engine Oil, Semi-Synthetic Engine Oil
2) By Hydraulic Oil: Biodegradable Hydraulic Oil, Non-Biodegradable Hydraulic Oil
3) By Turbine Oil: Steam Turbine Oil, Gas Turbine Oil
4) By Gear Oil: Mineral Gear Oil, Synthetic Gear Oil
5) By Greases: Lithium-Based Greases, Calcium-Based Greases, Polyurea Greases
6) By Other Products: Compressor Oils, Transformer Oils, Refrigeration Oils
What Are the Key Trends Driving Growth in the Marine Lubricants Market?
Key players in the marine lubricant industry are innovating by creating technical solutions, such as engine oils, equipped with advanced features, to improve the experience of their customers. A marine lubricant can be an oil or grease that is designed specifically to minimise friction and wear on the mechanical components of marine vehicles, including engines, gears, and hydraulic systems. This aids in smooth operation and safeguarding in challenging sea conditions. An example of this is the launch of the TLX product line by Castrol, a UK-based company that manufactures automotive and industrial lubricants, in April 2024. This new TLX mix offers robust, high-performing marine engine oils that are suitable for all types of fuel and built to withstand severe oil conditions. The reformulated product catalog, which replaces the company's prior offerings, Castrol TLX Xtra and TLX Plus fluids, caters to a broader range of engine types and uses, all while consistently providing superior engine protection, dependability, and performance. The Castrol TLX series was designed keeping the current and imminent requirements of customers in mind and is compatible with existing fuel types, including residual fuels, Heavy Sulphur Fuel Oil (HSFO), Very Low Sulphur Fuel Oil (VLSFO), Ultra Low Sulphur Fuel Oil (ULSFO), and dual-fuel engines that utilise both residual fuel and gas. It is also apt for ships shifting between fuel types or operating in and out of Emission Control Areas (ECAs) and part-time ECAs.
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Who Are the Leading Companies Driving Growth in the Marine Lubricants Market?
Major companies operating in the marine lubricants market include BP plc, Royal Dutch Shell plc, Exxon Mobil Corporation, Chevron Corporation, China Petroleum & Chemical Corporation, PJSC Lukoil, Idemitsu Kosan Co. Ltd., Total S. A., Gulf Oil Marine Ltd., Valvoline LLC, PetroChina Company Limited, Eni S. p. A, Bailey's Marine Fuels, Quepet Lubricants, JX Nippon Oil & Energy Corporation, Repsol SA, Fuchs Lubricants Co., Indian Oil Corporation Ltd., Stanley Lubricants, Compañía Española de Petróleos S. A. U., Pennzoil Products Company, Quaker State Corporation
Which Is the Leading Region in the Global Marine Lubricants Market?
Asia-Pacific was the largest region in the marine lubricants market in 2024.The regions covered in the marine lubricants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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