Press release
Marine Lubricants Market Size Share - Industry Trends and Forecast 2024
Global Marine Lubricants Market: Overview
Lubricants play a vital role in the reduction of friction and wear and tear of operating parts of different machines. The movement of certain mechanical parts is operational only in the presence of lubricants. Marine lubricants minimize the wear and tear between different machine parts and improve their output efficiency. Marine lubricants have numerous uses in the shipping industry, as a result of which different types of engine oil, hydraulic oil, and grease are developed.
Ships require marine lubricants for smooth functioning of machineries and components installed on them. Marine lubricants are effective in eliminating the harmful effects of friction. Introduction of the aviation transportation mode has hampered the water transport mode. However, owing to the high cost of aviation transportation, water transport has regained its popularity. Thus, the growing water transport worldwide is expected to fuel the demand for marine lubricants in the next few years. Group I base oils are getting scarce as well as expensive and witnessing fluctuations in demand. This is likely to result in shutdown of Group I refineries. The inadequate supply of bright stock material has propelled the discovery of alternatives, which also are inadequate. Thus, shortage of supply is expected to hamper the marine lubricants market in the near future.
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Global Marine Lubricants Market: Research Methodology
The report estimates and forecasts the marine lubricants market on the global and regional levels. The study provides forecast between 2016 and 2024 based on volume (kilo tons) and revenue (US$ Mn) with 2015 as the base year. The report comprises an exhaustive value chain analysis for each of the segments. It provides a comprehensive view of the market. Value chain analysis also offers detailed information about value addition at each stage. The study includes drivers and restraints for the marine lubricants market along with their impact on demand during the forecast period. The study also provides key market indicators affecting the growth of the market.
The report analyzes opportunities in the marine lubricants market on the global and regional level. Drivers, restraints, and opportunities mentioned in the report are justified through quantitative and qualitative data. These have been verified through primary and secondary resources. Furthermore, the report analyzes substitute analysis of marine lubricants and global average price trend analysis.
The report includes Porter’s Five Forces Model to determine the degree of competition in the marine lubricants market. The report comprises a qualitative write-up on market attractiveness analysis, wherein end-users and regions have been analyzed based on attractiveness for each region. Growth rate, market size, raw material availability, profit margin, impact strength, technology, competition, and other factors (such as environmental and legal) have been evaluated in order to derive the general attractiveness of the market. The report comprises price trend analysis for marine lubricants between 2016 and 2024.
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Global Marine Lubricants Market: Segmentation
The study provides a comprehensive view of the marine lubricants market by dividing it into product, application, operation type, and geography segments. The products have been segmented into mineral oil, synthetic oil, and bio-based oil. The applications are segmented into engine oil, hydraulic oil, turbine oil, gear oil, heat transfer fluids (HTFs), compressor oil, grease and others. The operation types have been categorized as inland and offshore. These segments have been analyzed based on historic, present, and future trends.
The product segment includes lubricants formulated from base oils such as mineral oil, synthetic oil, and bio-based oil. Out of these three types, mineral oil-based marine lubricants significantly dominate the market, followed by synthetic oil-based marine lubricants. Mineral oil falls under group I, II and III by API specification. Synthetic oil can be categorized as fully synthetic (group III, IV and V) and semi-synthetic – which is the mixture of synthetic and mineral oil. Bio-based lubricants are obtained from either vegetable oil or animal oil.
The application segment includes engine oil, hydraulic oil, turbine oil, gear oil, heat transfer fluids (HTFs), compressor oil, grease and others. The most consumed marine lubricants are engine oil, gear oil, hydraulic oil and grease. Following engine oil, the second most consumed marine lubricant is hydraulic oil. Even though engine oil segment held significant share of the marine lubricants market, hydraulic oil segment is expected to exhibit major growth potential during the forecast period. Regional segmentation includes the current and forecast consumption of marine lubricants in North America, Latin America, Europe, Asia Pacific, and Middle East & Africa (MEA). Market segmentation includes demand for consumption in all the regions individually.
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Global Marine Lubricants Market: Competitive Outlook
The report covers detailed competitive outlook that includes market share and profiles of key players operating in the global market. Key players profiled in the report include Royal Dutch Shell plc, ExxonMobil Corporation, BP PLC., LUKOIL Marine Lubricants DMCC, Chevron Corporation, and Total Lubmarine. Company profiles include attributes such as company overview, number of employees, brand overview, key competitors, business overview, business strategies, recent/key developments, acquisitions, and financial overview (wherever applicable).
Secondary research sources that were typically referred to include, but were not limited to, OPEC Annual Statistical Bulletin, U.S. Energy Information Administration (EIA), Marine Environment Protection Committee (MEPC), Independent Chemical Information Service (ICIS), International Chamber of Shipping (ICS), International Maritime Organization (IMO), company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings. Other sources such as internal and external proprietary databases, statistical databases and market reports, news articles, national government documents, and webcasts specific to companies operating in the market have also been referred for the report.
In-depth interviews and discussions with a wide range of key opinion leaders and industry participants were conducted to compile this research report. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. Key players’ product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. This helped in validating and strengthening secondary research findings. Primary research further helped in developing the analysis team’s expertise and market understanding.
The global marine lubricants market has been segmented as follows:
By Product Analysis
Mineral oil
Synthetic oil
Bio-based oil
By Application
Engine oil
Hydraulic oil
Turbine oil
Gear oil
Heat Transfer Fluids (HTFs)
Compressor oil
Grease
Others
By Operation Type
Inland
Offshore
By Region
North America
U.S.
Canada
Latin America
Brazil
Mexico
Rest of Latin America
Europe
Germany
France
U.K.
Spain
Italy
Rest of Europe
Asia Pacific
China
Japan
India
ASEAN
Rest of Asia Pacific
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
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