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The marine lubricants market size is forecast to increase by USD 41.21 million at a CAGR of 2.49% between 2023 and 2028. The market's growth rate is contingent on various factors, such as the increasing demand for enhanced engine performance and fuel efficiency, advancements in the shipping industry, and the rise in naval expenditure. The market is experiencing significant growth driven by the increasing demand for enhanced engine performance and fuel efficiency. This heightened requirement has spurred a greater need for advanced lubricants tailored specifically for maritime operations. Lubricants hold a crucial role in the marine sector, reducing friction, wear, and corrosion in essential components like ship engines and gears. This ultimately boosts efficiency and extends the lifespan of equipment.
The report also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
The engine oil segment is estimated to witness significant growth during the forecast period. The global market is dominated by the engine oil segment especially due to the large size, smaller drain intervals, and high consumption of fuel in engines. In addition, marine engine oils are classified into trunk piston engine oils (TPEOs) and marine diesel cylinder lubricants (MDCLs). Furthermore, TPEOs are commonly used for lubricating four-stroke engines of cruise and coastal ships. MDCLs are used in two-stroke engines of large container and cargo ships.
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The engine oil segment was the largest segment and was valued at USD 135.72 million in 2018. Moreover, increasing engine capacity and efficiency of ships are anticipated to drive the demand for engine oils. In addition, there is a wide range of lubricating oils for marine engines that burn gas, gas oil, or liquid biofuel, as well as heavy fuel. In marine applications, engine oils help minimize the build-up of deposits in engines and help keep the engine clean. Therefore, the availability of various products under the engine oil application segment and the high demand for lubricants for marine engines are expected to drive the growth of the segment and, in turn, the growth of the global market during the forecast period.
Based on the type, the market has been segmented into mineral oil-based marine lubricants, bio-based marine lubricants, and synthetic marine lubricants. The mineral oil-based marine lubricants segment will account for the largest share of this segment. The mineral oil-based lubricants segment is mainly the byproduct of crude oil refining. In addition, there are three types of mineral oil, namely naphthenic, paraffinic, and aromatic. The easy availability and low cost of mineral oils and increased R&D expenditure are likely to drive the demand for the mineral oil-based segment. Furthermore, paraffinic mineral oils are preferred over aromatic and naphthenic mineral oil-based segments. In addition, these mineral oil-based segments have a natural resistance to oxidation. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
APAC is estimated to contribute 46% to the growth of the global market during the projection period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.
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The increasing investments in shipbuilding, especially in South Korea, Japan, and China, are expected to fuel the demand for marine lubricants. In addition, government initiatives that are aimed at improving bilateral trading facilities have a positive impact on the marine industry and fuel the demand for marine lubricants. Furthermore, the growing focus on the travel and tourism industry is likely to have a significant effect on the marine industry, which will further increase shipbuilding capacity and fuel the demand for such products. In addition, the construction, expansion, and improvements in logistics infrastructure in APAC are expected to drive the demand. Therefore, such initiatives have the potential to stimulate economic growth, boost trade, and drive the demand for transport and logistics services. Hence, such factors will drive market growth during the forecast period.
Marine lubricants are substances that reduce friction and wear at the interface of two materials. They help reduce adhesive friction by lowering the sheer strength of interfaces. Various types of marine machinery, such as engines, bearings, circulation systems, gear systems, and gas compressors, use marine lubricants for consistent, efficient operation.
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The Market is propelled by factors like ongoing infrastructure expansion and the thriving shipping industry. With a surge in oceanic tourism and a growing emphasis on sustainability, there is an escalating demand for bio-derived segments. The advent of alternate technologies like hybrid propulsion and electric systems reflects the industry's commitment to innovation. Additionally, the focus on fuel efficiency in maritime operations is driving the market. Challenges include adapting to evolving regulations and ensuring the compatibility of lubricants with various vessels, such as bulk carriers, tankers, and container ships, which have diverse lubrication needs. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
The growing need for optimized engine performance and fuel efficiency is notably driving the market growth. The market is driven by the imperative need for optimized engine performance and fuel efficiency. This demand has led to an increased requirement for high-performance lubricants designed to elevate maritime operations. In the marine industry, lubricants play a pivotal role in diminishing friction, wear, and corrosion within vital components such as ship engines and gears, ultimately maximizing efficiency and prolonging equipment lifespan.
Furthermore, this contributes to reducing environmental impact by enhancing operational efficiency. The incorporation of alternate technologies, such as hybrid propulsion and electric systems, further underscores the industry's commitment to sustainable practices. The selection of appropriate lubricants, including those derived from bio-based sources, not only supports seaborne trade but also aligns with the global push for greener solutions. The use of these lubricants, coupled with ongoing infrastructure expansion and the evolving dynamics of the shipping industry, positions the market at the forefront of advancements in the maritime sector. Hence, such factors will drive market growth during the forecast period.
Growth in the use of bio-based lubricants is an emerging trend in the market. Bio-based lubricants have emerged as a substitute for petroleum-based lubricants. In addition, bio-based lubricants are produced from renewable feedstocks, such as plant-based oil and sugar. In addition, they are produced through fermentation, ultrafiltration, and crystallization techniques.
Moreover, eco-friendly marine lubricants that are produced through the fermentation process use a sucrose solution as feedstock. In addition, the sucrose is hydrolyzed into fructose and glucose, which are the compounds consumed in fermentation. Furthermore, the use of environment-friendly segments helps reduce the volume of VOCs in the air and the toxicity of gases released from nearby industries, thereby maintaining the ecological balance in the atmosphere. Hence, such factors will drive market growth during the forecast period.
Difficulties in the adoption of lower carbon fuels within the maritime industry are a major challenge hindering the market. With rising regulatory pressure to reduce greenhouse gas emissions and mitigate climate change, shipping companies are transitioning towards cleaner alternatives such as liquefied natural gas (LNG), biofuels, and hydrogen-based fuels. In addition, this shift poses several challenges for the global market.
Moreover, lower carbon fuels often have different chemical compositions and combustion properties compared to traditional fuels like heavy fuel oil (HFO) or marine diesel oil (MDO). Therefore, it must be reformulated to ensure compatibility and optimal performance with these alternative fuels. In addition, the transition to lower carbon fuels may impact the lubrication requirements of marine engines and equipment. Hence, such factors will hinder market growth during the forecast period.
Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches to enhance their presence in the market.
BP Plc: The company offers marine lubricants such as Castrol cyltech, Mhp, Hlx and Tlx Xtra, for high, medium and low speed engines. The company offers its lubricant range under its subsidiary Castrol Ltd.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Benjn.R.Vickers and Sons Ltd., Chevron Corp., Compania Espanola de Petroleos SA, ENEOS Holdings Inc, Eni SpA, Exxon Mobil Corp., Feoso Oil Ltd., FUCHS PETROLUB SE, Gulf Oil International Ltd, Idemitsu Kosan Co. Ltd., Indian Oil Corp. Ltd., PJSC LUKOIL, Repsol SA, Shell plc, Sinopec Shanghai Petrochemical Co. Ltd., Valvoline Inc., TotalEnergies SE, Emirates National Oil Co. Ltd. LLC, and Gazprom Nedra LLC
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report predicts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market is experiencing dynamic growth, propelled by the shipping industry's demand for high-performance lubricants to reduce maintenance and transportation costs. Additives and grease thickener systems enhance lubricants' performance, especially in extreme temperatures, catering to the needs of mineral oil greases and synthetic lubricants in both marine and automotive sectors. With the phasing out of mineral oil-based lubricants, newer technologies like slow steaming and catalytic reduction are gaining prominence, contributing to environmentally friendly transportation. Marine lubricants play a crucial role in enhancing the performance and durability of ships' mechanical equipment, ensuring on-time lubrication and reducing harmful emissions. As the demand for ships increases, marine lubricants' role in enhancing fuel efficiency and minimizing sulphur content becomes indispensable, driving the market forward amidst evolving trade dynamics and transportation networks.
Moreover, the market is crucial for the shipping industry, ensuring high performance and durability of mechanical equipment while minimizing maintenance costs. With the demand for low sulfur fuel and regulations on harmful emissions, modified chemicals and petroleum components are essential for lubricant formulations. Advanced technologies like exhaust gas re-circulation and slow steaming further drive the need for efficient lubricants to enhance fuel efficiency. Marine cylinder oils and system oils play a vital role in lubricating turbines, hydraulic systems, and transmission systems, optimizing operations for bulk carriers, oil tankers, and general cargo carriers. As the industry navigates through foreign trade and bilateral treaties, lubricant consumption remains pivotal for smooth sailing, supported by e-commerce platforms facilitating the distribution of marine lubricants worldwide.
Market Scope |
|
Report Coverage |
Details |
Page number |
180 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.49% |
Market Growth 2024-2028 |
USD 41.21 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
2.26 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 46% |
Key countries |
US, China, South Korea, Japan, and Italy |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Benjn.R.Vickers and Sons Ltd., BP Plc, Chevron Corp., Compania Espanola de Petroleos SA, ENEOS Holdings Inc, Eni SpA, Exxon Mobil Corp., Feoso Oil Ltd., FUCHS PETROLUB SE, Gulf Oil International Ltd, Idemitsu Kosan Co. Ltd., Indian Oil Corp. Ltd., PJSC LUKOIL, Repsol SA, Shell plc, Sinopec Shanghai Petrochemical Co. Ltd., Valvoline Inc., TotalEnergies SE, Emirates National Oil Co. Ltd. LLC, and Gazprom Nedra LLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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