Global Marine Lubricants Market Size, Share, and COVID-19 Impact Analysis By Product (Bio-Based Oil, Mineral Oil and Synthetic Oil), By Application (Engine Oil, Hydraulic Oil, Grease Oil and Others) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030Industry: Chemicals & Materials
Global Marine Lubricants Market Insights Forecasts to 2030
- The global Marine Lubricants Market was valued at USD 7.2 Billion in 2021.
- The Market is growing at a CAGR of 3.4% from 2022 to 2030
- The global Marine Lubricants Market is expected to reach USD 9.72 Billion by 2030
- Asia Pacific is expected to grow the fastest during the forecast period.
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The global Marine Lubricants Market is expected to reach USD 9.72 Billion by 2030, at a CAGR of 3.4% during the forecast period 2022 to 2030. Over the projected period, the demand for Marine Lubricants in the market will increase due to a rise in the demand for Marine Lubricants for ships. This is expected to rise due to expanding global trade and industrialization and a growing interest in lowering ship maintenance costs.
Marine lubricants are petrochemical-based goods made mostly from crude oil. Marine lubricants are often employed in the shipping sector to safeguard machinery and enhance performance. The marine lubricant industry is expanding due to the rising oceanic pollution brought on by incorrect engine operation and the rising need for fuel-efficient engines on a global scale. It is predicted that increased seaborne trade would result in higher sales of marine lubricants like system oils and trunk piston engine oils and that rising demand from end-use sectors like shipping will drive up demand for the marine lubricants market. Additionally, the demand for marine lubricant applications, such as marine-grade grease, has grown due to the development of infrastructure projects. These applications are necessary for protecting and efficiently operating marine engines and equipment. Additionally, it is predicted that the marine lubricant market will have increased demand throughout the forecast period due to increasing emission control technology. The COVID-19 outbreak had a detrimental effect on the marine lubricants business because it caused a drop in oil prices and interruptions in the worldwide supply chain. This is because the maritime industry, which is crucial to the marine lubricants market, has seen a decline in demand. The epidemic caused a decrease in ship traffic from South Asian nations to APAC, which in turn reduced the demand for fuels and marine lubricants in the area. The pandemic impacted the first quarter in China, which holds a significant market share in the APAC marine lubricants industry. Examples of more recent technology on the market include slow steaming, low sulphur fuel, catalytic reduction, on-time lubrication, exhaust gas re-circulation, and mixing. Slow steaming was the preferred method during the 2009 global recession when fuel prices were much higher, and there was a desire to cut fuel use. Large cargo ships may now cruise at significantly slower speeds, increasing their range and using less fuel. Furthermore, the maritime lubricants market is growing due to all these technological developments in the maritime sector. The performance and longevity of marine lubricants will increase with less hazardous emissions from ships, prolonging the useful life of mechanical components.
Global Marine Lubricants Market Report Coverage
|Market Size in 2021:||USD 7.2 Billion|
|Forecast Period 2022-2030 CAGR:||3.4%|
|2030 Value Projection:||USD 9.72 Billion|
|Historical Data for:||2019-2020|
|No. of Pages:||199|
|Tables, Charts & Figures:||106|
|Segments covered:||By Product, By Application, By Region|
|Companies Covered:||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, Total Energies SE, and Valvoline.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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This research report categorizes the Market for global Marine Lubricants based on various segments and regions, forecasts revenue growth, and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Global Marine Lubricants Market. Recent Market developments and competitive strategies such as expansion, Product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the Market. The report strategically identifies and profiles the key Market players and analyses their core competencies in each global Marine Lubricants Market sub-segments.
- In 2021, the Bio-Based Oil segment accounted for the largest share of the Market, with 42.6% and a Market revenue of 3.06 Billion.
Based on the product, the Marine Lubricants Market is categorized into Bio-Based Oil, Mineral Oil and Synthetic Oil. In 2021, the Bio-Based Oil segment accounted for the largest share of the Market, with 42.6% and a Market revenue of 3.06 Billion. Throughout the forecast period, the Bio-Based Oil segment is anticipated to maintain its leading position because of several causes, including rising environmental consciousness, stricter rules on the use of conventional lubricants, and the global adoption of environmentally friendly bio-based products in the maritime sector. Additionally, the rising cost-competitiveness of advanced bio-based marine lubricants, notably due to rising crude oil prices in recent years, will fuel product demand during the anticipated period.
- In 2021, the Engine Oil segment accounted for the largest share of the Market, with 30.6% and a Market revenue of 2.20 Billion.
Based on the application, the Marine Lubricants Market is categorized as Engine Oil, Hydraulic Oil, Grease Oil and Others. In 2021, the Engine Oil segment accounted for the largest share of the Market, with 30.6% and a Market revenue of 2.20 Billion. Throughout the forecast period, the Engine Oil segment is anticipated to maintain its leading position while expanding at the fastest CAGR because Engine oil is used specifically to lubricate the interior workings of marine internal combustion engines, maintain engine coolness, and guard against corrosion. The usage of water transportation has expanded with the global trade in bulk commodities such consumer goods, industrial items, agricultural goods, and oils.
Regional Segment Analysis of the Marine Lubricants Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
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North America emerged as the largest Market for the global Marine Lubricants Market, with a Market share of around 32.9% and 2.36 Billion of the Market revenue in 2021.
- North America emerged as the largest Market for the global Marine Lubricants Market, with a Market share of around 32.9% and 2.36 Billion of the Market revenue in 2021. The demand for Marine Lubricants is being driven by the rising acceptance by the market. The market for Marine Lubricants was dominated by the North America region mostly due to the rapid industrialization and expansion of global trade, as well as the expanding popularity of seaborne transit as a cost-effective means of transportation, particularly in the United States. The need for transport ships, which are mostly used to convey commodities, materials, and raw materials, is expected to rise as a result of the expanding intracoastal and intranational seaborne container networks and fully interconnected waterways. Over the projection period, market expansion is predicted to be driven by the region's lubricant makers' growing emphasis on marketing and launching bio-lubricants for the maritime industry. Due to growing concerns about marine pollution in the U.S., strict laws on the usage of ecologically friendly lubricants are expected to present market prospects for bio-lubricant companies operating in the area.
- Asia Pacific Market is expected to grow at the fastest CAGR between 2021 and 2030, Due to the rapid expansion of international trade and industry in the Asia Pacific region, as well as the growing popularity of seaborne transportation, A significant market opportunity has been created for the marine lubricant players as a result of increased globalisation, trade operations, and rising imports and exports, which benefit the ship-building industry.
The report offers the appropriate analysis of the key organizations/companies involved within the global Marine Lubricants Market along with a comparative evaluation primarily based on their Product offering, business overviews, geographic presence, enterprise strategies, segment Market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including Product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the Market.
List of Key Market Players:
- 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
- PetroChina Company Limited
- Royal Dutch Shell Plc
- SK INC
- TotalEnergies SE
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Some of the Key Developments:
- In May 2019, In India, Royal Dutch Shell Plc. established its first lubricant laboratory.
- In March 2021, The business introduced MobilGard M420 oil, an engine lubricant for medium-speed, four-stroke marine engines.
- In April 2021, A partnership agreement was inked between Crown Oil and Valvoline. Crown Oil will be able to provide a large selection of premium Valvoline products.
- In August 2021, Together with Klubler, Wilhelmsen Holding ASA acquired the latter's marine business.
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Marine Lubricants Market based on the below-mentioned segments:
Global Marine Lubricants Market, By Product
- Bio-based Oil
- Mineral Oil
- Synthetic Oil
Global Marine Lubricants Market, By Application
- Engine Oil
- Hydraulic Oil
- Grease Oil
Global Marine Lubricants Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
What is the market size of the Marine Lubricants market?As per Spherical Insights, the size of the Marine Lubricants market was valued at USD 7.2 billion in 2021 to USD 9.72 billion by 2030.
What is the market growth rate of the Marine Lubricants market?The Marine Lubricants market is growing at a CAGR of 3.4% from 2022 to 2030.
Which country dominates the Marine Lubricants market?North America emerged as the largest market for Marine Lubricants.
Who are the key players in the Marine Lubricants market?Key players in the Marine Lubricants market are 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, Total Energies SE, and Valvoline.
Which factor drives the growth of the Marine Lubricants market?Rising demand for marine lubricants made from biomaterial is expected to drive the market's growth over the forecast period.
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