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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, gears, and marine power systems. 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 marine lubricants market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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 as industrial lubrication in 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 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-based lubricants, 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.
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The market is crucial for marine trade as it significantly impacts transportation costs and maintenance costs for the shipping industries. Utilizing additives and grease thickener systems ensures high performance even under extreme temperatures. Modified chemicals and mineral oil greases provide essential on-time lubrication, and supporting systems like exhaust gas re-circulation. Advances in blending and newer technologies enhance voyage efficiency, reducing voyage duration. The market is influenced by foreign trade, bilateral trade treaties, and the development of water networks and navigation facilities. Effective lubricants are vital for the smooth operation and longevity of vessels, impacting global marine trade. 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. They has 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. These sustainable practices are gaining traction in the UAE lubricants market, where environmental considerations are increasingly prioritized. Furthermore, the adoption of eco-friendly segments in lubricant production helps reduce the volume of volatile organic compounds (VOCs) in the air and minimizes the toxicity of gases emitted by nearby industries, contributing to ecological balance preservation. Hence, the shift towards eco-friendly marine lubricants and sustainable manufacturing processes is expected to be a significant driver of market growth during the forecast period, aligning with environmental regulations and consumer preferences in the UAE lubricants market.
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 marine lubricants market forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 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 marine lubricants market is driven by the rising demand for ships and increased lubricant consumption. Synthetic lubricants are preferred for their low-cost operations and enhanced fuel efficiency. Slow steaming and the use of low sulfur fuel require specific lubricants to meet sulphur content regulations. Essential products like marine cylinder oil, piston engine oil, and system oil are used across bulk carrier vessels, oil tankers, container ships, and general cargo carriers. Lubricants play a critical role in bearings & circulation systems, gas compressors, gear systems, hydraulic systems, and transmission systems. The shift towards energy-efficient transportation impacts ports, rail transportation, and road freight transportation. The growth of the e-commerce business further drives ship demand and the need for specialized marine lubricants.
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Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 2.49% |
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Market Growth 2024-2028 |
USD 41.21 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
2.26 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 46% |
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Key countries |
US, China, South Korea, Japan, and Italy |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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 |
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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. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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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