Marine Lubricants Market Size By Product (Bio-Based, Synthetic, Mineral Oil), By Application (Grease, Hydraulic Oil, Engine Oil), By Marine Channel (Recreational {Inflatable Boats, In board Motor Boats, Out Board Motor Boats}, Industrial {Drill Ships, Semi Submerged Ship}, Transportation {Tankers, Cargo Ships, Container Ships, Passenger Ships}), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Feb 2020  |  Report ID: GMI412  |  Authors: Kunal Ahuja, Sonal Singh

Report Format: PDF   |   Pages: 323   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Marine lubricants market size exceeded USD 5 Billion, globally in 2019 and is estimated to grow at over 4.5% CAGR between 2020 and 2026. Surging investments in defense naval sector will propel the industry growth by 2026.
 

Marine lubricants market Outlook

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Marine lubricants help in reducing the wear and tear between contacting surfaces in relative motion in marine applications. It is utilized for lubricating parts of inflatable boats, out board motorboats, drill ships, semi submerged ship, tankers, cargo ships, and passenger ships. Rising trends among consumers for luxury travel cruises will have a positive impact on marine lubricants market share.
 

Marine lubricants help to reduce energy consumption, provide high efficacy, and minimize operating cost thus increasing equipment lifespan. Rise in marine trade due to low transportation & maintenance cost along with presence of substantial number of shipping industries should drive the marine lubricants market.
 

Recreational boats market may grow significantly owing to increasing participation in recreational and pleasure sports activities. Growing tourism sector globally has led to increased number of several activities including sailing, campaigning, fishing, boat racing and water sport games. These factors will have a positive impact on the global marine lubricants market.
 

Lubricants are essential for smooth functioning and for overcoming friction issues between various operating parts. Growing marine trade on account of bilateral agreements in nations along with rising investments and partnerships in marine lubricant business should drive industry growth. Increase in natural gas & crude oil production coupled with rising offshore exploration activities further propel product demand.
 

Companies invest in technological advancements and capacity expansions to expand product portfolio. Stringent regulations regarding the utilization of synthetic lubricants and fluid discharges in the ocean which harms flora and fauna may hinder overall industry growth. However, development of innovative biobased lubricants offering exceptional lubricating properties may drive the marine lubricants market demand.
 

Marine Lubricants Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: USD 5.4 Billion
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 5% 2026 Value Projection: USD 7.5 Billion
Pages: 323 Tables, Charts & Figures: 537
Geographies covered (28): U.S., Canada, Germany, UK, Italy, Belgium, Netherland, Spain, Russia, China, Hong Kong, India, Taiwan, Japan, South Korea, Australia, Malaysia, Singapore, Brazil, Mexico, Panama, Saudi Arabia, South Africa, UAE, Israel, Angola, Nigeria, Egypt
Segments covered: Product, Application, Marine Channel
Companies covered (20): Stanley Group, Fuchs Petrolub SE, PETRONAS Lubricants International, Indian Oil Corporation Ltd., Idemitsu Kosan Co., Ltd., Gulf Oil International, Aegean Marine Petroleum Network, Inc., Total S.A., Quepet Lubricants, JX Nippon Oil & Energy Corporation, LUKOIL, Castrol, Sinopec Corp., Exxon Mobil Corporation, Chevron Marine Lubricants, Royal Dutch Shell plc, Baileys Marine Fuels, Lubricon, Valvoline Inc., Synforce Lubricants
Growth Drivers:
  • Asia Pacific: Ship building and fleet market expansion in the region will foster product demand
  • North America & Europe: Increasing bio based lubricants demand in the region will stimulate industry growth
Pitfalls & Challenges:
  • Strict norms for synthetic lubricants

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Rising biobased lubricants demand will foster the market growth

Marine Lubricants Market by Product

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Bio based lubricants are derived from natural vegetable sourced base oil including sunflower, soybean, canola, coconut and palm oil. Key benefits offered such as low cost, biodegradability, less toxicity and less maintenance will foster marine lubricants market growth by 2026. Bio based lubricants are categorized under European Eco label regulations. Increasing demand from OEM manufacturer for bio based ecological products along with strict regulatory amendments over environmental concerns will foster the bio-based lubricants industry.
 

Rise in disposable incomes has led to increase in demand for sea voyages and water adventure sports accompanied with expansion of shipping industry which will spur marine lubricants market sales. Presence of leading manufacturers such as Dow Chemical, Exxon Mobil engaged in technology developments for manufacturing bio based hydraulic fluids for naval shipping industry is likely to foster industry growth. Growing demand of marine lubricants for industrial segment owing to increasing offshore activities will have a positive impact on market growth.
 

Rising marine engine oil demand will stimulate the market growth

marine lubricants market for engine oil application

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Marine engine oils segment is estimated to witness significant gains over 3.5% by the end of 2026. Marine engine oils are used to maintain proper functioning of medium and low speed marine engines employed in large ships. Increasing demand for bulk commodities and consumer goods has led to growing sea trade and transport, thereby promoting engine oil demand.
 

Engine oils are highly effective and provides high performance for two stroke and four stroke machines in cargo and cruise ships. These are formulated for extending engine life and protect the components at elevated temperatures.  Rise in tourism industry has led to demand for cruise ship which favors overall product demand. Increasing government initiatives for boosting tourism sector will drive the demand for luxury cruises, thus driving the marine lubricants industry.
 

Growing ship building industry in Asia Pacific region will stimulate product demand

APAC marine lubricants market

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Shipbuilding industry is experiencing gains owing to its broad applications across transportation recreational and naval industries. Rise in marine trade among nations has led to increase in demand for super-sized ships which will propel product demand. Increasing investments in naval shipbuilding and government subsidies along with technological advancements in naval defense sector should propel marine lubricants market.
 

Increasing investments in South Korea by major players including Hyundai Heavy Industries Group and Samsung Heavy Industries Co. Ltd. will foster the demand of marine lubricants. Favorable government policies and technological improvements for boosting the naval defense sector will foster naval ships manufacturing. This will lead to rise in demand for high quality smooth functioning machineries with less maintenance and wear & tear cost thereby driving the marine lubricants market share.
 

New product launches and R & D activities to stand as key business strategies by companies

Global marine lubricants market is consolidated with major players including Synforce Lubricants, Valvoline Inc., Lubricon, Baileys Marine Fuels, Royal Dutch Shell plc, Chevron Marine Lubricants, Exxon Mobil, Castrol, Sinopec Corp, Quepet Lubricants, Total S.A., Gulf Oil International, Indian Oil Corporation Ltd, PETRONAS Lubricants International, Fuchs Petrolub SE, and Idemitsu Kosan Co., Ltd.
 

Market leaders are engaged in new product launches, capacity expansions, mergers & acquisitions, and partnerships & collaborations. For example, In January 2017, Chevron launched cylindrical lubricant TARO-Special HT ULTRA which can be used in highly corrosive environments and increase product lifecycle. In September 2016, Total Lubmarine launched a new product Talusia Optima, a cylinder lube oil compatible with ultra-low sulphur distillate fuel and high sulphur heavy fuel oil. These strategies will help the companies to expand their product portfolio and enhance market share.
 

Marine lubricants market research report includes in-depth coverage of the industry trends, with estimates & forecast in terms of volume (Kilo Tons) and revenue (USD Million) from 2015 to 2026, for the following segments:

By Product

  • Bio-Based
  • Synthetic
  • Mineral Oil

By Application

  • Grease
  • Hydraulic Oil
  • Engine Oil
  • Others

By Marine Channel

  • Recreational
    • Inflatable Boats,
    •  In board Motor Boats,
    • Out Board Motor Boats
    • Others
  • Industrial
    • Drill Ships
    • Semi Submerged Ship
  • Transportation
    • Tankers
    • Cargo Ships
    • Container Ships
    • Passenger Ships
    • Others

The above information has been provided for the following regions and countries:

By Region

  • North America
    • U.S.
    • Canada
  • Europe     
    • Germany
    • U.K
    • Netherlands
    • Belgium
    • Spain
    • Italy
    • Russia
  • Asia Pacific          
    • China
    • Hongkong
    • India
    • Taiwan
    • Japan
    • South Korea
    • Australia
    • Malaysia
    • Singapore
  • Latin America      
    • Brazil
    • Mexico
    • Panama
  • Middle East & Africa        
    • Saudi Arabia
    • UAE
    • South Africa
    • Israel
    • Angola
    • Nigeria
    • Egypt

 

Frequently Asked Questions (FAQ) :

According to the report published by Global Market Insights Inc., the marine lubricants business is expected to hit $7.5 billion (USD) by 2026.
Ship building and fleet market expansion in the Asia Pacific and increasing bio-based lubricants demand in the North America & Europe are some of the key factors expected to drive the growth of global market.
Stanley Group, Fuchs Petrolub SE, PETRONAS Lubricants International, Indian Oil Corporation Ltd., Idemitsu Kosan Co., Ltd., Gulf Oil International, Aegean Marine Petroleum Network, Inc., Total S.A., Quepet Lubricants, JX Nippon Oil & Energy Corporation, LUKOIL are some of the top contributors in the industry.
Based on application, the marine engine oil segment held significant market share in 2019 and is predicted to show a remarkable growth rate during the forecast period.

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