Marine Lubricants Market Size, Share and Industry Analysis Report by Product (Bio-Based, Synthetic, Mineral Oil), Application (Grease, Hydraulic Oil, Engine Oil) and Marine Channel (Recreational {Inflatable Boats, In board Motorboats, Out Board Motor Boats}, Industrial {Drill Ships, Semi Submerged Ship}, Transportation {Tankers, Cargo Ships, Container Ships, Passenger Ships}), Regional Outlook, Application Potential, 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 Overview

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 and rising trends among consumers for luxury travel cruises will have a positive impact on business growth.
 

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 boost the product demand.
 

Marine lubricants market Outlook

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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.
 

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 should drive the marine lubricants market growth. Increase in natural gas & crude oil production coupled with rising offshore exploration activities further propel product demand.
 

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 the 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. 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 the marine lubricants market 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.
 

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 and increasing government initiatives for boosting tourism sector will drive the demand for luxury cruises.
 

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. Increasing investments in naval shipbuilding and government subsidies along with technological advancements in naval defense sector should propel marine lubricants market share.
 

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.
 

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

Global marine lubricants industry 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 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) :

Marine engine oils segment will observe a CAGR of over 3.5% through 2026 with increasing product demand to facilitate proper functioning of medium and low speed marine engines.
Bio-based lubricants are gaining immense popularity due to the associated benefits like biodegradability, low cost, less toxicity and less maintenance.
Marine lubricants market will witness a CAGR of 4.5% over 2020-2026 on account of increasing production of natural gas and crude oil and rising offshore exploration activities.
Expansion of regional shipbuilding industry driven by growing applications in transportation recreational and naval industries makes Asia Pacific a strong growth avenue for marine lubricants market.

Premium Report Details

  • Published Date: Feb 2020
  • Pages: 323
  • Tables: 512
  • Charts / Figures: 25
  • Companies covered: 20
  • Countries covered: 28

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