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 Motorboats], Industrial [Drill Ships, Semi Submerged Ships], Transportation [Tankers, Cargo Ships, Container Ships, Passenger Ships]), Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2027

Published Date: Sep 2021  |  Report ID: GMI412  |  Authors: Kunal Ahuja, Sonal Singh

Report Format: PDF   |   Pages: 365   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Overview

Marine lubricants market size exceeded USD 5,305 million in 2020 and is estimated to grow at a CAGR of over 3.5% from 2021 to 2027. Increasing demand for ships owing to the growing international trade, industrialization, and globalization coupled with a rising focus toward reducing the maintenance cost of ships is projected to accelerate product demand.
 

Marine lubricants reduce wear and tear between contacting surfaces in relative motion in marine applications. They are utilized in the lubricating parts of inflatable boats, out board motorboats, drill ships, semi submerged ships, tankers, cargo ships, and passenger ships. The rising trend among consumers for luxury travel cruises will have a positive impact on the marine lubricants market share.
 

Marine Lubricants Market Outlook

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

Supporting regulations led by the EPA and USDA regarding environmentally acceptable lubricants along with poor degradability of synthetic lubricants may act as a contributing factor towards the marine lubricants market growth. An increase in the number of new manufacturers and changed VGL regulatory norms have led to the replacement of conventional lubricants with bio-based lubricants. Government initiatives, such as the Ecolabeling schemes and legislative initiations, along with increasing consumer awareness regarding environmental concerns may stimulate product demand.
 

Low prices and easy availability of mineral oil have propelled the market from mineral oil

The marine lubricants market from mineral oil is anticipated to grow by over USD 5,480 million by the end of 2027. Mineral oil lubricants are extensively used in marine applications as they offer higher solubility with additives to enhance performance, are less expensive compared to synthetic-based lubricant counterparts and enhance compatibility with seals. Mineral oil is primarily used for the lubrication of various types of mechanical components including chains, bearings, gears, slides, and threaded connections in the marine industry.
 

A wide range of additives can be added to mineral oils to enhance performance. Furthermore, mineral oil is highly compatible with many grease thickener systems. High-performance, easy availability, and low cost are among the major factors accelerating the marine lubricants market revenue. A mineral oil flows at a slow pace through engine circuits compared to synthetic oil, which further results in increased fuel consumption and impacts performance. Moreover, mineral oil needs to be changed more frequently than synthetic oils. Due to these factors, industrial users are opting for synthetic oil as an alternative to mineral oil.
 

Rapid industrialization and urbanization have led to increasing demand for gas & oil worldwide and are likely to be marketed through industrial marine channels

The industrial marine channel is anticipated to grow by over USD 1,875 million by the end of 2027. Industrial ships are prominently used to carry out industrial processes at sea. Rapid technological advancements coupled with various sea drilling projects are predicted to drive industrial boats demand. Industrial ships are large, well equipped & contain helipads to facilitate easy supply and transport of goods.
 

The introduction of technologically advanced industrial ships along with financial support from the governments may boost the industrial ships demand. These ships have a wide application scope in offshore construction vessel-lifting operations and high stability toward loads. Various oil & gas manufacturers are engaged in drilling projects including offshore deep-water hydrocarbon production and the availability of finance will further favor the marine lubricants market trends. The rapid growth in the oil & gas sector is predicted to increase the demand for industrial ships over the projected period.
 

Growing consumer awareness concerning the environment and depleting crude oil reserves are anticipated to boost demand for bio-based marine lubricants

Marine Lubricants Market from Biobased Product

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The global marine lubricants market from bio-based product was valued at over USD 365 million in 2020 due to various factors including increasing environmental awareness, implementation of stringent regulations on the use of conventional lubricants and increasing acceptance of environmental-friendly bio-based products in the marine industry across the globe. Moreover, the growing cost-competitiveness of advanced bio-based marine lubricants, specifically due to increasing crude oil prices over the past few years will propel product demand through the projected period.
 

Furthermore, the increasing focus of marine lubricant manufacturers toward research & development to develop highly sustainable lubricant products is expected to favor the marine lubricants market in the coming years. Bio-based marine lubricants are expensive compared to other types of lubricants such as mineral oil and synthetic oil.
 

Increasing international trade owing to rapid globalization has surged the market demand for engine oil

Marine Lubricants Market from Engine Oil

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The global marine lubricants market from engine oil is likely to surpass USD 2,430 million by the end of 2027. Engine oil is specially used to lubricate the inner components of internal combustion marine engines, keep the engine cool, and protect engine components from corrosion. The increasing trade of bulk commodities, such as consumer goods, industrial products, agriculture goods, and oils, across the globe has increased the use of water transportation.
 

Shipping products through cargo ships offer various advantages such as low cost and larger transport capacity. Due to the above-mentioned factors, the use of large cargo ships for transportation has increased over the past few years, leading to high demand for engine oil. Growth in the tourism sector has led to surging demand for cruise ships, further favoring product demand. Growing investments of major players and state governments in the tourism sector will drive the marine lubricants market growth. A rise in the demand for low maintenance & effective ships will also favor product demand.
 

High industrial growth and increasing trade activities will stimulate the marine lubricants market growth in North America

Marine Lubricants Market by Region

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North America is expected to exceed USD 925 million by 2027 owing to the high industrial growth and increasing international trade activities coupled with the rising adoption of seaborne transportation as a cost-effective transport mode mainly in the U.S. The growing intracoastal and intra country seaborne container networks along with fully integrated waterways are projected to increase the requirement for transport ships that are mainly used to ship goods, materials & raw materials.
 

The increasing focus of lubricant manufacturers operating in the region toward promoting and introducing bio-lubricants for the marine industry is anticipated to boost market growth over the forecast period. The implementation of stringent regulations on the use of environmentally approved lubricants due to rising concerns of marine pollution in the U.S. is predicted to offer market opportunities for bio-lubricant producers operating in the region over the next few years. For instance, under the Vessel General Permit (VGP) and the Vessel Incidental Discharge Act (VIDA), ship operators need to use Environmentally Acceptable Lubricants (EALs) in their ships.
 

Continuous research & product development activities and innovative product launches to be key business strategies incorporated by major industry players

The global marine lubricants industry includes key players such as Lubarmine, Royal Dutch Shell, Chevron Marine Products, BP Marine (Castrol), and ExxonMobil. The major market players serve their products, such as grease, hydraulic oil & engine oil, to a wide range of application industries, strengthening their market position. Furthermore, manufacturers are engaged in several activities, which include product development & innovations, mergers, acquisitions, and others.
 

For instance, in January 2020, Eneos Corporation established a lubricant sales entity named, JX Nippon Oil and Energy Philippines Corporation in the Republic of Philippines. The strategic initiative aims to expand the lubricant business in the local market. Likewise, in April 2021, Crown Oil, a supplier of fuels and lubricants based in the UK, entered into a partnership with Valvoline. Through this collaboration, Crown Oil will offer a wide range of high-quality Valvoline products in the heavy-duty, agricultural, fleet, and marine sectors. This strategic initiative is expected to take Valvoline’s products to new markets.
 

The marine lubricants market report includes in-depth coverage of the industry with estimates & forecast in terms of volume (Kilo Tons) and revenue in USD (Million) from 2016 to 2027 for the following segments:

By Product

  • Mineral Oil
  • Synthetic Oil

By Application

  • Engine Oil
  • Hydraulic Oil
  • Grease Oil
  • Others

By Marine Channel

  • Recreational
    • Inflatable Boats
    • In Board Motorboats
    • Out Board Motorboats
    • Others
  • Industrial
    • Drill Ships
    • Semi Submerged Ship
  • Transport
    • 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
    • UK
    • Netherlands
    • Belgium
    • Spain
    • Italy
    • Russia
    • Greece
  • Asia Pacific
    • China
    • Hong Kong
    • 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) :

The marine lubricants market size surpassed USD 5,305 million in 2020 and will expand at a CAGR of 3.5% between 2021 and 2027.
Bio-based products accounted for USD 365 million in 2020 and will grow propelled by numerous factors such as implementation of strict rules on the utilization of conventional lubricants and surging environmental awareness.
Engine oil application will exceed USD 2,430 million through 2027 driven by its specific usage for lubrication of inner components of internal combustion marine engines, protecting engine components from corrosion, and for keeping the engine cool.
The North America marine lubricants market value will record USD 925 million revenue by 2027 due to rising international trade activities and the high industrial growth.

Premium Report Details

  • Published Date: Sep 2021
  • Pages: 365
  • Tables: 314
  • Charts / Figures: 45
  • Companies covered: 20
  • Countries covered: 5

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