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Marine Lubricants Market Size, By Product (Mineral Oil, Synthetic Oil, Bio-based marine lubricants), By Application (Engine Oil, Hydraulic Oil, Grease Oil), By Marine Channel (Recreational, Industrial, Transport) Industry Analysis Report, Covid-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2023 – 2032

  • Report ID: GMI412
  • Published Date: Dec 2022
  • Report Format: PDF

Industry Statistics

Marine Lubricants Market size reached a valuation of USD 6 billion in 2022. Driven by the expansion of the shipbuilding and fleet market in Asia Pacific, the industry is expected to grow at 5.5% CAGR between 2023 and 2032.
 

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Shipbuilding industry has been registering a rise due to its wide range of applications, such as transportation, naval, and recreational industries. Asia Pacific region witnessed substantial growth in its industry, which accounted for over 95% of the worldwide market by deadweight with a value of 171.8 million dwt in 2020. The region is expected to continue being the heart of the global shipbuilding sector, especially with China and Japan being among the top three ship-owning nations, in terms of commercial value and dead weight tonnage, as of January 2022, according to UNCTAD.
 

Environmental regulations against synthetic lubricants use to hamper marine lubricants market outlook

Although important for the smooth operations of marine vessels, incidences of petroleum-based fluid leaks due to the use of marine lubricants have led to the amendment of various environmental regulations by global authorities, as they can hurt aquatic marine life. As recently as December 2022, there was a marine oil spill in Houston, USA, where around 3,500 gallons of used lubricant oil leaked into an industrial canal from a storage facility.
 

Extensive application and cost-effectiveness to boost mineral oil segment progress

 

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On the basis of application, the marine lubricants market is segmented into mineral oil, synthetic oil, and biobased marine lubricants. The mineral oil segment is poised to grow at 5.5% CAGR between 2023-2032. Mineral oil lubricants find extensive usage in the marine sector, given their high solubility with additives, which results in enhanced performance of engines and vessels and better compatibility with seals. They are also a less expensive option compared to synthetically made lubricants, further driving demand in the segment.
 

Rise in commodity trade to augment engine oil segment trends

Based on application, the marine lubricants market is divided into hydraulic oil, engine oil, and grease oil. The engine oil segment is slated to reach a valuation of more than USD 4.5 billion by 2032. Engine oil is used to lubricate the inner components of internal combustion marine engines, which keeps them cool and prevents corrosion. This is an important factor given the rising global trade volume of bulk commodities, like oils, agricultural goods, consumer goods, and industrial products, done via water transportation, prompting demand in the segment. 
 

Rising interest in water sports to fuel expansion in recreational segment

 

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In terms of marine channel, the marine lubricants market is bifurcated into recreational, industrial, and transport. The recreational segment is anticipated to grow at over 4.5% CAGR between 2023 to 2032. The segment growth is attributed to the growing interest in water sports activities, like kayaking, sailing, power boating, jet skiing, rafting, and many more, and the flourishing water adventure tourism business. This will lead to a demand for recreational boats and stimulate the overall market outlook.
 

Increasing investments in the marine industry to fuel North America segment development

 

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North America marine lubricants market is anticipated to surpass USD 1 billion by 2032, owing to the well-established marine and shipping industry. According to the Bureau of Economic Analysis, the marine economy accounted for 1.7%, or $361.4 billion, of the U.S. GDP in 2020. Coupled with that, the country is witnessing growing investments toward expanding the marine transport network, which will further boost regional market landscape.
 

Impact of COVID-19 on the marine lubricants market forecasts

The Covid-19 pandemic resulted in a drop in transport and recreational activities, due to the lockdowns and travel curbs imposed by the governments across several economies. Limited expenses by the consumers further impacted the demand for commodity and merchandise. Furthermore, the shipping industry was also affected by the shortage of containers at the depot due to declining global demand. Supply chain issues have also affected the demand and delivery of goods, and indirectly the global market.
 

The marine lubricants market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Million USG and revenue in USD Million from 2018 to 2032 for the following segments:

By Product

  • Synthetic
  • Synthetic Blend Oil (SBO)
  • Bio-based
  • Mineral

By Application

  • Engine Oil
  • Hydraulic Oil
  • Grease Oil
  • Others

By Marine Channel

  • Recreational
  • Industrial
  • Transport

The above information is provided for the following regions and countries:

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

 

Authors: Kiran Pulidindi, Hiralkumar Patel

Frequently Asked Questions (FAQ) :

Global market for marine lubricants amassed USD 6 billion and is anticipated to register 5.5% CAGR between 2023 to 2032 owing to the proliferation of ship building and fleet market across the Asia Pacific.
Mineral oil segment is anticipated to witness 5.5% CAGR over 2023-2032, driven by the cost-effectiveness and extensive application of mineral oil in the marine industry due to better solubility with additives.
North America marine lubricants market valuation is expected to surpass USD 1 billion by 2032, on the account of the growing investments focused on boosting the development of the country’s well-established marine industry.
Some of the major players in the market are Royal Dutch Shell, China Petroleum & Chemical Corporation (Sinopec Corp), Chevron Marine Products, Exxon Mobil Corporation, Synforce Lubricants, Gulf Oil International Limited, ENEOS Corporation, Indian Oil Corporation Ltd (IOCL), amongst others.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 10
  • Tables & Figures: 598
  • Countries covered: 22
  • Pages: 368
  • Upcoming Report: Details can be customized to meet your information and data needs. Feel free to share your detailed research requirements via this form.

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