Marine Lubricants Market size worth over USD 7,085 million by 2027
Published Date: September 8, 2021 Authors: Kunal Ahuja, Sonal Singh
According to a new research report by Global Market Insights Inc., the Marine Lubricants Market size is anticipated to surpass USD 7,085 million by 2027.
Increasing trade with foreign shipbuilders has allowed the shipbuilding industry to improve the efficiency and quality of its R&D, management practices, and production processes. These developments have allowed shipyards to gradually improve their shipbuilding capacity. Private sector boats have the highest share in the total annual production and account for 52.9%. Increasing economic standards of the middle & upper-middle-class along with growing property developers and provincial government investments in the recreational & pleasure boat industry will fuel marine lubricant needs and uplift the market demand across the globe.
The increasing demand from OEM manufacturers for bio-based ecological products that comply with strict regulatory amendments will drive the bio-based marine lubricants market growth. Government initiatives, such as tax-saving schemes for bio-lubricants, different manufacturers penetrating the market to expand their business & customer base, leading suppliers coming with niche product offerings, and well-established distribution networks may fuel the product demand.
The recreational marine channel was valued at over USD 550 million in 2020. The growing interest of people toward recreational water sport activities, such as rafting, jet skiing, kayaking, rowing, sailing, powerboating, canoeing, boat racing, yachting & others along with rising water-based tourism is anticipated to propel the use of recreational boats.
The increasing participation by all age groups in water sport activities has influenced the demand for recreational boating facilities. Additionally, in the past few years, artificial water bodies were formed for organizing adventurous water sport activities such as rafting and kayaking. Furthermore, various government authorities have actively started promoting water sports actives and initiatives have been commenced to encourage the development of water sports facilities & recreational boating. These factors are projected to increase the use of recreational boats.
High-water resistance and mechanical stability will stimulate market demand from grease oil application
The global marine lubricants market from grease oil application is projected to grow by over USD 385 million by the end of 2027. Factors including transportation growth through waterways, increasing need for marine lubricants to improve the performance of ships, and rapid industrialization across the globe are driving the demand for grease oil. Grease oil is used in a wide range of marine applications such as seacocks, winches, deck gear, bearings, blocks, folding propellers, and wire rope protection. The high industrial & growing economy in emerging economies, such as China & India, and growing trade through waterways are expected to drive the product demand.
Growing international trade, development in the field of new waterways, and growing naval defense budget across the globe are anticipated to boost the demand for grease oil. Grease oil offers various advantages such as high-water resistance, mechanical stability, withstand heavy loads, high speed, and good corrosion protection. The rising awareness of the advantages of using grease oil in ships is predicted to accelerate the marine lubricants market share over the forecast period.
Browse key industry insights spread across 365 pages with 314 market data tables and 45 figures & charts from the report, “Marine Lubricants Market By Product (Bio-based, Synthetic, Mineral Oil), By Application (Grease, Hydraulic Oil, Engine Oil), By 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]), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
High wear & tear protection that enhance thermal stability are beneficial for large shipping and stimulate the market growth from synthetic oil products
The global marine lubricants market from synthetic oil products is anticipated to witness significant growth of around 4.5% CAGR during the forecast period. Rising focus toward minimizing maintenance costs and rapid technological advancements in the marine sector will accelerate the demand for high-performance synthetic oil products. The increasing use of synthetic oils as an alternative to mineral oil-based lubricants is predicted to offer growth opportunities for synthetic oil producers operating globally.
Synthetic oils offer significant advantages over mineral oils, specifically under extreme pressure and temperature. The oil reduces maintenance costs, optimizes equipment performance, and delivers highly reliable operations. Although synthetic oil products are expensive compared to mineral oil products, they offer superior performance that further decreases operating costs. For instance, synthetic oil is the preferred choice for lubricating cargo gas compressors that compress various gases. The increasing demand for high-performance lubricants in the marine industry is anticipated to drive the marine lubricants market growth over the next few years.
The Asia Pacific market is gaining traction owing to the shipbuilding & fleet market expansion
Asia Pacific will hold a CAGR of 4% by the end of 2027 owing to the presence of the world’s busiest ports in the region in countries including Singapore, China, and Hong Kong. Increasing private investments in the shipbuilding sector along with rapid industrial growth across Asian countries are predicted to bolster the use of transport ships, such as tankers, cargo ships & container ships.
Factors including rapid growth in international trade along with the removal of trade barriers have encouraged developing countries, such as India and China, to concentrate more on the improvement of their transport infrastructures, such as seaports, which play a vital role in the development of the economy. These initiatives are supporting the growth of the shipping industry in Asian countries.
Over the past few years, the tourism sector in Asia Pacific has been growing at the fastest pace. The tourism industry is among the most important sectors in many Asia Pacific countries such as Indonesia, Maldives, China, Malaysia, and India. Factors including the growing economy, increasing disposable income & leisure time, and aggressive tourism campaigns have fueled the tourism sector growth in the region. The tourism industry growth has, in turn, fueled recreational boats demand, thereby promoting the market growth. Furthermore, the rising defense spending due to increasing private player investments will also promote regional growth.
Key manufacturers of the marine lubricants industry are investing in several activities, such as mergers, acquisitions, collaborations, and research & development, as the product finds an array of applications in the market including grease, hydraulic oil, and engine oil. Some of the key players operating in the market are Royal Dutch Shell, Chevron Marine Products, Synforce Lubricants, China Petroleum & Chemical Corporation (Sinopec Corp), ENEOS Corporation, Avinoil SA, and Quepet Lubricants.