Marine Lubricants Market size worth over $7 billion by 2026

According to a new research report by Global Market Insights, Inc., the marine lubricants market size is set to surpass $7 Billion by 2026.
 

Marine lubricants are widely utilized in gear systems, air compressors, gas compressors, and hydraulic systems in order to enhance machine functionality and decrease maintenance expenditure. Technological advancements in seafaring sector along with growing shipping industry will positively impact marine lubricants market growth.

 

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As per market forecast, increasing defense spending along with private investments will foster naval and defense ship building activities. Escalating need for high quality and high-performance ships in defense industry should boost marine lubricants market growth.
 

Growing synthetic oil demand owing to its good lubrication properties will stimulate industry growth

Synthetic oil lubricants offer several benefits which includes wear & tear protection, low friction and thermal stability over traditional lubricants. These are beneficial for large shipping and commodity transport application which should drive synthetic oil demand. For instance, Exxon Mobil has expanded its synthetic oil production capacity and are also engaged in developing specialty products that delivers performance benefits. Such initiative and strategic steps will favor synthetic oil industry growth.
 

Synthetic oil helps in extending engine’s life and flows smoothly with cold engine starts in comparison to conventional oils, thus reducing engine wear. The product offers improved lubrication properties under extreme pressures and temperatures, thus protecting engine from wear and tear. Rising globalization trends will lead to growing sea trade activities which will foster marine lubricants market growth.
 

Browse key industry insights spread across 323 pages with 512 market data tables and 25 figures & charts from the report, “Global 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, Competitive Market Share & Forecast, 2015 – 2026” in detail along with the table of contents: https://www.gminsights.com/industry-analysis/marine-lubricants-market
 

Rising oil & gas exploration activities will stimulate marine lubricants demand

“According to market analysis and trends, marine lubricants market from industrial marine channel is expected to grow at CAGR of over 3.5% from 2019 to 2026.”
 

Marine lubricants owing to their superior temperature resistance and good lubrication properties are predominantly used for drill ships and rigs in oil and gas sector. It is mandatory to ensure proper functioning of ships and equipment in the industry to avoid accidents. Proper lubrication ensures protection against corrosion and offers superior fluid film protection against metal-to-metal contact. Increasing oil & gas exploration activities will stimulate drilling equipment and platforms demand, thus promoting marine lubricants market growth.
 

“As per industry forecasts, North America marine lubricants market is anticipated to grow over 3% by 2026 owing to growing trade activities”
 

U.S. goods and services trade with Canada was about USD 700 billion in 2018. Growing intra country and intra costal sea borne container network is likely to increase marine lubricants demand in order to maintain ships and boost cost effective trade. Stringent regulatory guidelines regarding use of environmentally approved lubricants due to rising concerns of marine pollution should drive bio lubricants demand in the region.
 

Key market participants in marine lubricants are Gulf Oil, Total, Quepet Lubricants, LUKOIL, Sinopec Corp., Castrol, Chevron, Shell, Lubricon, Valvoline Inc., Synforce Lubricants, Fuchs Petrolub, PETRONAS Lubricants, and Exxon Mobil Corporation.
 

As per market analysis & trends, companies are also involved in several strategical initiatives including strategic acquisitions & mergers, collaborations and partnerships, and new product launch to increase their market share and improve product offerings. For example, In June 2019, Exxon Mobil added a new medium-speed lubricant, Mobilgard M420. This will assist the company to expand its marine lubricants portfolio.
 

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