Marine Lubricants Market

Marine Lubricants Market Outlook (2022-2032)

Marine lubricants consumption across the world is valued at US$ 6.1 billion, and is forecast to exceed US$ 7.1 billion by 2032, increasing at a CAGR of 1.5%.

Report Attributes	Details
Marine Lubricants Market Size (2021A)	US$ 6 Billion
Estimated Market Value (2022E)	US$ 6.1 Billion
Forecasted Market Value (2032F)	US$ 7.1 Billion
Global Market Growth Rate (2022-2032)	1.5% CAGR
North America Market Share (2021)	~31%
North America Growth Rate (2022-2032)	~1.6% CAGR
U.S. Growth Rate (2022-2032)	~1.7% CAGR
Market Share of Top 5 Companies	~13.1%
Key Companies Profiled	Exxon Mobil Corporation Royal Dutch Shell Inc. Chevron Corporation BP p.l.c Croda International Plc The PJSC Lukoil Company Repsol S.A Avinoil S.A. CEPSA SINOPEC Gazprom Neft PJSC ENEOS Corporation FUCHS

Growth in the shipping industry and rising seaborne international trade are likely to support demand growth in global marine lubricants market over the coming years.

Marine lubricant sales accounted for ~4% share in the global lubricant market in 2021. The global market for marine lubricants is poised to generate US$ 1 billion in terms of absolute dollar opportunity during 2022-2032.

Marine Lubricant Consumption Analysis (2017-2021) Vs. Industry Outlook (2022-2032)

In earlier years, the marine lubricant industry endeavored the use of additives that included heavy metals such as antimony and lead to achieve high-load capability at low cost. However, recently, the industry has shifted from the use of such additives to environment-friendly additives. This shift is a green signal for the growth of the marine oils market.

Furthermore, rising shipping industry due to enhancement of global seaborne international trade has increased demand for marine lubricants having high efficiency and low emission capacity, helping to grow the marine lubricant industry by 1.2X.

Additionally, stringent government regulations regarding limited use of sulphur and nitrogen in automotive lubricants provide attention to bio-based lubricants, which further helps heighten the growth of marine lubricant engines. Also, adoption of four-stroke engines in the marine industry, which require highly efficient lubricants, will drive demand for marine lubricants.

Fact.MR projects the global marine lubricant market to witness 1.5% CAGR between 2022 and 2032 in comparison to 1.2% from 2017 to 2021.

How is Demand for Marine Lubricants Being Driven?

“Rising Seaborne International Trade Due to Rapid Globalization”

International trading through sea accounts for roughly 30% of worldwide transportation. Due to this, demand for environmental-friendly marine lubricants with high efficiency for two-stroke and four-stroke engines is rising.

Additionally, rising trade of bulk merchandise, such as industrial products, consumer goods, oils, and agricultural goods across the world has increased the use of marine transportation. Use of large ships for trading has amplified over the past few years, leading to higher demand for marine lubricants.

Growing tourism sector has driven rising demand for cruise ships, favoring product demand. Mounting investments by major market players and governments in the tourism industry will push demand growth of marine grease and oils.

“Enhanced Fuel Efficiency Coupled with Low-Cost Operations”

Marine lubricants form an essential part of the maritime supply chain, and stringent regulations imposed by International Maritime Organization (IMO) are anticipated to enhance the consumption of marine lubricants in future years.

However, with augmented fuel prices, shippers are likely to operate engines at slow streaming levels to save fuel. This could advance corrosion concerns in engines and strain the components and systems, as the engines are not capable of operating continuously at reduced rates.

Therefore, in order to ensure the proper safety and functioning of these engines, global demand for marine lubrication is likely to increase during the forecast years of 2022-2032.

Region-wise Analysis

Which Region Accounts for Highest Demand for Marine Lubricants?

“North America Marine Lubricant Market Leads the Way”

Rapid industrial growth and rising international trade activities, together with increasing adoption of seaborne trade, drives marine lubricants market growth in North America. The North American marine lubricants market is anticipated to dominate the global market by accounting for 31.2% market share in 2022.

Also, growing intra and intercostal seaborne networks with completely combined waterways are anticipated to upsurge the requirement for carriage ships that are mostly used to ship materials, goods, and raw materials, which will spur demand growth of marine oils in the North American region during assessment period.

How is the Asia Pacific Marine Lubricant Market Progressing?

“East Asia Market Lucrative, Led by China and Japan”

The Asia Pacific marine lubricants market holds 29.6% of the global market share in 2022. Deep-dive into different economies unveils that East Asia occupies 67.1% of the Asia Pacific market however South Asia & Oceania offer a recessive market, and occupies 32.9% of Asia Pacific.

This difference is owed to increasing industrialization in Japan and China. Boosted trade value is another key contributor to the dominance of East Asia in the Asia Pacific regional market.

Country-wise Analysis

How is Demand for Marine Lubricants Shaping Up in the U.S.?

“Demand for Bio-lubricants to Rise Faster”

The United States marine lubricants market accounts for the largest market share, i.e., 27.5% in 2022. The U.S. market is also projected to grow the fastest and register a CAGR of 1.7% during the forecast years.

Enhanced focus of manufacturers in the lubricant market operational in the region on promoting and introducing bio-lubricants for the marine industry is anticipated to boost market growth over the forecast period. Strict regulations on the use of ecologically accepted lubricants owing to growing worries of marine pollution in the United State is foreseen to offer market openings for bio-lubricants over the coming years.

Category-wise Analysis

Which Oil Type Holds Dominance in the Marine Lubricants Market?

“Synthetic Marine Oil Gaining More Popularity”

The marine lubricant market under oil type is segmented into oil-based, synthetic, and bio-based marine lubricants. The synthetic marine lubricants segment dominates the market with 51.1% of the overall market share, and is projected to register a CAGR of 1.6% over the forecast period.

This high market share is due to its high efficiency under low or high temperatures, environment-friendly nature, and durability in water. Additionally, with rising government demand for the reduction of sulphur and nitrogen emissions, sales of synthetic marine oil is rising faster as compared to other variants.

Which Product Type Will Bring in Decent Sales for Market Players?

“Sales of Engine Oil & Hydraulic Fluid to Increase”

Engine oil holds 43.5% of the market share in 2022. This high market share is due to its capacity for engine sealing and cleaning power.

Hydraulic fluid is anticipated to gain rapid traction over the forecast period and grow 1.2X in demand by 2032, followed closely by compressor oil.

Competition Landscape

Key manufacturers of marine lubricants are BP p.l.c, Royal Dutch Shell Plc, Chevron Corporation, Exxon Mobil Corporation, Croda International Plc, Repsol S.A, SINOPEC, and CEPSA.

Leading manufacturers are involved in product improvement and innovation such as efficiency, viscosity, safety, low emission, etc., of marine lubricants.

Apart from this, marine lubricant manufacturers are also resorting to collaborations with ship manufacturers. This strategy helps them enhance their global footprint.

• Seplat Energy Plc, in 2022, entered into an agreement to acquire Mobil Producing Nigeria Unlimited from Exxon Mobile Corporation. This transaction will create the largest independent energy companies on both, the London Stock Exchange and Nigerian Stock Exchange, and will drive enhanced growth and profitability over the coming years.
• Chevron Corporation, in 2021, signed an agreement to acquire Neste’s global base oil business.

Fact.MR has provided thorough data about the price points of top marine lubricant manufacturers placed across regions, in addition to providing information on sales growth, speculative production expansion, and production capacity, in the recently published report.

Marine Lubricant Industry Analysis by Category

• Marine Lubricant Market by Oil Type :

  • Oil-based Marine Lubricants
  • Synthetic Marine Lubricants
  • Bio-based Marine Lubricants

• Marine Lubricant Market by Product Type :

  • Engine Oil
  • Hydraulic Fluid
  • Compressor Oil
  • Other Product Types

• Marine Lubricant Market by Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA