Latest News - Marine Lubricants Market: Engine oil is expected to lead the Application segment during 2024-2028

The Marine Lubricants Market is being driven by Growing need for optimized engine performance and fuel efficiency

The Marine Lubricants Market is expected to grow at a CAGR of 2.49% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 41.21 million. In the maritime industry, there is a growing trend towards the adoption of eco-friendly bio-based lubricants as an alternative to traditional petroleum-based products. These lubricants are derived from renewable feedstocks, such as plant-derived oils and sugars, which undergo processes like fermentation, ultrafiltration, and crystallization to produce high-quality marine lubricants. Notably, eco-friendly marine lubricants produced via fermentation utilize sucrose solutions as feedstock, which are hydrolyzed into fructose and glucose for consumption during fermentation. The use of bio-based marine lubricants not only contributes to reducing volatile organic compounds (VOCs) in the atmosphere but also minimizes the toxicity of emissions from neighboring industries, thereby preserving ecological balance. Developed economies, including Canada, the US, and Germany, are increasingly focusing on the development and implementation of environmentally responsible bio-based marine lubricants. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Engine oil
  • Hydraulic oil
  • Grease
  • Others
• Type
  • Mineral oil-based marine lubricants
  • Bio-based marine lubricants
  • Synthetic marine lubricants
• End-User
  • Commercial Shipping
  • Offshore Vessels
  • Naval Vessels
  • Recreational Boating
• Geography
  • APAC
    • China
    • India
    • Japan
  • Europe
    • France
    • Germany
    • Italy
    • UK
  • North America
    • US
    • Canada
  • Middle East and Africa
    • Egypt
    • KSA
    • Oman
    • UAE
  • South America
    • Argentina
    • Brazil

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing need for optimized engine performance and fuel efficiency
• Development of shipping industry
• Increase in naval expenditure

However, the market also witnesses some limitations, which are as follows:

• Difficulties in adoption of lower carbon fuels within maritime industry
• Stringent environmental regulations on marine lubricants
• Increase in adoption of alternative propulsion systems

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Market Scope in Marine Lubricants Market Research Report

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Research Analysis Overview

The Marine Lubricants Market plays a crucial role in ensuring the smooth operation of cargo ships and navigation facilities in the shipping industries. With the increasing volume of foreign trade and bilateral treaties, the voyage duration of cargo ships has significantly increased, making the use of high-performance marine lubricants essential. Newer technologies such as exhaust gas re-circulation systems and on-time lubrication have become essential to reduce maintenance and transportation costs. Mineral oil greases and synthetic marine lubricants are widely used in water networks and extreme temperatures. Modified chemicals and additives are added to enhance the lubricants' performance and durability. The use of low-cost, easy-available mineral oils is still prevalent in some regions, but the trend is shifting towards high-performance synthetic marine lubricants. The marine trade relies heavily on the availability and quality of marine lubricants. The shipping industries require lubricants that can withstand the harsh marine environment and ensure efficient operation. Blending and grease thickener systems are used to customize lubricants to specific vessel requirements. The market for marine lubricants is expected to grow as the demand for efficient and environmentally-friendly solutions increases.

Market Research Overview

The marine lubricants market is a significant segment of the global specialty chemicals industry, according to Technavio's market research. The specialty chemicals market encompasses businesses producing high-value-added chemicals utilized in the manufacturing process of a diverse range of products, such as fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. Technavio's market analysis calculates the size of the global specialty chemicals market based on the combined revenue generated by these high-value-added chemical manufacturers. Key growth drivers for the specialty chemicals market include the increasing demand for specialty adhesives and sealants, which are expected to significantly contribute to market expansion throughout the forecast period. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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