Authored By: Sarah
11 Jul 2024

 Marine Lubricants Market Size to grow by USD 41.21 million between 2024-2028

According to a research report “ Marine Lubricants Market” by Application (Engine oil, Hydraulic oil, Grease, Others) Type (Mineral oil-based marine lubricants, Bio-based marine lubricants, Synthetic marine lubricants) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 41.21 million, at a CAGR of  2.49% during the forecast period. The marine lubricants market experiences significant growth due to the increasing demand for optimized engine performance and fuel efficiency in the maritime industry. High-performance lubricants are essential for reducing friction, wear, and corrosion within ship engines, gears, and other critical components. Efficient lubrication ensures smooth operation, minimizing energy losses and fuel consumption. Advanced marine lubricants, engineered with sophisticated additives, help vessels operate at peak performance levels, reducing fuel consumption and extending equipment lifespan. By addressing the challenges of frictional resistance and heat generation, these advanced lubricants enable maritime operations to maximize efficiency and minimize costs, ultimately contributing to environmental sustainability.

Browse market data tables, figures, and in-depth TOC on “Marine Lubricants Market” by Application (Engine oil, Hydraulic oil, Grease, Others) Type (Mineral oil-based marine lubricants, Bio-based marine lubricants, Synthetic marine lubricants) Geography (APAC, Europe, North America, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By Application, the Engine oil segment is projected to dominate the market size in 2024

In the marine lubricants market, mineral oil-derived products are widely utilized due to their accessibility and cost-effective nature. Mineral oils are a byproduct of crude oil refining and can be classified into three types: naphthenic, paraffinic, and aromatic. Paraffinic mineral oils are increasingly preferred over naphthenic and aromatic types due to their superior properties. These oils exhibit excellent thermal stability, low volatility, high viscosity index, and high flashpoint. Furthermore, they possess a higher pour point than their counterparts, ensuring optimal performance in marine applications. The rising research and development expenditure in the maritime industry is expected to fuel the demand for mineral oil-based marine lubricants, particularly those derived from paraffinic mineral oils.

By Type, Mineral oil-based marine lubricants  segment is expected to hold the largest market size for the year 2024

The marine lubricants market is primarily driven by the engine oil segment due to the extensive usage in marine applications, smaller drain intervals, and the high fuel consumption of engines. This segment is further categorized into trunk piston engine oils (TPEOs) and marine diesel cylinder lubricants (MDCLs). TPEOs, which are commonly utilized for lubricating four-stroke engines in cruise and coastal vessels, account for a significant market share. Conversely, MDCLs, which are employed in two-stroke engines of large container and cargo ships, also hold a substantial position. The growing demand for larger and more efficient marine engines is expected to boost the market growth for engine oils. A diverse range of lubricating oils, including those designed for engines that burn gas, gas oil, or liquid biofuel, as well as heavy fuel, cater to the varying requirements of the marine industry.

APAC is forecasted to hold the largest market size by region in 2024

The maritime industry's growth, driven by significant investments in shipbuilding in countries such as South Korea, Japan, and China, is projected to boost the demand for marine lubricants. Government initiatives aimed at enhancing bilateral trading facilities and the expanding travel and tourism sector, which increases shipbuilding capacity, are key factors contributing to this trend. Additionally, the construction, expansion, and enhancement of logistics infrastructure in the Asia Pacific region are anticipated to further fuel the demand for marine lubricants, stimulating economic growth, increasing trade, and driving the need for transport and logistics services.

The Marine Lubricants Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Benjn.R.Vickers and Sons Ltd.
  • BP Plc
  • Chevron Corp.
  • Compania Espanola de Petroleos SA
  • ENEOS Holdings Inc
  • Eni SpA
  • Exxon Mobil Corp.
  • Feoso Oil Ltd.
  • FUCHS PETROLUB SE
  • Gulf Oil International Ltd
  • Idemitsu Kosan Co. Ltd.
  • Indian Oil Corp. Ltd.
  • PJSC LUKOIL
  • Repsol SA
  • Shell plc
  • Sinopec Shanghai Petrochemical Co. Ltd.
  • Valvoline Inc.
  • TotalEnergies SE
  • Emirates National Oil Co. Ltd. LLC
  • Gazprom Nedra LLC
.

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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 experiencing significant growth due to the increasing demand for energy-efficient transportation and the need for low-cost operations in the shipping industries. General cargo carriers, container ships, oil tankers, and bulk carrier vessels all require various types of lubricants for their engines, turbines, transmission systems, hydraulic systems, gear systems, gas compressors, and bearings & circulation systems. E-commerce businesses play a crucial role in the marine lubricants market, providing easy availability and low cost for shipowners. The types of lubricants in demand include system oil for marine engines, piston engine oil, marine cylinder oil, and mineral oil greases. The demand for ships for foreign trade and bilateral trade treaties contributes to the growth of the marine lubricants market. The lengthy voyage duration of cargo ships necessitates on-time lubrication to ensure high performance and prevent downtime. The sulphur content of fuels is a significant factor in the marine lubricants market, with the shift towards low sulfur fuel and exhaust gas re-circulation systems driving the demand for lubricants that meet these requirements. The use of slow steaming and catalytic reduction systems also impacts lubricant consumption and demand. Bio-based and synthetic lubricants are gaining popularity due to their high performance and extended drain intervals. Modified chemicals and additives are also used to enhance the performance of mineral oils in extreme temperatures. Overall, the marine lubricants market is expected to continue growing due to the increasing demand for efficient and cost-effective shipping solutions, navigation facilities, water networks, and ports.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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