Marine Lubricants Market size is set to grow by USD 41.21 million from 2024-2028, Growing need for optimized engine performance and fuel efficiency boost the market, Technavio

31.05.24 00:00 Uhr

NEW YORK, May 30, 2024 /PRNewswire/ -- The global marine lubricants market  size is estimated to grow by USD 41.21 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  2.49%  during the forecast period. 

Technavio has announced its latest market research report titled Global Marine Lubricants Market 2024-2028

For more insights on the forecast market size and historic data (2018 - 2022) - Buy Report

Segment Overview 

  • Application 
    • 1.1 Engine oil
    • 1.2 Hydraulic oil
    • 1.3 Grease
    • 1.4 Others
  • Type 
    • 2.1 Mineral oil-based marine lubricants
    • 2.2 Bio-based marine lubricants
    • 2.3 Synthetic marine lubricants
  • Geography 
    • 3.1 APAC
    • 3.2 Europe
    • 3.3 North America
    • 3.4 Middle East and Africa
    • 3.5 South America

    1.1 Engine oil-  The marine lubricants market is primarily driven by the engine oil segment due to the large usage in engines, smaller oil change intervals, and high fuel consumption. Engine oils are categorized into trunk piston engine oils (TPEOs) and marine diesel cylinder lubricants (MDCLs). TPEOs are utilized in four-stroke engines of cruise and coastal ships, while MDCLs are employed in two-stroke engines of large container and cargo ships.

    The expanding global shipping fleet is anticipated to boost the demand for engine oil lubricants. Key players like Exxon Mobil Corp. and Chevron Corp. provide a variety of marine lubricants for engine oil applications, such as Mobil Delvac and Mobilgard series. These products offer high-temperature resistance and thermal stability, making them suitable for marine engines.

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    Marine Lubricants Market Scope

    Report Coverage

    Details

    Base year

    2023

    Historic period

    2018 - 2022

    Forecast period

    2024-2028

    Growth momentum & CAGR

    Accelerate at a CAGR of 2.49%

    Market growth 2024-2028

    USD 41.21 million

    Market structure

    Fragmented

    YoY growth 2022-2023 (%)

    2.26

    Regional analysis

    APAC, Europe, North America, Middle East and Africa, and South America

    Performing market contribution

    APAC at 46%

    Key countries

    US, China, South Korea, Japan, and Italy

    Key companies profiled

    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, and Gazprom Nedra LLC

    Market Driver

    The marine lubricants market is experiencing growth due to the increasing popularity of eco-friendly bio-based lubricants. These lubricants are produced from renewable feedstocks, such as plant-based oil and sugar, using techniques like fermentation, ultrafiltration, and crystallization.

    Developed economies, including Canada, the US, and Germany, are leading the way in their adoption. Key vendors, such as Shell, are expanding their bio-based lubricant portfolios to reduce environmental impact without sacrificing performance. Developing countries, like China and India, are also adopting these sustainable solutions, driving market growth during the forecast period. 

    The Marine Lubricants market is experiencing significant growth, driven by the increasing demand for efficient and eco-friendly solutions. Shipping companies are investing in advanced technologies and innovative products, such as synthetic oils and biodegradable lubricants. The demand for these products is influenced by factors like ship size, type, and trade routes. Additives like extreme pressure additives, anti-wear additives, and anti-corrosion additives are crucial in ensuring the longevity and performance of marine engines.

    The trend towards larger ships and longer voyages necessitates the use of high-performance lubricants to minimize downtime and maintenance costs. Demand for marine lubricants is also influenced by regulatory requirements, such as the International Maritime Organization's (IMO) regulations on emissions and the implementation of the Ballast Water Management Convention. 

    Market Challenges

    • The marine lubricants market confronts the challenge of adjusting to the maritime industry's shift towards lower carbon fuels. Regulatory pressure to decrease greenhouse gas emissions necessitates the use of alternatives like liquefied natural gas (LNG), biofuels, and hydrogen-fuels.
    • These fuels have distinct chemical properties, requiring marine lubricants to be reformulated for compatibility and optimal performance. The transition may also impact engine and equipment lubrication needs, necessitating new formulations or additives. This fuel adoption reduces marine lubricants demand, posing a growth challenge for the market.
    • The Marine Lubricants market faces several challenges. Demand for low-viscosity and high-performance lubricants is increasing due to the growing size and complexity of ships. The use of bio-lubricants and synthetic oils is also rising due to environmental concerns. However, the high cost of these advanced lubricants and the need for regular replacement are major challenges.
    • The durability and compatibility of lubricants with various ship components and operating conditions are also critical factors. Additionally, the need for efficient supply chain management and logistics to ensure timely delivery to ships at sea is a significant challenge. The market requires innovative solutions to address these challenges and provide cost-effective, high-performance, and eco-friendly lubricant options.

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    Research Analysis

    The Marine Lubricants Market encompasses a wide range of products used in the shipping industries to reduce transportation costs and ensure the smooth operation of marine vessels. These lubricants include mineral oils and synthetic marine lubricants, with the latter offering high performance and easy availability at a potentially lower cost. Additives, such as grease thickener systems, are often incorporated to enhance the lubricants' capabilities in extreme temperatures.

    Newer technologies, like modified chemicals and blending, are being employed to cater to the specific needs of cargo ships during long voyage durations. The market is significantly influenced by foreign trade and bilateral trade treaties, as well as the availability of water networks and navigation facilities. Exhaust gas re-circulation systems are also a growing concern, necessitating the use of lubricants that meet these specifications.

    Market Research Overview

    The Marine Lubricants Market encompasses a wide range of products used to reduce friction and wear in marine applications. These lubricants are essential for the smooth operation of ships and offshore installations. The market is driven by factors such as increasing demand for fuel efficiency, stringent regulations, and the growing size of the global merchant fleet. The market is segmented based on product type, application, and geography. Product types include mineral oils, synthetic oils, and bio-lubricants. Applications include engine oils, hydraulic oils, and gear oils.

    The market is expected to grow significantly due to the increasing demand for marine transportation and the need for eco-friendly lubricants. Extreme temperatures and harsh marine environments pose unique challenges for marine lubricants, necessitating the development of advanced formulations. The market is also influenced by factors such as raw material prices, technological advancements, and regional regulations.

    Table of Contents:

    1 Executive Summary
    2 Market Landscape
    3 Market Sizing
    4 Historic Market Size
    5 Five Forces Analysis
    6 Market Segmentation

    • 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

    7 Customer Landscape
    8 Geographic Landscape
    9 Drivers, Challenges, and Trends
    10 Company Landscape
    11 Company Analysis
    12 Appendix

    About Technavio

    Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

    With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

    Contacts

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

    Global Marine Lubricants Market 2024-2028

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