Seoul, South Korea, Aug. 29, 2022 (GLOBE NEWSWIRE) -- As per recent analysis done by Fact.MR- a market research firm, the global marine lubricants market is estimated to surpass the valuation of USD 7.1 billion by 2032 end, and to expand at a significant CAGR of 1.5% by value over the assessment period.
The rising international trade activities and shipbuilding developments are flourishing the growth of the marine lubricants market. International trading through seaborne contribute to almost 30% of global transportation and is still increasing. As a result, the biodegradability of marine lubricants is highlighted owing to its benefits including improved safety, constant viscosity and low emission rates.
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Additionally, the development in the lubricants industry and shift from use of additives which includes heavy metals such as antimony and lead towards environmental friendly additives drive the growth of bio-based marine lubricants. Also, improvement in ship size to upsurge the marine carriers and high demand for ultra-large container ships with the rise in trade volume spur the demand for marine lubricants.
Marine lubricants protect and enhance the efficiency of engines and equipment in shipping industry. They protect components at high temperatures, allows optimum performance in operations, like extending shelf life, enhancing protection against mechanical wear and reduces cold corrosion.
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 oil-based marine lubricants engines. Also, adoption of four-stroke engines in the marine industry, which require highly efficient lubricants, will drive demand for marine lubricants.
How is the Asia Pacific Marine Lubricants 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.
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Key Segments Covered in the Marine Lubricants Industry Survey
- Marine Lubricants Market by Oil Type :
- Oil-based Marine Lubricants
- Synthetic Marine Lubricants
- Bio-based Marine Lubricants
- Oil-based Marine Lubricants
- Marine Lubricants Market by Product Type :
- Engine Oil
- Hydraulic Fluid
- Compressor Oil
- Other Product Types
- Engine Oil
- Marine Lubricants Market by Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
- North America
Winning Strategy
The marine lubricants market is a fragmented market governed by intense competition among the leading players. Each player is aiming to enhance its market position by introducing quality and safe products through product innovation and improvement.
Key players in global marine lubricants market are preferring the adoption of inorganic and organic growth strategies such as collaborations, acquisitions, mergers, partnerships etc. to enhance their global footprint and profit margin.
They are also trying to gain foothold in the market by maintaining an edge over other competitors in the market and are trying to stay relevant by continuously focusing on product research and development.
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Key players in the Marine Lubricants Market
- 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.
Key Takeaways from Marine Lubricants Market Study
- The global marine lubricants market is valued at USD 6.1 billion and is projected to grow at a CAGR of 1.5% during the forecast years to reach USD 7.1 billion by the end of 2032
- Synthetic oil segment is expected to garner an absolute $ opportunity of nearly USD 576.9 million during the forecast period
- Compressor oil under product type segment of lubricants oil is projected to grow 1.2X during forecast period, while, engine oil segment is expected to continue its dominance during the forecast period
- North America and Europe together holds 57.6% market share in 2022
- North America and Europe are projected to register 1.6% and 1.5% CAGR during the forecast years
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