Luton, Bedfordshire, United Kingdom, Jan. 09, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Marine Lubricants Market.
The global marine lubricants market is expected to grow at a 2.4% CAGR from 2023 to 2029. It is expected to reach above USD 8.42 billion by 2029 from USD 6.8 billion in 2021.
A special class of lubricants called marine lubricants is made to give marine vessels the tenacious performance they need to run smoothly. Different mechanical parts in maritime systems need lubricants to function effectively, be protected and have a longer life cycle. In the shipping industry, marine lubricants are used extensively. Over 90% of global trade, according to the International Marine Organization (IMO), is transported via maritime means. As a result, maintaining the efficiency and cost-effectiveness of trade around the globe depends on improving the performance and lifespan of the systems and components of marine vessel equipment.
Marine lubricants are frequently used in the shipping sector to safeguard machinery and boost performance. They are specifically made to enable optimum performance in operations like extending engine life and protecting components at high temperatures, enhancing protection against mechanical wear, and reducing cold corrosion. They also improve machine performance and reliability.
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Recent Developments:
- In April 2022, Chevron Global Energy Inc., a fully owned subsidiary of Chevron Corporation, completed the previously announced acquisition of Neste Corporation's NEXBASE brand, associated qualifications and approvals, and related sales and marketing operations from Neste Corporation.
- In June 2022, China launched its third advanced air carrier Fujian from Shanghai's Jiangnan Shipyard. The Fujian is China's first domestically designed and built catapult aircraft carrier.
- June 2021, BP Plc. has set up a digital hub in Pune, India, this expansion will help them grow their digital expertise and meet the changing demands by providing sustainable solutions.
Marine Lubricants Market Report Scope
| Report Attribute | Details |
| Market size value in 2021 | USD 6.8 billion in 2021 |
| Revenue forecast in 2029 | USD 8.42 billion by 2029 |
| Growth rate | CAGR of 2.4% from 2023 to 2029 |
| Base year for estimation | 2021 |
| Historical data | 2017 - 2020 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Country scope | U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman |
| Key companies profiled | BP Plc., Chevron Corporation, ExxonMobil Corporation, Royal Dutch Shell Plc, TotalEnergies SE, Valvoline, Petronas, Soil, Idemitsu Kosan Co. Ltd, Petrochemical Corporation, JX Nippon Oil & Energy Corporation, Gulf Oil Corporation Ltd., ENOC (Emirates National Oil Company), ENI SPA, Indian Oil Corporation, Petro Company Limited, SK INC., CEPSA, Gazprom Neft, ADDINOL Lube Oil GmbH, Bel-Ray Company LLC, Morris Lubricants, Penrite Oil, Liqui Molly GmbH, and Dyade Lubricants |
| Key Market Opportunities | Increase in applications across the shipbuilding industry will serve as a vital growth factor for the marine lubricants market. |
| Key Market Drivers | Escalating influence of marine trade on the back of low maintenance and transportation cost will also bode well for the growth of the marine lubricants market. |
| Customization scope | Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | The entire organization can use the report. It can be printed and shared. Delivery in PDF and Excel. |
Segmentation:
Based On Oil type the global marine lubricant market is divided into marine oil, synthetic oil, and bio-based oil
- Marine oil: Marine One of the necessary components for running any type of machinery on a ship is lube oil. The parts that are moving relative to one another and creating frictional and other sorts of stresses on the machinery are lubricated and cooled by lube oil.
- Synthetic oil: synthetic oil is made of chemical compounds that have undergone artificial modification or synthesis. In addition to being made from other raw materials, synthetic lubricants can also be produced using chemically altered petroleum components rather than whole crude oil. However, the majority of the base material is still crude oil, which is distilled before being physically and chemically altered.
- Bio-based lubricants: Bio-based lubricants are characterized as being made from renewable resources, biodegradable, and typically based on plants. As long as they are renewable and biodegradable, they may use other sources.
Based On product type the global marine lubricant market is divided into Engine Oil, Hydraulic Fluid, and Compressor Oil
- Engine Oil: Engine Lubricating oil is a class of oils used to reduce the friction, heat, and wear between mechanical components that are in contact with each other. Lubricating oil is used in motorized vehicles, where it is known specifically as motor oil and transmission fluid.
- Hydraulic Fluid: It functions as a lubricant, sealer, and medium for the transmission of energy or power. It is a fluid that also cools the machinery and removes impurities.
- Compressor Oil: To reduce the volume and increase the pressure of gases for use in a variety of applications, compressor oils are lubricants used in mechanical devices.
Based On application the global marine lubricant market is divided into Bulk Carriers, Tankers, and Container Ships.
Regional Analysis:
In terms of geography, the Marine lubricant market can be categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Asia Pacific led the marine lubricants market in terms of value and volume, owing to the region's growing domestic demand, increasing income levels, rapid industrialization, and urbanization. Asia Pacific is projected to witness the highest CAGR during the forecast period. This growth is attributed to increasing trade activities and the rising trend of manufacturing companies expanding their facilities in the region. The ports of China and Singapore are the major consumers of marine lubricants.
As per the United Nations Conference on Trade and Development (UNCTAD), around 50% of the ships are owned by companies in Asia-Pacific accounting for the major share in the consumption of marine lubricants. Also, the number of dry docks is high in the region which supports the growth of the market in the region. Emerging economies such as India, China, and Taiwan are increasing their trade activities which are expected to boost market growth over the forthcoming years. Moreover, the increasing number of naval vessels in the region is expected to provide impetus to the market in the forecast period.
Europe accounts for the second-largest share in the global marine lubricants market after Asia-Pacific. Europe accounts for a significant share of global trade and has several ports and dry docks to support the healthy consumption of marine lubricants in the region. Netherlands, Germany, and the UK are among the prominent consumers.
North America accounts for a single-digit market share due to the low number of ship owners in the region. However, the market is expected to grow moderately during the foreseeable period with a steady increase in trade. 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 for marine oils in the North American region
The market in the Middle East & Africa is driven by the lubricant consumption in oil tankers. However, the turbulence in the political conditions such as sanctions on Iran may hamper the market growth over the forecast period. On the other side, GCC countries and Turkey account for more than half of the regional marine lubricant demand.
Latin America is one of the fastest-growing markets on the back of increased trade activities and the expansion of e-commerce business in the region. Brazil, Mexico, Panama, Chile, and Argentina will greatly drive the marine lube market in the region.
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Drivers:
- The maritime supply chain is not complete without marine lubricants. Global usage of marine lubricants is anticipated to rise as a result of rising fuel prices and stricter IMO rules.
Additionally, shippers are expected to run the engines at a modest steaming level to conserve fuel as a result of the rise in fuel prices. Because marine engines cannot run consistently at low speeds, corrosion issues with the engine and its stressed components and systems may arise. The market for marine lubricants is likely to grow as a result of the growing dependence on these lubricants to maintain engine safety and proper operation.
- There are many benefits to shipping goods using cargo ships, including their lower cost and higher transport capacity. The utilization of large cargo ships for transportation has expanded over the past few years as a result of the aforementioned factors, which has resulted in a strong demand for engine lubricant oil.
- Increased demand for cruise ships as a result of the tourist industry's expansion has helped to boost product demand. Marine lubricants market expansion will be fueled by major companies and state governments' increasing investments in the tourist industry.
Restraints:
- When mineral oil is used as a lubricant, there are also significant emissions of VOCs, which are very dangerous for the environment. Environmentally friendly lubricants include those made of synthetic materials and bio-based materials. The development of synthetic lubricants and bio-based lubricants is anticipated to force the phase-out of mineral oil-based lubricants in the future, even though their prices are still higher than those of synthetic lubricants. This will affect lubricant consumption, eventually resulting in a reduction in the number of marine lubricants used per ship.
Opportunities:
- The marine cylinder lubricant manufacturers are being forced to continuously develop new products as a result of the ever-tighter environmental regulations. Major producers have even reacted to the restrictions by providing their customers with newer products in recent years, including Shell and Castrol.
Factors considered to choose the better lubricant:
- Oil Viscosity
Viscosity is a measure of an oil's thickness and its capacity to flow at either high or low temperatures. Oil with a high viscosity is thick. By creating a thick film around the engine's components, these lubricants offer better engine protection at high temperatures. Low-viscosity oils, on the other hand, are thinner and flow more readily. Marine engine oils can be mono- or multi-grade, just like in passenger cars. A marine engine oil with multiple viscosities is always a better option.
- Alkalinity
Sulfuric acid, which may lead to acidic corrosion, is carried in the exhaust during fuel combustion. Since alkalinity prevents acidic corrosion, it is crucial to consider it when selecting marine engine oil.
- Oxidation Resistance
Lubricants used in marine engines come into touch with air. Therefore, it is impossible to avoid the presence of oxygen. High temperatures increase oxidation rates, which cause the formation of sludge, bearing corrosion, and the production of acids. For this reason, lube oil additives for anti-oxidation and anti-corrosion are added.
- Load Carrying Capacity
The oil viscosity affects the load-carrying capacity. Heavy internal components make up a marine engine. Therefore, the lube's load-carrying capacity needs to be high enough to withstand the engine pressure. If not, it might result in metal-metal friction and hasten the engine's deterioration.
- A High Fash Point
It represents the lubricant's vaporization temperature at its lowest point. Always set it to a high temperature of more than 220 C. As a result, the chance of a fire hazard decreases as the temperature of the oil rises.
- Detergency
By adding metallic-based additives with superior cleaning properties, detergency is produced. They stop small deposits from building up on metal surfaces. They remove impurities from the ring pack region and maintain a clean combustion space in two-stroke engines.
- Thermal Stability
The engine's components are constantly in motion, generating heat energy. The oil should take the heat away to avoid the marine engine overheating. It should have good thermal stability and conductivity because it cools down the engine's internal components.
Key Players:
Some of the major players in this industry have taken a leadership position while trying to establish their market through innovative marketing strategies. These leading firms focus on expanding by developing new products or partnering with other companies for strategic initiatives that will help them conquer markets they occupied previously and make gains where it matters most- at home (geographic).
BP Plc., Chevron Corporation, ExxonMobil Corporation, Royal Dutch Shell Plc, TotalEnergies SE, Valvoline, Petronas, Soil, Idemitsu Kosan Co. Ltd, Petrochemical Corporation, JX Nippon Oil & Energy Corporation, Gulf Oil Corporation Ltd., ENOC (Emirates National Oil Company), ENI SPA, Indian Oil Corporation, Petro Company Limited, SK INC., CEPSA, Gazprom Neft, ADDINOL Lube Oil GmbH, Bel-Ray Company LLC, Morris Lubricants, Penrite Oil, Liqui Molly GmbH, and Dyade Lubricants
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Key Questions answered:
The research report has been written keeping in mind the following stakeholders: the current companies in the market Environment Suppliers, Manufacturing Companies, End-user companies, and Research institutes.
The key questions answered in the report are:
- What is the market size and forecast of the Marine Lubricants market?
- Who are the key competitors/Players in this market?
- What are the key segments of the Marine Lubricants market?
- Which segment dominates the market?
- What factors are driving the global Marine Lubricants market?
- Which is the dominating region in this market?
- What are the major applications for Marine Lubricants?
- What are the factors considered while choosing a better lubricant?
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