Marine Lubricant Market Size is projected to reach USD 10.65 billion by 2031, growing at a CAGR of 4.2%: Straits Research

New York, United States, June 13, 2023 (GLOBE NEWSWIRE) -- In order to avoid and reduce friction stress between two moving surfaces, lubricants are used. Lubricants like engine oil, compressor oil, gear oil, and piston oil are used in mechanical equipment to enhance functionality. The lifespan of machinery and equipment is increased by lubrication. In addition to lubricating and cooling surfaces, lubricants are also used as cutting fluids. Before selecting a lubricant, a number of factors are taken into account, such as viscosity, volatility, alkalinity, and oiliness, because these fluids play a crucial part in controlling the main engine lube oil system's operation. The expansion of international trade, the expansion of the shipbuilding industry, and the development of infrastructure are all expected to contribute to significant growth in the global marine lubricant market during the assessment period. According to the United Nations Conference on Trade and Development (UNCTAD), ships and ports all over the world handle more than 80% of the volume and more than 70% of the value of global trade. Additionally, a reduction in freight taxes in the Asia-Pacific region is anticipated to increase global trade, which is anticipated to increase demand for marine lubricants.

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Growing Shipping Industry Drives the Market

According to the International Chamber of Shipping (ICS), the shipping sector is said to be responsible for about 90% of all global trade. This increase in marine trade is supported by government organizations, the widening of existing straits like the Panama and Suez Canal, the sizing up of ships, and the building of new terminals and new terminals. Due to the necessity of using more lubricants in larger ships' mechanical parts, such as their engines, gears, and wire ropes, these tactical advancements have resulted in an increase in the use of marine lubricants. These lubricants are directly responsible for the longer life expectancy of ships' mechanical components.

Rising Technological Advancements and Urbanization give an Opportunity for Exponential Growth

Industrial ships are frequently used to conduct trade operations at sea. Numerous sea drilling initiatives and quickening technological development are expected to increase demand for industrial boats. Large, well-equipped industrial ships with helipads make supplying and moving cargo easy. Demand for industrial ships may rise as a result of government funding and the introduction of technologically advanced industrial ships. These ships have a wide range of applications in vessel-lifting operations for offshore construction and are extremely stable toward loads. With so many oil and gas producers engaged in drilling projects like offshore deep-water hydrocarbon production, the market trends for marine lubricants will be further supported by financing options. The booming oil and gas sector is anticipated to boost demand for industrial ships over the forecasted period, ultimately fueling the expansion of the marine lubricant market.

Report Scope

Report Metric	Details
Market Size by 2031	USD 10.65 Billion
Market Size in 2023	USD 7.36 billion
CAGR	4.2% (2023-2031)
Historical Data	2020-2021
Base Year	2022
Forecast Period	2023-2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Oil Type, By Ship Type, By Product Type
Geographies Covered	North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors	Aegean Marine Petroleum Network Inc. ,BP PLC ,Chevron Corporation ,Exxon Mobil Corporation ,Idemitsu Kosan Co. Ltd. ,LUKOIL Marine Lubricants DMCC ,Royal Dutch Shell Plc. ,Sinopec Corporation ,Total S.A. ,Valvoline LLC
Key Market Opportunities	Increasing Urbanization and Technological Advancements
Key Market Drivers	Booming Shipping Industry

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Regional Analysis

Asia Pacific region is the highest contributor to the market and is expected to grow at a CAGR of 1.98% during the forecast period due to rising trade activities, the expansion of the shipbuilding industry, and sizeable investments by important players Shanghai, Singapore, Shenzhen, and Ningbo-Zhoushan are some of the busiest ports in the world, and they and other key players pursuing geographic expansion and significant economic growth in Southeast Asian nations all contribute to market growth in the region. The Indian government's numerous port development and expansion initiatives will fuel the expansion of the marine lubricant market in the area. India's ports and trade-related infrastructure must continue to be developed in order to support the "Make in India" initiative and speed up the growth of the manufacturing sector, which accounts for more than 90% of the country's total trade by volume. According to studies done under the Sagarmala Programme, the capacity of Indian ports to handle cargo is currently only 1500 MMTPA, but by 2025 it is predicted that cargo traffic will reach approximately 2500 MMTPA at Indian ports. A strategy has been developed to increase the Indian port's capacity to more than 3,300 MMTPA by 2025 in order to handle the growing volume of traffic.

During the forecast period, the marine lubricant market is anticipated to expand rapidly in Europe. Several developed nations, including the U.K., France, and Germany, which are among the biggest traders in the world, are found in Europe. The Europe marine lubricant market is expanding as a result of a number of factors, including a well-developed marine infrastructure, a sizable industrial base, and an extensive network of ports. Marine lubricants are becoming more popular in the area as a result of the region's 35% of trade between E.U. member states and 77% of all exports from the continent being shipped by sea. In order to maintain its competitiveness while lowering pollution and climate impacts, E.U. maritime transportation is investing in new sustainable technologies, implementing digital solutions, and automating processes.

Due to its large industries, sophisticated marine infrastructure, and significant export volume, North America is predicted to experience significant growth in the marine lubricant market during the forecast period. March 2022 is when the U.S. Maritime Administration (MARAD) of the Department of Transportation announced the funding allocation of USD 25 million for America's Marine Highway Program (AMHP). The AMHP will enhance the country's supply chains and the movement of goods while promoting the growth and increased use of navigable waterways. The AMHP will boost waterway transportation, which will fuel the expansion of marine lubricant in the area.

Due to the expanding marine infrastructure and significant lubricant consumption in oil tankers in Middle Eastern nations, the LAMEA region is anticipated to experience moderate growth in the global marine lubricant market over the course of the forecast period. The Middle East and North Africa are home to four of the top five performing ports in the world, which is significant for maritime trade. Cosco Shipping Ports, a Chinese company, is building the mega port of Chancay, Peru, which will have 11 berths large enough to accommodate post-Panamax ships. As a replacement for Callao, which is congested, it is anticipated that this new port infrastructure will also serve as a destination for cargo coming from the east and the central highlands. Thanks to the port of Chancay, it is anticipated that the province of Huaral will act as a commercial exchange hub for cargo redistribution to Ecuador, Chile, and Colombia, as well as the entrance to Peru from Asia.

Key Highlights

• The global marine lubricant market size is projected to reach USD 10.65 billion by 2031, growing at a CAGR of 4.2% during the forecast period (2023-2031). 
• Based on oil type, the global marine lubricant market is bifurcated into mineral, synthetic, and bio-based. The mineral oil segment is the highest contributor to the market.
• Based on the ship type, the global marine lubricant market is bifurcated into container ships, oil tankers, cargo ships, bulk carriers, and others. The bulk carriers segment is the highest contributor to the market.
• Based on product type, the global marine lubricant market is bifurcated into the engine oil, hydraulic, and compressor oil. The compressor oil segment is the highest contributor to the market.
• Asia Pacific region is the highest contributor to the market and is expected to grow at a CAGR of 1.98% during the forecast period.

The global marine lubricant market's major key players are

1. Aegean Marine Petroleum Network Inc.
2. BP PLC
3. Chevron Corporation
4. Exxon Mobil Corporation
5. Idemitsu Kosan Co. Ltd.
6. LUKOIL Marine Lubricants DMCC
7. Royal Dutch Shell Plc.
8. Sinopec Corporation
9. Total S.A.
10. Valvoline LLC

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Global Marine Lubricant Market: Segmentation

By Oil Type

• Mineral Oil
• Synthetic Oil
• Bio-Based Oil

By Ship Type

• Container Ships
• Tankers
• Cargo Ships
• Bulk Carriers

By Product Type

• Engine Oil
• Hydraulic Oil
• Compressor Oil

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA

TABLE OF CONTENT

1. EXECUTIVE SUMMARY
2. RESEARCH SCOPE & SEGMENTATION
   1. Research Objectives
   2. Market Definition
   3. Limitations & Assumptions
   4. Market Scope & Segmentation
   5. Currency & Pricing Considered
3. MARKET OPPORTUNITY ASSESSMENT
   1. Emerging Regions / Countries
   2. Emerging Companies
   3. Emerging Applications / End Use
   4. Investment Landscape
   5. New Business Models / Revenue Streams
   6. TAM
4. MARKET TRENDS
   1. Drivers
   2. Market Warning Factors
   3. Latest Macro Economic Indicators
   4. Geopolitical Impact
   5. Human Factors
   6. Technology Factors
5. MARKET ASSESSMENT
   1. Porters Five Forces Analysis
   2. Value Chain Analysis
   3. Raw Material Analysis
   4. Sales And Distribution Channel Analysis
   5. Trade Analysis
   6. M & A Agreements & Collabration Analysis
   7. Export Import Analysis
   8. Cost Structure Analysis
6. ESG TRENDS
7. GLOBAL MARINE LUBRICANT MARKET SIZE ANALYSIS
   1. Global Marine Lubricant Market Introduction
   2. By Oil Type
      1. Introduction
         1. Oil Type By Value
      2. Mineral Oil
         1. By Value
      3. Synthetic Oil
         1. By Value
      4. Bio-Based Oil
         1. By Value
   3. By Ship Type
      1. Introduction
         1. Ship Type By Value
      2. Container Ships
         1. By Value
      3. Tankers
         1. By Value
      4. Cargo Ships
         1. By Value
      5. Bulk Carriers
         1. By Value
   4. By Product Type
      1. Introduction
         1. Product Type By Value
      2. Engine Oil
         1. By Value
      3. Hydraulic Oil
         1. By Value
      4. Compressor Oil
         1. By Value
8. NORTH AMERICA MARKET ANALYSIS
   1. Introduction
   2. By Oil Type
      1. Introduction
         1. Oil Type By Value
      2. Mineral Oil
         1. By Value
      3. Synthetic Oil
         1. By Value
      4. Bio-Based Oil
         1. By Value
   3. By Ship Type
      1. Introduction
         1. Ship Type By Value
      2. Container Ships
         1. By Value
      3. Tankers
         1. By Value
      4. Cargo Ships
         1. By Value
      5. Bulk Carriers
         1. By Value
   4. By Product Type
      1. Introduction
         1. Product Type By Value
      2. Engine Oil
         1. By Value
      3. Hydraulic Oil
         1. By Value
      4. Compressor Oil
         1. By Value
   5. U.S.
      1. By Oil Type
         1. Introduction
            1. Oil Type By Value
         2. Mineral Oil
            1. By Value
         3. Synthetic Oil
            1. By Value
         4. Bio-Based Oil
            1. By Value
      2. By Ship Type
         1. Introduction
            1. Ship Type By Value
         2. Container Ships
            1. By Value
         3. Tankers
            1. By Value
         4. Cargo Ships
            1. By Value
         5. Bulk Carriers
            1. By Value
      3. By Product Type
         1. Introduction
            1. Product Type By Value
         2. Engine Oil
            1. By Value
         3. Hydraulic Oil
            1. By Value
         4. Compressor Oil
            1. By Value
   6. Canada
9. EUROPE MARKET ANALYSIS
   1. Introduction
   2. By Oil Type
      1. Introduction
         1. Oil Type By Value
      2. Mineral Oil
         1. By Value
      3. Synthetic Oil
         1. By Value
      4. Bio-Based Oil
         1. By Value
   3. By Ship Type
      1. Introduction
         1. Ship Type By Value
      2. Container Ships
         1. By Value
      3. Tankers
         1. By Value
      4. Cargo Ships
         1. By Value
      5. Bulk Carriers
         1. By Value
   4. By Product Type
      1. Introduction
         1. Product Type By Value
      2. Engine Oil
         1. By Value
      3. Hydraulic Oil
         1. By Value
      4. Compressor Oil
         1. By Value
   5. U.K.
      1. By Oil Type
         1. Introduction
            1. Oil Type By Value
         2. Mineral Oil
            1. By Value
         3. Synthetic Oil
            1. By Value
         4. Bio-Based Oil
            1. By Value
      2. By Ship Type
         1. Introduction
            1. Ship Type By Value
         2. Container Ships
            1. By Value
         3. Tankers
            1. By Value
         4. Cargo Ships
            1. By Value
         5. Bulk Carriers
            1. By Value
      3. By Product Type
         1. Introduction
            1. Product Type By Value
         2. Engine Oil
            1. By Value
         3. Hydraulic Oil
            1. By Value
         4. Compressor Oil
            1. By Value
   6. Germany
   7. France
   8. Spain
   9. Italy
   10. Russia
   11. Nordic
   12. Benelux
   13. Rest Of Europe
10. APAC MARKET ANALYSIS
    1. Introduction
    2. By Oil Type
       1. Introduction
          1. Oil Type By Value
       2. Mineral Oil
          1. By Value
       3. Synthetic Oil
          1. By Value
       4. Bio-Based Oil
          1. By Value
    3. By Ship Type
       1. Introduction
          1. Ship Type By Value
       2. Container Ships
          1. By Value
       3. Tankers
          1. By Value
       4. Cargo Ships
          1. By Value
       5. Bulk Carriers
          1. By Value
    4. By Product Type
       1. Introduction
          1. Product Type By Value
       2. Engine Oil
          1. By Value
       3. Hydraulic Oil
          1. By Value
       4. Compressor Oil
          1. By Value
    5. China
       1. By Oil Type
          1. Introduction
             1. Oil Type By Value
          2. Mineral Oil
             1. By Value
          3. Synthetic Oil
             1. By Value
          4. Bio-Based Oil
             1. By Value
       2. By Ship Type
          1. Introduction
             1. Ship Type By Value
          2. Container Ships
             1. By Value
          3. Tankers
             1. By Value
          4. Cargo Ships
             1. By Value
          5. Bulk Carriers
             1. By Value
       3. By Product Type
          1. Introduction
             1. Product Type By Value
          2. Engine Oil
             1. By Value
          3. Hydraulic Oil
             1. By Value
          4. Compressor Oil
             1. By Value
    6. Korea
    7. Japan
    8. India
    9. Australia
    10. Taiwan
    11. South East Asia
    12. Rest Of Asia-Pacific
11. MIDDLE EAST AND AFRICA MARKET ANALYSIS
    1. Introduction
    2. By Oil Type
       1. Introduction
          1. Oil Type By Value
       2. Mineral Oil
          1. By Value
       3. Synthetic Oil
          1. By Value
       4. Bio-Based Oil
          1. By Value
    3. By Ship Type
       1. Introduction
          1. Ship Type By Value
       2. Container Ships
          1. By Value
       3. Tankers
          1. By Value
       4. Cargo Ships
          1. By Value
       5. Bulk Carriers
          1. By Value
    4. By Product Type
       1. Introduction
          1. Product Type By Value
       2. Engine Oil
          1. By Value
       3. Hydraulic Oil
          1. By Value
       4. Compressor Oil
          1. By Value
    5. UAE
       1. By Oil Type
          1. Introduction
             1. Oil Type By Value
          2. Mineral Oil
             1. By Value
          3. Synthetic Oil
             1. By Value
          4. Bio-Based Oil
             1. By Value
       2. By Ship Type
          1. Introduction
             1. Ship Type By Value
          2. Container Ships
             1. By Value
          3. Tankers
             1. By Value
          4. Cargo Ships
             1. By Value
          5. Bulk Carriers
             1. By Value
       3. By Product Type
          1. Introduction
             1. Product Type By Value
          2. Engine Oil
             1. By Value
          3. Hydraulic Oil
             1. By Value
          4. Compressor Oil
             1. By Value
    6. Turkey
    7. Saudi Arabia
    8. South Africa
    9. Egypt
    10. Nigeria
    11. Rest Of MEA
12. LATAM MARKET ANALYSIS
    1. Introduction
    2. By Oil Type
       1. Introduction
          1. Oil Type By Value
       2. Mineral Oil
          1. By Value
       3. Synthetic Oil
          1. By Value
       4. Bio-Based Oil
          1. By Value
    3. By Ship Type
       1. Introduction
          1. Ship Type By Value
       2. Container Ships
          1. By Value
       3. Tankers
          1. By Value
       4. Cargo Ships
          1. By Value
       5. Bulk Carriers
          1. By Value
    4. By Product Type
       1. Introduction
          1. Product Type By Value
       2. Engine Oil
          1. By Value
       3. Hydraulic Oil
          1. By Value
       4. Compressor Oil
          1. By Value
    5. Brazil
       1. By Oil Type
          1. Introduction
             1. Oil Type By Value
          2. Mineral Oil
             1. By Value
          3. Synthetic Oil
             1. By Value
          4. Bio-Based Oil
             1. By Value
       2. By Ship Type
          1. Introduction
             1. Ship Type By Value
          2. Container Ships
             1. By Value
          3. Tankers
             1. By Value
          4. Cargo Ships
             1. By Value
          5. Bulk Carriers
             1. By Value
       3. By Product Type
          1. Introduction
             1. Product Type By Value
          2. Engine Oil
             1. By Value
          3. Hydraulic Oil
             1. By Value
          4. Compressor Oil
             1. By Value
    6. Mexico
    7. Argentina
    8. Chile
    9. Colombia
    10. Rest Of LATAM
13. COMPETITIVE ASSESSMENT
    1. Adoption Matrix
    2. Marine Lubricant Market Share By Manufacturers
    3. Marine Lubricant Market Ranking By Revenue For Manufacturers
    4. Average Price By Manufacturers
    5. Vendor Footprint Analysis
14. MARKET PLAYERS ASSESSMENT
    1. Aegean Marine Petroleum Network Inc.
       1. Overview
       2. Business Information
       3. Revenue
       4. ASP
       5. Gross Margin
       6. Swot Analysis
       7. Recent Developmments
    2. BP PLC
    3. Chevron Corporation
    4. Exxon Mobil Corporation
    5. Idemitsu Kosan Co. Ltd.
    6. LUKOIL Marine Lubricants DMCC
    7. Royal Dutch Shell Plc.
    8. Sinopec Corporation
    9. Total S.A.
    10. Valvoline LLC
15. RESEARCH METHODOLOGY
    1. Research Data
       1. Secondary Data
          1. Major Secondary Sources
          2. Key Data From Secondary Sources
       2. Primary Data
          1. Key Data From Primary Sources
          2. Breakdown Of Primaries
       3. Secondary And Primary Research
          1. Key Industry Insights
    2. Market Size Estimation
       1. Bottom-Up Approach
       2. Top-Down Approach
       3. Market Projection
    3. Research Assumptions
       1. Assumptions
    4. Limitations
    5. Risk Assessment
16. APPENDIX
    1. Discussion Guide
    2. Customization Options
    3. Related Reports
17. DISCLAIMER

Table of Content and Figure @ https://straitsresearch.com/report/marine-lubricant-market/toc

Market News

• In October 2022, Exxon Mobile announced two discoveries to its extensive portfolio at the Sailfin-1 and Yarrow-1 wells in the Stabroek block offshore of Guyana.
• In July 2022, Idemitsu Kosan Co. Ltd partnered with Umicore S.A to develop better-performing catholyte materials for solid-state batteries.

News Media

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Shipping Container Modification Market to expand at a CAGR of 6.9% by 2030

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