Dublin, July 06, 2023 (GLOBE NEWSWIRE) -- The "Global Marine Lubricants Market by Oil Type (Mineral Oil, Synthetic Oil, and Bio-Based), Product Type (Engine Oil, Hydraulic Fluid, Compressor Oil), Ship Type (Bulk Carrier, Container Ships), & Region( Asia Pacific, North America) - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
Global marine lubricants market is estimated to grow from USD 6.3 billion in 2022 to USD 6.9 billion by 2028, at a CAGR of 1.5%
The mounting demand of bio-derived marine lubricants is also driving the demand for marine lubricants. Manufacturers are incorporating technologies to improve the quality of marine lubricants.
Synthetic oil is expected to be the fastest-growing oil type of the marine lubricants market, in terms of value, during the forecast period
The synthetic oil type segment is estimated to behold the fastest growth in terms of value and volume during the forecast period. Synthetic oil have several benefits such as reduced friction at start-up, stable viscosity for a wide range of temperatures, and extended oil life.
Along with its benefits it have properties such as high performance in extreme conditions, better viscosity index, higher shear stability, and chemical resistance compared to other oil types. Synthetic oils are engineered to provide superior performance characteristics compared to mineral oils.
They have excellent thermal and oxidative stability, which helps them maintain their viscosity and lubricating properties under high temperatures and prolonged usage. This stability results in reduced oil breakdown, extended oil change intervals, and improved overall lubricant performance.
Asia Pacific is largest and projected to be the fastest growing region for marine lubricants market, in terms of value, during the forecast period
Due to increasing population and improving living standards, the Asia Pacific marine lubricants market is projected to grow at highest CAGR during the forecast period. Additionally, the accessibility of raw materials and rapid industrialization will promote demand for marine lubricants market.
The Asia Pacific region is home to some of the busiest shipping routes in the world, including the Malacca Strait, South China Sea, and Pacific Ocean. These routes serve as vital conduits for international trade, with a significant volume of goods transported through these waters. The high volume of shipping traffic necessitates the use of marine lubricants to ensure efficient and reliable vessel operations.
Competitive landscape
The key market players such as Shell plc (Netherlands), BP p.l.c. (UK), Exxon Mobil Corporation (US), TotalEnergies SE (France), and Chevron Corporation (US) are strengthening their presence in the marine lubricants market in various regions.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 269 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $6.3 Billion |
| Forecasted Market Value (USD) by 2028 | $6.9 Billion |
| Compound Annual Growth Rate | 1.5% |
| Regions Covered | Global |
Premium Insights
- High Growth Expected in Emerging Economies During Forecast Period
- China and Engine Oils Segment Accounted for Largest Shares
- Engine Oil to Dominate Marine Lubricants Market Across Regions
- Singapore to be Fastest-Growing Country for Marine Lubricants During Forecast Period
Market Dynamics
Drivers
- Growth in Seaborne Trade
- Expansion of Global Shipbuilding Industry
- Growth in Offshore Exploration and Production Activities
Restraints
- Stringent Environmental Regulations
- Opportunities
- Increasing Demand for Biodegradable Lubricants
- Growing Demand from Emerging Economies
Challenges
- Emergence of Alternative Technologies
- Fluctuating Crude Oil Prices
Supply Chain Analysis
- Raw Material
- Manufacturing
- Distribution to End-users
Case Studies
- Lubrication Failure in a Ship's Main Engine: Causes, Effects, and Solutions
- Kluber Lubrication Launches Innovative Solution for Sustainable Ship Propulsion
- Chevron Oronite Introduces New Marine Cylinder Lubricant Additive Package for Imo 2020-Compliant Fuels
Company Profiles
Key Players
- Bp P.L.C.
- Chevron Corporation
- Exxon Mobil Corporation
- Shell plc
- Totalenergies Se
- Petronas
- Lukoil
- Idemitsu Kosan Co., Ltd
- China Petroleum & Chemical Corporation
- Eneos Holdings, Inc.
- Gulf Oil International Ltd.
- Emirates National Oil Company (Enoc)
- Eni S.P.A.
- Indian Oil Corporation Limited
- Petrochina Company Limited
- Sk Inc.
- Cepsa
- Gazprom Neft
Other Key Market Players
- Addinol Lube Oil GmbH
- Bel Ray Company LLC.
- Morris Lubricants
- Penrite Oil Company
- Liqui Moly GmbH
- Dyade Lubricants
- Kluber Lubrication
For more information about this report visit https://www.researchandmarkets.com/r/f3rez
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