Wilmington, Delaware, United States, Jan. 23, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global marine lubricants market was projected to attain US$ 4.08 billion in 2020. It is anticipated to garner a 4.17% CAGR from 2021 to 2031 and by 2031, the market is likely to attain US$ 7.53 billion by 2031.
Due to the rising demand to increase the output efficiency of machine parts, the global market for marine lubricants is growing significantly in size and worth. The increase in demand for group II and group III base oils prompts producers to create more base oil, which has a significant impact on this market.
On the other hand, the scarcity of bright stock material has prompted the development of alternatives. This is anticipated to slow the growth of this market in the near future. A supply shortfall is also predicted to hamper this market in the coming years.
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Key Findings of the Market Report
- Marine lubricants are a type of lubricant designed to fulfill the performance requirements of marine boats for optimal operation.
- These lubricants assist to reduce wear and tear throughout vessels.
- The increased use of marine lubricants in cargo ships, drillships, inflatable boats, passenger ships, outboard motorboats, and other applications is expected to provide great development potential.
- The rising demand for bio-lubricants will significantly increase business potential.
- Many people are becoming more inclined to use environmentally friendly fuels, which will enhance growth opportunities.
- The rise in disposable money has resulted in an increase in marine journeys and tourism.
Market Trends for Marine Lubricants
- In terms of product type, producers in the global marine lubricants market are increasing production of bio-based, mineral, and synthetic oils. Mineral oil consumption is far larger than the other two, and this trend is expected to continue in the future decade. Synthetic oil is also gaining traction globally owing to the cost savings it provides, and it is projected to emerge as the most appealing category in the market in the future years.
- Companies within the marine lubricants industry operate in both onshore and offshore applications. The offshore sector has led the market since there has been increased activity in offshore waterways such as ocean fish farming as well as transportation. The situation is expected to persist in the coming years as naval fleets operate more widely throughout the world.
Global Market for Marine Lubricants: Regional Outlook
- Asia Pacific emerged as the leading regional market for marine lubricants in 2020, accounting for more than 51% of the market. Due to the high demand for marine lubricants in this region, the trend is projected to continue in the coming years. Another key factor driving the growth of the Asia Pacific marine lubricant market is the abundance of ports in the region, particularly in China and the ASEAN nations.
- Several economies, including China, Japan, India, Singapore, Indonesia, the Philippines, and Australia, are expected to make substantial contributions to the region's expanding need for marine lubricants in the coming years.
- Europe is another major geographic market for marine lubricants. The United Kingdom, Russia, and Germany are the major contributors to this market; the United Kingdom has taken the lead. Europe has a larger number of ships using inland waterways than other areas due to the presence of extensive inland waterways in nations such as Germany, France, Belgium, the Netherlands, and Russia. This is expected to enhance Europe's marine lubricant business in the next years.
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Global Marine Lubricants Market: Key Players
Ongoing technical advances in the industry are likely to generate profitable growth opportunities for manufacturers. The increase in spending in research and development activities by industry players is expected to boost the worldwide market.
Research and development is becoming increasingly important in predicting shifting oil prices, which are set by OPEC (Organization of Petroleum Exporting Countries) and other organizations. Mergers and acquisitions play an important role in the growth of the marine lubricants business. The following companies are well-known participants in the global marine lubricants market:
- Lukoil Marine Lubricants Ltd.
- BP Marine
- Royal Dutch Shell
- ExxonMobil Corporation
- Total Lubmarine
- Castrol
- Chevron Corporation
Some key developments by the players in this market are:
- In 2023, Lukoil is exploring entering new oil and gas projects in the Republic of Congo as an operator, following a meeting with Congolese Minister of Hydrocarbons Bruno Jean-Richard Itoua. Lukoil is already involved in the Marine XII project, which is run by the Italian corporation Eni.
Global Marine Lubricants Market Segmentation
Product Type
- Mineral Oil Marine Lubricants
- Synthetic Marine Lubricants
- Bio-based Marine Lubricants
Application
- Engine Oil Marine Lubricants
- Hydraulic Oil Marine Lubricants
- Grease
- Others (Turbine Oils, Gear Oils, Compressor Oils, and Heat Transfer Fluids)
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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