by Marine lubricants play a crucial role in reducing friction between moving parts in marine engines and other vessel components helping improve fuel economy and extend equipment life. They are formulated using advanced additive technologies to tackle challenges such as corrosion, oxidation, and thermal degradation in severe marine environments. Growing environmental regulations have compelled lubricant manufacturers to develop more sustainable and eco-friendly products made from renewable and biodegradable base oils.
The global Marine Lubricant Market is estimated to be valued at US$ 11,185.6 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the marine lubricants market is the increasing demand for environmentally acceptable lubricants or EALs. EALs are developed using plant-based oils such as vegetable and animal fats instead of conventional petroleum-based mineral oils. They have superior lubricating properties and are completely biodegradable reducing oil spills’ impact on aquatic life. Growing awareness about sustainability in the shipping industry and stringent emission norms by International Maritime Organization (IMO) are expected to further propel the adoption of EALs during the forecast period.
Porter’s Analysis
- Threat of new entrants: The marine lubricant market requires significant investments in R&D, production facilities, and distribution networks. Well-established brands enjoy economies of scale which make market entry difficult for new players.
- Bargaining power of buyers: Buyers in the marine lubricant market include ship owners and operators. Their bargaining power is moderate as there are multiple established brands to choose from. However, compliance with regulatory standards limits full flexibility.
- Bargaining power of suppliers: Major companies procure raw materials like base oils directly from crude oil refineries. This gives refineries some bargaining power over lubricant manufacturers in terms of pricing and supply.
- Threat of new substitutes: There exist no outright substitutes for marine lubricants currently. Alternate energy sources for ships pose a long-term threat.
- Competitive rivalry: The marine lubricant market is consolidated with top players accounting for a major share. Competition is based on product quality, services, and pricing. Sustained R&D allows companies to develop specialized solutions and maintain brand loyalty.
Key Takeaways
The global marine lubricant market is expected to witness high growth. The Asia Pacific region currently dominates the market owing to large maritime trade flows and faster economic development of countries like China and India. The region constitutes over 35% of the global market share.
Regional analysis also shows Europe and North America as other major marine lubricant markets. Both regions have well-established ports and a significant share of global shipping trade. Stringent environmental norms in these regions promote the use of advanced marine lubricants.
Key players operating in the marine lubricant market are Lubmarine (Total Group), Royal Dutch Shell Plc, BP Marine, Chevron, ExxonMobil Corporation, Sinopec Corporation, Castrol, Gulf Marine and Industrial Supplies Inc., Lukoil Marine Lubricants, Quepet Lubricants, JX Nippon Oil & Energy Corporation, Idemitsu Kosan Co., Ltd., and IKO Marine Lubricant Supply Co. Ltd. Major companies are focusing on product development and portfolio expansion to cater to diverse vessel types and applications. Partnerships along the supply chain are also influential.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
