by The global Marine Lubricants Market is estimated to be valued at US$ 11,185.6 Mn or Bn in 2022 and is expected to exhibit a CAGR of 6.1% over the forecast period 2021 to 2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Marine lubricants are oils used to reduce friction and wear of engine parts. They help improve fuel efficiency and extend equipment life. Various types of marine lubricants include marine engine oils, hydraulic oils, grease, and other specialty oils.
Market key trends:
One of the key trends in the marine lubricants market is the rising demand for environment-friendly, low sulfur marine lubricants. Stringent regulations by International Maritime Organization (IMO) to reduce marine pollution are promoting the use of advanced low-sulfur engine oils among ship operators. For example, IMO 2020 cap requires limiting sulfur content in marine fuels to 0.5%, down from 3.5% earlier. This is pushing lubricant manufacturers to develop marine lubricants with low sulfur and improved performance characteristics to meet emission norms. Advances in formulation chemistry are enabling production of eco-friendly lubricants without compromising on quality.
Market Key Trends:
One of the key trends in the marine lubricants market is the increasing demand for advanced and environment-friendly lubricants. With growing environmental regulations regarding emission control, there is higher demand for advanced lubricants that provide improved efficiency and reduction in emissions. Major lubricant manufacturers are focusing on developing products with low sulfur content and reduced environmental impact. Additionally, considering the emission control areas enforced by IMO, the demand for marine lubricants compliant with IMO 2020 regulations is also growing.
SWOT Analysis
Strength: Environment-friendly lubricants with advantages of lower emissions and improved efficiency give competitive strength to manufacturers.
Weakness: Require high R&D investments for developing advanced lubricants.
Opportunity: Growing marine trade and shipping activities create demand opportunities. Regulations on emission control open up opportunities for compliant products.
Threats: Market consolidation could impact competitive landscape. Strict environmental norms can impact compatibility of existing lubricant products.
Key Takeaways
The global Marine Lubricants Market Insights is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing marine trade activities globally. The growing maritime tourism and shipping industry is driving the demand for marine lubricants.
Regional analysis: Asia Pacific accounted for the largest share of the global marine lubricants market in 2020. The region is expected to continue its dominance during the forecast period owing to strong presence of shipbuilding yards and shipping companies in countries such as China, South Korea and Japan. Growth in international seaborne trade in Asia is also supporting regional market.
Key players operating in the Marine Lubricants 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 players are focusing on development of advanced lubricant solutions to improve fuel efficiency and meet stringent emission regulations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
