The global marine lubricants market is estimated to be USD 5.98 billion in 2018 and is projected to reach USD 6.66 billion by 2023, at a CAGR of 2.17% from 2018 to 2023. The growth of the market is driven by the emerging alternative technology trends. Also, rising infrastructure developments (port infrastructure) to strengthen the shipping industry globally are fueling trade activities, leading to the growth of marine lubricants market. However, fewer trade activities and the rising number of idle ships are restraining the market’s growth.
Mineral oil is the largest oil type segment of the global marine lubricants market. By oil type, the mineral oil segment is estimated to account for the largest share of the global marine lubricants market in 2018. This oil type is available in light and heavy grades, depending on the usage and requirement. Mineral oil is produced in large quantities because of its high demand in different marine applications, such as engines, turbines, and stern tubes. The market for mineral oil is driven by the demand from APAC and the Middle East due to the presence of a large number of oil refineries in these regions.
Engine oil is the largest product type segment of the global marine lubricants market. By product type, the engine oil segment is estimated to account for the largest share of the global marine lubricants market in 2018. This large share is majorly attributed to the increasing ship sizes, which translate into increased engine capacities and, therefore, high consumption of engine oil in the propulsion units.
The bulk carrier segment is the largest ship type segment of the global marine lubricants market. Marine lubricants are primarily used in the engine, hydraulic, compressor, stern tube, and gear of ships. By ship type, the bulk carrier segment is projected to lead the marine lubricants market between 2018 and 2023. The improving economic condition of countries in various regions is fueling the need for efficient and bigger ships to accommodate the rising cargo demand.
The APAC region is projected to be to be the largest marine lubricants market during the forecast period. China is the key producer and consumer of marine lubricants in this region. Intensive R&D, easy availability of raw materials, rising standards of living, rising population, and awareness among consumers about environmental protection due to the use of renewable products are expected to increase the demand for marine lubricants in the APAC region.
Breakdown of profiles of primary interviews for the report:
• By Company Type: Tier 1 – 30%, Tier 2 –43%, and Tier 3 – 27%
• By Designation: C Level – 42%, Director Level – 30%, and Others – 28%
• By Region: North America – 37%, APAC– 26%, Europe – 23%, Others – 14%
Some of the key companies profiled in this report include BP plc (UK), Royal Dutch Shell plc (Netherlands), ExxonMobil Corporation (US), and Chevron Corporation (US).
This research study aims at identifying emerging trends and opportunities in the global marine lubricants market, along with a detailed classification, in terms of value. It identifies key players in the market and provides a comprehensive competitive landscape. The global marine lubricants market has been segmented based on oil type, product type, ship type, and region. Based on oil type, the market has been segmented into mineral oil, synthetic, bio-based, and grease. Based on product type, the market has been segmented into engine oil, hydraulic fluid, compressor oil, and others. Based on ship type, the market has been segmented into bulk carrier, tanker, container ship, and others. Based on region, the market has been segmented into APAC, Europe, North America, Central & South America, and the Middle East & Africa.
Key benefits of buying the report
• Market segmentation based on oil type, product type, ship type, and region
• Market dynamics including drivers, restraints, and opportunities
• Porter’s Five Forces Analysis
• Profile of key players in the global marine lubricants market