Marine Lubricants Market Size, Emerging Trends & Forecast 2032
- Pallavi Garudkar
- 9 hours ago
- 4 min read
The global marine lubricants market size was valued at USD 8.01 billion in 2018, and it is estimated to reach USD 9.47 billion by 2026, with a CAGR of 2.13% over the forecast period. This information is provided by a published report by Fortune Business Insights™. The title of the report is, “Marine Lubricants Market Size, Share & Industry Analysis, By Product (Marine Cylinder Oil, Piston Engine Oil, System Oil, and Others; By Ship Type (Bulk Carrier, Oil Tankers, General Cargo, Container Ships, Others), and Regional Forecast, 2025-2032.”
The report provides a 360-degree overview of the market, focusing on major growth parameters such as drivers, restraints, challenges, trends, and opportunities. It also offers the competitive landscape of the market and list of leading players. Segmentation of the market based on factors such as product, ship type, and regions is discussed in the report. Apart from this, key industry developments and other interesting insights are provided in the marine lube market report. The report is available for sale on the company website.
Get a Free Sample PDF Brochure:
Segmentation Analysis:
By Product: Marine cylinder oil is crucial for protecting engine components from corrosion and ensuring reliable performance under harsh marine conditions. IMO’s low-sulphur fuel regulations (≤0.5%) have prompted manufacturers to reformulate fuels and lubricants, increasing reliance on high-quality cylinder oils. Failures in marine cylinder oil account for 28% of machinery claims, with an average cost of USD 0.65 million (The Swedish Club), emphasizing its importance for cost-effective and uninterrupted operations.
By Ship Type: Bulk carriers, which transport unpackaged cargo like coal, grains, steel, and cement, represent the largest fleet segment by dead-weight tonnage. Their extensive use of engines and systems such as lifeboat launches, shaft bearings, winches, and low-speed main engines makes them the top consumers of marine lubricants. Growing global trade is expected to further boost bulk carrier operations and lubricant demand.
Drivers:
Q: What is the major factor driving the marine lubricants market?A: The major driver is the rising focus on enhancing the operability of ship engines. Shipping companies are adopting slow steaming to save fuel due to rising fuel prices, but this puts stress on marine engines. Marine lubricants are essential to prevent corrosion and ensure smooth engine performance.
Q: How do global trade and e-commerce impact the market?A: Increasing international trade relations and the rapid growth of overseas e-commerce are boosting demand for shipping activities, which in turn drives the consumption of marine lubricants.
Q: Are there new opportunities emerging in the market?A: Yes. The development of bio-based lubricants is creating lucrative opportunities for sustainable growth and attracting environmentally conscious ship operators.
Regional Analysis:
Q: Which region dominates the marine lubricants market?A: Asia Pacific holds the largest share of the global market.
Q: Why does Asia Pacific lead the market?
Presence of major shipping fleet companies like China Shipping Container Lines, China Ocean Shipping Company, and Mitsui O.S.K. Lines.
Around 50% of the global ship fleet is owned by Asia Pacific nations (UNCTAD).
High number of dry docks supporting ship maintenance and lubricant consumption.
Growing trade relations among emerging nations such as China, India, and Taiwan, along with an increase in naval vessel numbers.
Q: How is the North American market performing?A: North America holds a single-digit share, with revenue of USD 3.41 billion in 2018. While ship ownership is relatively lower, steady growth in trade is expected to fuel moderate market growth in the coming years.
Competitive Landscape:
Companies Engage in Contracts and Agreements to Stay Ahead of Competition
An estimate of 85% and more of marine lubricants worldwide are sold through supply agreements and contracts instead of being sold at stock price rates. Therefore, to strengthen their network across different ports for worldwide supply, manufacturers are emphasizing on entering into long-term contracts and agreements with shipping companies. For instance, a framework agreement was signed between CCCC Dredging (Group) Co. Ltd. and Shell for supplying marine lubricants and technical services via 700 ports and more in 61 nations across the globe
Notable Marine Lube Market Manufacturers:
BP p.l.c.
SINOPEC
Repsol S.A.
The PJSC Lukoil Oil Company
Eni oil Products
Exxon Mobil Corporation
Croda International Plc
AvinOil S.A.
Total SA
CEPSA
Royal Dutch Shell Plc
Gazprom Neft PJSC
Chevron Corporation
Others
Key Industry Development in Marine Lubricants Market Include:
November 2019: Royal Dutch Shell Plc, a Netherlands-based manufacturer of specialty chemicals and materials, signed an agreement with China COSCO Shipping Company Limited (COSCO SHIPPING) for the supply of marine lubricants for five multi-purpose pulp carriers. Under this agreement, Shell will provide various types of cylinder oil lubricants through the end of 2020.
June 2019: Lukoil Marine Lubricants, a Dubai-based subsidiary of PJSC Lukoil and a leading marine lubricant manufacturer, renewed its contract with Kuwait Oil Tanker Company (KOTC) to supply marine lubricants to 24 vessels in its fleet.
Get Your Customization Research Report:
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Address:
Fortune Business Insights Pvt. Ltd.
9th Floor, Icon Tower, Baner –
Mahalunge Road, Baner, Pune-411045,
Maharashtra, India.
Phone
US: +18339092966
UK: +448085020280
APAC: +91 744 740 1245Email: sales@fortunebusinessinsights.com
Comments