The marine lubricants market size is estimated to be USD 6.2 billion in 2021 and is expected to reach USD 6.7 billion by 2026, at a CAGR of 1.5% during the forecast period. Marine lubricants reduce friction between various operating mechanical parts in a ship or vessel. The lubrication process helps in dissipating excess heat and combating wear and tear. These marine lubricants enhance the output efficiency of machinery and increase the working life of the mechanical parts in a vessel or ship.
The composition of marine lubricants comprises base stocks and additives. The base stocks are classified into five groups, of which Group I to Group III fall under mineral oil, and Group IV and Group V fall under synthetic oil. Marine lubricants are formulated with additives such as alkaline detergents, pour-point depressants, antioxidants, corrosion inhibitors, anti-wear, and extreme pressure. The additives used in the formulation serve various functions such as increased lubricity, resistance to corrosion, and reduction in excess heat.
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Based on oil type, the marine lubricants market is segmented as mineral oil, synthetic, and bio-based. The mineral oil-based marine lubricants segment holds the largest share of the market due to its easy availability and low cost. They are a complex mixture of naphthenes, paraffins, and aromatics. Due to this complex mix of mineral oils, they have a diverse set of properties that can be adjusted according to the specific product type. This makes mineral oil based marine lubricants the preferred choice over its counterparts. Synthetic and bio-based marine lubricants are also in high demand due to their increased efficiency and less toxicity. Also, bio-based products are biodegradable in nature, less toxic, and do not harm aquatic life, thereby, maintaining a balance in the ecosystem.
Based on product type, the marine lubricants market has majorly been segmented into engine oil, hydraulic fluid, compressor oil, and others. ). The engine oil product type is further segmented into cylinder oil and system oil. Lubricants used in these product types are of different grades and have different technical specifications such as viscosity, alkalinity, volatility, detergency, and oiliness. The use of marine lubricants is crucial for high performance of ships/vessels and longer machine life.
Based on ship type, the marine lubricants market has majorly been segmented into bulk carriers, tankers, container ships, and others. The improving economic condition of countries in various regions is fueling the high demand for efficient and bigger ships to accommodate the rising cargo demand. Marine engines are getting bigger and efficient. The large ocean-going vessels are powered by slow speed, two-stroke marine diesel engines having a crosshead design. For cylinder and crankcase lubrication, two-stroke engine oils are used which need regular top-ups. Cylinder lubricants are fully lost during the combustion process and are injected with each engine cycle, which entails the significant use of marine lubricants in large ocean-going vessels.
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On the basis of region, marine lubricants market is dominated by Asia Pacific, in terms of value, in 2020, followed by Europe and North America. The high economic growth of the emerging economies and the increasing disposable income of the people in the region make APAC an attractive marine lubricants market. The increasing trade activities and rising infrastructural developments in the shipping industry (in the form of increasing ports network) are primarily responsible for the high demand for marine lubricants. The ports of China and Singapore are the major markets for marine lubricants.
The key market players profiled in the report include BP Plc. (UK), Chevron Corporation (US), ExxonMobil Corporation (US), Royal Dutch Shell Plc (Netherlands), TotalEnergies SE(France), Valvoline(US), Petronas (Malaysia), Lukoil (Russia), Idemitsu Kosan Co. Ltd (Japan), China Petrochemical Corporation (China), JX Nippon oil & Energy Corporation (Japan), Gulf Oil Corporation Ltd. (US), ENOC (Emirates National Oil Company) (UAE), ENI SPA (Italy), Indian Oil Corporation (India), PetroChina Company Limited (China), SK INC. (South Korea), CEPSA(Spain), Gazrprom Neft (Russia ), ADDINOL Lube Oil GmbH (Germany), Bel-Ray Company LLC (US), Morris Lubricants (UK), Penrite Oil (Australia), Liqui Molly GmbH (Germany), and Dyade Lubricants (Netherland). They have adopted strategies such as agreement and expansion in order to gain an advantage over their competitors.
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