Marine lubricants consumption across the world is valued at US$ 6.1 billion, and is forecast to exceed US$ 7.1 billion by 2032, increasing at a CAGR of 1.5%. Growth in the shipping industry and rising seaborne international trade are likely to support demand growth in global marine lubricants market over the coming years.
Marine lubricant sales accounted for ~4% share in the global lubricant market in 2021. The global market for marine lubricants is poised to generate US$ 1 billion in terms of absolute dollar opportunity during 2022-2032.
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Marine Lubricant Industry Analysis by Category
Marine Lubricant Market by Oil Type :
- Oil-based Marine Lubricants
- Synthetic Marine Lubricants
- Bio-based Marine Lubricants
Marine Lubricant Market by Product Type :
- Engine Oil
- Hydraulic Fluid
- Compressor Oil
- Other Product Types
Marine Lubricant Market by Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
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Key manufacturers of marine lubricants are BP p.l.c, Royal Dutch Shell Plc, Chevron Corporation, Exxon Mobil Corporation, Croda International Plc, Repsol S.A, SINOPEC, and CEPSA.
Leading manufacturers are involved in product improvement and innovation such as efficiency, viscosity, safety, low emission, etc., of marine lubricants.
Apart from this, marine lubricant manufacturers are also resorting to collaborations with ship manufacturers. This strategy helps them enhance their global footprint.
- Seplat Energy Plc, in 2022, entered into an agreement to acquire Mobil Producing Nigeria Unlimited from Exxon Mobile Corporation. This transaction will create the largest independent energy companies on both, the London Stock Exchange and Nigerian Stock Exchange, and will drive enhanced growth and profitability over the coming years.
- Chevron Corporation, in 2021, signed an agreement to acquire Neste’s global base oil business.
Fact.MR has provided thorough data about the price points of top marine lubricant manufacturers placed across regions, in addition to providing information on sales growth, speculative production expansion, and production capacity, in the recently published report.
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Which Oil Type Holds Dominance in the Marine Lubricants Market?
The marine lubricant market under oil type is segmented into oil-based, synthetic, and bio-based marine lubricants. The synthetic marine lubricants segment dominates the market with 51.1% of the overall market share, and is projected to register a CAGR of 1.6% over the forecast period.
This high market share is due to its high efficiency under low or high temperatures, environment-friendly nature, and durability in water. Additionally, with rising government demand for the reduction of sulphur and nitrogen emissions, sales of synthetic marine oil is rising faster as compared to other variants.
Which Product Type Will Bring in Decent Sales for Market Players?
Engine oil holds 43.5% of the market share in 2022. This high market share is due to its capacity for engine sealing and cleaning power. Hydraulic fluid is anticipated to gain rapid traction over the forecast period and grow 1.2X in demand by 2032, followed closely by compressor oil.