Marine lubricants are specialized fluids used for reducing friction and wear of mechanical components in ships and vessels. The key applications include engines, hydraulic systems, gear systems, deck machinery, and wire rope. Growing international sea trade and expansion of global shipping fleet size are propelling the demand for marine lubricants.
The global Marine Lubricant Market is estimated to be valued at US$ 11,185.6 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing international sea trade is one of the key trends driving the growth of the marine lubricant market. Approximately 90% of global trade is transported by sea and the volume of goods and raw materials being traded globally has been steadily rising in recent years. This is leading to substantial increase in the size of the global shipping fleet. Lubricants are critical to ensure smooth operations of engines and mechanical systems of ships and vessels. As international seaborne trade continues to grow driven by rising globalization, greater economic integration, and increasing offshore oil & gas exploration & production activities, demand for high-performance marine lubricants is also expected to rise significantly over the forecast period.
- Strength: Marine lubricants have better viscosity and performance characteristics compared to other lubricants which makes them suitable for marine environments and conditions. They provide better protection from corrosion and wear & tear of engine parts.
- Weakness: Strict environmental regulations related to disposal of used marine lubricants can increase compliance costs. Dependence on international marine trade business cycles expose revenues to volatility.
- Opportunity: Growing marine freight transport sector due to rising international trade is driving the demand for new vessels which will boost lubricant consumption. Developing biodegradable marine lubricants can help address environmental concerns.
- Threats: Economic slowdowns can negatively impact international trade and shipping volumes resulting in reduced lubricant sales. stringent fuel efficiency norms may require new lubricant formulations.
The global marine lubricant market is expected to witness high growth over the forecast period supported by increasing marine freight trade and expanding global fleet size.
Regionally, Asia Pacific currently dominates the market and is expected to maintain its lead supported by large presence of ship builders and owners in China, South Korea and Japan. Countries like India are also witnessing strong growth in domestic shipping.
Key players operating in the marine lubricant 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. The market remains consolidated with top five players accounting for over 50% share. Major players are focusing on expanding lubricant supply and service networks across major ports to increase market reach. They are also investing in R&D for developing advanced low emission lubricant formulations.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it