The global marine lubricants market size is expected to reach USD 10.27 billion by 2030, registering a CAGR of 4.2% over the forecast period, according to a new report by Grand View Research, Inc. Growing concerns regarding oceanic pollution caused by improper engine function and subsequent demand for fuel-efficient engines are estimated to trigger the growth of the market.
Marine Lubricants Market Report Highlights
- Hydraulic oils are anticipated to emerge as the fastest-growing segment over the forecast period. These are used for extending pump life under severe conditions, maintain cleanliness, and reliable air release filterability. Lubricants are also utilized in gear oil for the protection of high horsepower marine engines. The product is fortified with anti-foaming agents, which prevents cavitation at high RPM’s.
- North America is projected to remain a prominent regional market, registering a CAGR of 3.7% during the forecast period. The growth of the region can be attributed to rally of the marine sector.
- Asia Pacific is likely to remain the fastest-growing region with a 4.6% CAGR from 2023 to 2030. Some of the factors contributing to the growth of APAC are increasing number of ports, surging trade activities with the U.S. and other developed economies, and rapidly expanding shipbuilding sector.
- Major industry participants are increasingly engaging in R&D, strategic collaborations, new product launches, and other strategies in order to consolidate their positions in the market.
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Marine lubricants are essential for reducing friction and wear in ship engines and other marine equipment, thus ensuring their smooth and efficient operation. Marine lubricants are widely utilized in the shipping industry to help protect engines and equipment as well as enhance efficiency. These are essential high-performance additives for engines, specially designed to enable optimal performance in marine operations. Marine lubricants are a vital component of the shipping industry, ensuring the smooth and efficient operation of engines and other machinery onboard vessels. These lubricants are specially formulated to withstand the harsh operating conditions of marine environments, including high temperatures, pressures, and saltwater exposure. They play a critical role in reducing friction and wear in ship engines, which can lead to costly breakdowns and downtime if left untreated. Additionally, marine lubricants can help to improve fuel efficiency, reduce emissions, and extend the lifespan of equipment, making them an essential investment for ship operators. With advances in technology and the increasing focus on sustainability, the development of environmentally friendly marine lubricants has become a priority for the industry, further highlighting the importance of these essential fluids.
The marine lubricants market had seen several recent developments, including the introduction of new products and partnerships aimed at improving efficiency and sustainability. One significant development was the introduction of biodegradable and environmentally friendly marine lubricants, which have become increasingly popular due to stricter environmental regulations and industry-wide sustainability goals. These lubricants are designed to break down naturally and reduce the impact of oil spills on marine ecosystems. Another trend in the marine lubricants market was the focus on digitalization and advanced analytics. Overall, the marine lubricants market is continuing to evolve, with companies investing in new technologies and partnerships to meet the growing demand for more efficient, sustainable, and high-performance products.
Growth in international trade, removal of trade barriers being the principal reason, is encouraging developing countries to concentrate more on the improvement of their infrastructure, such as roads, airports, and seaports, which play a vital role in the development of the economy. Product storage, along with the capacity to move large shipments, has placed the shipping industry in a very advantageous position.
Global shipping majors, just like other segments of the conventional transport industry, are increasingly getting integrated with emerging global logistics and supply chain activities, owing to both external and internal dynamics. These factors have aided industry participants in substantially consolidating their market position and supplementing their ocean freight income, subsequently stoking the demand for marine lubricants.
Engine oils dominated the market over 46.0% volume share in 2022. These products are widely used in high, medium, and slow speed marine engines to extend service life and protect interior components from high temperatures & pressure. Some lubricants even offer additive protection against crankcases, camshaft areas, under-crowns, and ring belts.
Other products such as refrigeration compressor oils are specifically formulated to perform in extreme temperature environments and consist of HFC, CFC, and ozone-friendly refrigerants. These lubricants significantly prevent congealing on valves.
Marine Lubricants Market Insights By Region
Asia Pacific was the leading revenue contributor in the market. The presence of a large number of ports, along with a rapidly expanding shipbuilding sector, and increasing trade activities with the U.S. and other developed economies are the primary growth stimulants of the market. The marine industries in China, India, and Singapore are estimated to tread along a healthy growth track. In North America, the industry is experiencing a renaissance and has a significant contribution to the national, economic, and homeland security of the U.S. The domestic maritime transport sector is playing a pivotal role in the development of energy infrastructure. With the increasing movement of refining petroleum, crude products, and chemicals, especially after the shale oil revolution in the U.S.
Competitive Analysis By Major Companies
The industry is characterized by the presence of a few multinational companies catering to the majority demand across the globe. Price fluctuation owing to ever-changing and mostly rising crude oil prices is also creating the need for companies to seek out new ways of increasing revenue generation. Companies are entering into mergers and partnerships to strengthen their position in the market. Some of the prominent players operating in the global market include:
- Bel-Ray Co. Inc.
- Quaker Chemical Corp.
- Zeller+Gmelin GmbH & Co. KG
- Blaser Swisslube AG
- Repsol
- Kluber Lubrication
- Pennzoil
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Marine Lubricants Market Segmentation
Grand View Research has segmented the global marine lubricants market on the basis of product, and region.
- Marine Lubricants Product Outlook (Revenue, USD Million; Volume, Kilotons, 2018 – 2030)
- Marine Lubricants Regional Outlook (Revenue, USD Million; Volume, Kilotons, 2018 – 2030)
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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