The global marine lubricants market size is expected to grow from $6.96 billion in 2021 to $7.24 billion in 2022 at a compound annual growth rate (CAGR) of 4.00%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The marine lubricant market is expected to reach $8.67 billion in 2026 at a CAGR of 4.62%.
What is the Global Marine Lubricants Market?
The marine lubricants market consists of sales of marine lubricants by entities (organizations, sole traders, and partnerships), that are used by ships and other seafaring vehicles. Marine lubricants are frequently utilized to protect and improve the performance of engines and equipment. They are specifically developed to provide optimum performance in operations such as extending engine life and safeguarding components at high temperatures, boosting machine efficiency and dependability, enhancing mechanical wear protection, and preventing cold corrosion. By creating a layer that minimizes friction between moving contact surfaces, marine lubricant reduces friction and wear. reduce friction, prevent wear, protect equipment from corrosion, manage temperature by dissipating heat, control pollution to a filter, convey power, and provide a fluid seal are all functions of lubricants.
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What drives the Global Marine Lubricants Market?
The increase in demand for bio-based lubricants is expected to propel the growth of the marine lubricants market. All lubricants that are biodegrade quickly dissolve and are not hazardous to humans or aquatic habitats are referred to as bio-lubricants. They are also known as eco-friendly, biodegradable, or sustainable lubricants. Because of the biodegradability and low toxicity of bio-lubricants, as well as the benefit of fewer emissions from utilizing them, the marine industry is becoming a prominent area that uses them. For instance, according to American Oil Chemists' Society (AOCS), the global market for bio-lubricants is predicted to rise from $2 billion, which was indicated in the year 2020 to $2.4 billion, which is projected for the year 2025, as environmental rules and regulations in the marine industry improve. Therefore, a rise in demand for bio-lubricants drives the growth of the marine lubricants market.
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Global Marine Lubricants Market Segments
The global marine lubricants market is segmented:
By Product Type: Engine Oil, Hydraulic Oil, Turbine Oil, Gear Oil, Greases, Others
By Oil Type: Mineral Oil (Paraffinic Oil, Naphthenic Oil, Aromatic Oil), Synthetic Oil (PAO, PAG, Esters), Bio-Based (Plant Source, Animal Fats), Grease (Metallic Soap Thickener, Non-Soap Thickener, Inorganic Thickener)
By Ship Type: Bulk Carriers (Handysize, Handymax, Panamax, Capesize), Tankers (Panamax, Aframax, Suezmax, Very Large Crude Carrier (VLCC), Ultra Large Crude Carrier (ULCC)), Container Ships, Others (Reefers, Drill Ships, Passenger Ships, Roll On Roll Off Ships, Service Ships)
By Geography: The regions covered in the marine lubricants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Marine Lubricants Global Market Report 2022 provides market size and growth forecasts for the global marine lubricants market, global marine lubricants market share, marine lubricants market segments and geographies, marine lubricants market competitive landscape including leading competitors’ revenues, profiles and market shares. The marine lubricants market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Marine Lubricants Industry Playersinclude BP plc, Royal Dutch Shell plc, Exxon Mobil Corporation, Chevron Corporation, Sinopec Corporation, PJSC Lukoil, Idemitsu Kosan Co. Ltd., Total S.A., Castrol, Gulf Oil Marine, Synforce Lubricants., Valvoline LLC, PetroChina, Eni S.p.A, Croda International Plc, Bailey’s Marine Fuels, Quepet Lubricants, JX Nippon Oil & Energy Corporation, IKO Marine Lubricant Supply Co. Ltd, Repsol SA, Aegean Oil SA, Fuchs Lubricants Co., Indian Oil Corporation Ltd. (IOCL), and Stanley Lubricants. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
