The Marine Lubricants market is estimated to be valued at US$ 11,185.6 Mn in 2022 and is expected to exhibit a CAGR of 6.1% over the forecast period 2022 to 2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Marine lubricants are used for smooth operation of marine engines, equipment, and machineries present on ships and vessels. They are basically oil products especially formulated to protect and enhance the performance of machineries used in marine applications under severe conditions like high pressure, high temperature, moisture exposure, and corrosion. The key types of marine lubricants include engine oil, hydraulic oil, compressor oil, grease, and other specialty oils.
Market Dynamics:
Growing international seaborne trade is a major factor expected to drive the growth of the global marine lubricants market over the forecast period. International seaborne trade activity has grown significantly in the past few decades due to rising globalization and trade liberalization. According to data from United Nations Conference on Trade and Development (UNCTAD), the total seaborne trade volumes grew from 7.8 billion tons in 2012 to 10.7 billion tons in 2019. Increasing marine trade has led to a surge in demand for ships and vessels, thereby boosting consumption of marine lubricants globally.
Another key factor propelling the market growth includes stringent emission regulations imposed on marine industry. Growing awareness regarding reduction of greenhouse gas emissions from marine vessels has compelled ship operators to use advanced lubricants compatible with latest emission control systems such as scrubbers and SCR catalysts. Regulatory bodies including International Maritime Organization (IMO) have implemented several emission norms such as MARPOL Annex VI and Energy Efficiency Design Index (EEDI) to minimize pollutants from international shipping. This has subsequently driven adoption of low viscosity and low sulfur marine lubricants optimized for cleaner operations.
SWOT Analysis (Strength: explain in three sentence explanation; Weakness: explain two weakness in three sentence long explanation; Opportunity: explain two opportunity in three sentence long explanation; Threats: explain two threats two sentence explanation).
Strength: Marine lubricants are specially formulated lubricants to withstand extreme marine conditions which helps to reduce friction and abrasion. They have improved thermal stability and oxidation resistance capabilities. This helps extend the engine life and reduce maintenance costs of marine vessels.
Weakness: Stringent environmental regulations related to disposal of used marine lubricants poses compliance challenges. Supply chain disruptions and volatility in raw material prices increases the cost of the marine lubricants.
Opportunity: Growth in international seaborne trade and naval defense budget of countries offers new revenue opportunities for marine lubricant manufacturers. Expanding offshore oil & gas exploration and production activities demand specialized lubricants for marine equipment and machinery.
Threats: Shift towards alternative fuels like LNG in marine sector can reduce demand for conventional lubricants. Intense competition among existing players limits the pricing flexibility of marine lubricants.
Key Takeaways
The global Marine Lubricants Market Share is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing international seaborne trade volumes. Growth in world merchandise trade and flourishing ship building industry favors the market expansion.
Regional analysis: Asia Pacific dominates the global market and is expected to maintain its lead during the forecast period. Presence of largest shipbuilding nations like China and ship owning countries like Japan and South Korea drives the regional market growth. Growing seaborne trade between developing economies in the region augment the demand for marine lubricants.
Key players operating in the Marine Lubricants market include 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 leading companies are investing in R&D to develop eco-friendly and fuel efficiency marine lubricants to strengthen their market position.
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