Marine Lubricants Industry Overview

The global marine lubricants market size was valued at USD 7,395.1 million in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.2% from 2023 to 2030.

Rising demand for durable products and increasing trade activities, especially in emerging economies of Asia Pacific, are among the key trends escalating market growth. The U.S. is the largest consumer of the product in North America with a revenue share of 70.9% in 2022. Marine engine oils are the major segment within the marine lubricants market space in the U.S. The production of finished goods that are in high demand in emerging economies is resulting in increased exports from the U.S. As air transport has its limitations, goods are transported through the sea route. Marine lubricants are widely utilized in the shipping industry to protect and enhance the efficiency of engines and equipment. These are high-performance fuels, specially designed to enable optimal performance in operations. They possess various exceptional inherent characteristics such as extending engine life and protecting components at high temperatures, improving performance and reliability of machinery, enhancing protection from mechanical wear and mitigating cold corrosion.

Gather more insights about the market drivers, restrains and growth of the Marine Lubricants Market

Extensive R&D in the global marine industry Changing needs arising from various high-performance heavy shipping industries are leading to extensive R&D activities in the global marine sector. This is prompting the development of a variety of products to offer reduced maintenance, improved oil life, and superior machine operating performance.

Increasing oil-drain intermissions and decreasing oil consumption in inland or coastal shipping industry in recent years has created several demand-supply issues. Major industry players are therefore involved in the development of a broad range of high-quality oils for all types of marine engines, incorporating latest technological advances for consistently high performance.

Protecting the environment is of growing importance for every sector. With the increasing number of ships delivering cargo across the world, concerns over emissions and waste product disposal are estimated to increase as these ships are generally dependent on oil-based fuels. The International Marine Organization (IMO) is continually reviewing and updating requirements to tackle pollution due to dumping, oil, and exhausts.

Asia Pacific is anticipated to hold a prominent position in the global arena throughout the forecast horizon. Economic performance would rally in Southeast Asia, as major economies such as the Philippines and Indonesia ramp up investments in manufacturing & industrial activities, while Vietnam sustains its current expansion levels.

Volatility in crude oil prices coupled with tightening supply is likely to restrain the growth of the market over the forecast period. Overbuilding has converged with slowing economic growth and a raft of vessels today are chasing only a limited number of cargoes. This, in turn, is hindering the upward climb of the market.

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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)

• Engine oil
• Hydraulic oil
• Gear oil
• Turbine oil
• Greases
• Others (Compressor Oil, Refrigeration Oil, Heat Transfer Oil)

Marine Lubricants Regional Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Switzerland
  • France
  • Italy
  • Spain
  • Netherlands
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Southeast Asia
  • Oceania
  • Kyrgyzstan
• Central & South America
  • Brazil
  • Argentina
  • Chile
  • Colombia
• Middle East & Africa
  • Iran
  • Oman
  • UAE
  • Qatar
  • Kuwait
  • Saudi Arabia
  • South Africa
  • Angola
  • Nigeria

Key Companies profiled:

• Bel-Ray Co. Inc.
• Quaker Chemical Corp.
• Zeller+Gmelin GmbH & Co. KG
• Blaser Swisslube AG
• Repsol
• Kluber Lubrication
• Pennzoil
• Phillips 66
• PetroChina Co. Ltd.
• JX Nippon Oil & Energy Corp.
• Petrobras
• PetroFer Chemie
• Buhmwoo Chemical Ind. Co. Ltd.
• Innospec
• Gulf Oil International
• UniMarine Inc.
• Quepet Lubricants LLC

Key Marine Lubricants Company Insights

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. For instance, In February 2019, Lukoil Marine Lubricants Middle East signed a three-year contract with Oman Shipping Company (OSC). Under the agreement, Lukoil will supply lubricants covering OSC’s fleet of 39 vessels consisting of very large crude carriers (VLCC), product tankers, chemical tankers, LPG Carriers, very large ore carriers (VLOCs), and bulk carriers. 

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.