PUBLISHER: The Business Research Company | PRODUCT CODE: 1392766
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392766
“Marine Lubricants Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on marine lubricants market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for marine lubricants? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The marine lubricants market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Marine lubricants, derived from petrochemicals, are products designed to reduce friction primarily in marine applications, serving ships and other seafaring vehicles.
The key categories of marine lubricants encompass engine oil, hydraulic oil, turbine oil, gear oil, greases, and other specialized variants. Hydraulic oil, for instance, is a substance utilized in liquid-pressure hydraulic systems, performing various functions within the hydraulic system, including energy transmission, lubrication, anti-corrosion, anti-rust protection, cooling, and sealing. This unique type of oil is specifically tailored for power transfer. Diverse types of oils are available, including mineral oil (paraffinic, naphthenic, aromatic), synthetic oil (PAO, PAG, esters), and bio-based options (derived from plant sources or animal fats). Greases, categorized by metallic soap or non-soap thickener and inorganic thickener, are also utilized. These marine lubricants find application across different types of ships such as bulk carriers (handysize, handymax, Panamax, Capesize), tankers (Panamax, Aframax, Suezmax, very large crude carrier (VLCC), ultra large crude carrier (ULCC)), container ships, and others like reefers, drill ships, passenger ships, roll-on-roll-off ships, and service ships.
The marine lubricants market research report is one of a series of new reports from The Business Research Company that provides marine lubricants market statistics, including marine lubricants industry global market size, regional shares, competitors with a marine lubricants market share, detailed marine lubricants market segments, market trends, and opportunities, and any further data you may need to thrive in the marine lubricants industry. This marine lubricants market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The marine lubricants market size has grown strongly in recent years. It will grow from $7. 87 billion in 2023 to $8. 65 billion in 2024 at a compound annual growth rate (CAGR) of 9. 8%. The historical period's growth can be attributed to the expansion of the global shipping industry, the enforcement of stringent environmental regulations, and the increasing volume of global trade.
The marine lubricants market size is expected to see rapid growth in the next few years. It will grow to $12. 92 billion in 2028 at a compound annual growth rate (CAGR) of 10. 6%. The anticipated growth in the forecast period can be attributed to a shift towards bio-based lubricants, the integration of digitalization and IoT in shipping, a heightened focus on fuel efficiency, and the emergence of new markets. Key trends expected during this period encompass the use of biodegradable lubricants, the digitalization of lubricant management, the provision of customized lubricant solutions, increased adoption of synthetic lubricants, collaborative ventures and partnerships, and a concentrated focus on research and development.
The growth of the marine lubricants market is expected to be driven by the increasing demand for bio-based lubricants. Bio-lubricants, which are lubricants that biodegrade quickly, dissolve harmlessly, and pose no threat to humans or aquatic environments, are gaining prominence. Also known as eco-friendly, biodegradable, or sustainable lubricants, they find increased use in the marine industry due to their biodegradability, low toxicity, and the associated benefits of reduced emissions. The global market for bio-lubricants is projected to grow from $2 billion in 2020 to an estimated $2. 4 billion by 2025, according to the American Oil Chemists' Society (AOCS). This growth is attributed to the improving environmental regulations and rules within the marine industry, indicating an increase in demand for bio-lubricants and thereby driving the marine lubricants market.
The growth of the marine lubricants market is further fueled by the increasing demand for marine transport. Marine transport, involving the transportation of goods and people by sea, is a vital component of the global economy, contributing to approximately 90% of global trade. Marine lubricants play a crucial role in maintaining the efficiency and cost-effectiveness of global trade through the shipping industry. According to the United Nations Conference on Trade and Development (UNCTAD), world maritime shipments experienced an estimated 3. 2% growth in September 2023, reaching 11 billion tons. This growth represents a significant improvement compared to the 3. 8% decline observed in 2020, indicating a rise in the demand for marine transport and, subsequently, driving the growth of the marine lubricants market.
A prominent trend in the marine lubricants market is the increasing prevalence of strategic collaborations between companies. Manufacturers of marine lubricants are engaging in partnerships and collaborations to develop new technologies and products. For example, Crown Oil, a fuel and lubricants distribution company based in the UK, partnered with Valvoline, an American automotive oil, additives, and lubricants manufacturer, in April 2021. This collaboration enables Crown Oil to offer a broad range of Valvoline products to various sectors, including heavy-duty, agricultural, fleet, and marine. In another collaboration, Wilh. Wilhelmsen Holding ASA, a Norwegian maritime group, partnered with Kluber Lubricants, a US-based specialty lubricants manufacturer, in August 2021. This collaboration empowers Wilhelmsen Holdings to handle sales, logistics, and consulting of Kluber Lubrication's maritime portfolio for sea-going vessels.
Major players in the marine lubricant market are emphasizing the development of sustainable and eco-friendly solutions, such as environmentally acceptable lubricants (EALs), to maintain a competitive edge. EALs ensure optimal performance and environmental sustainability for marine operators. For instance, ENOC Group, a UAE-based oil and gas company, introduced a series of EALs tailored for marine vessels in September 2023. This initiative supports the maritime industry's efforts to reduce carbon emissions, aligning with its 2050 Net Zero goal. These EAL offerings from ENOC, including greases, gear oils, hydraulic oils, and stern tube oils, aim to address the evolving regulatory landscape and reduce environmental impact, particularly in aquatic bodies where a substantial amount of ship lubricant ends up.
In March 2023, Aramco, a Saudi Arabia-based petroleum refineries company, acquired Valvoline Inc. 's global products business for $2. 65 billion. This strategic acquisition enhances Aramco's growth plan for global lubricants, leveraging its resources for research and development (R&D) and base oil production worldwide. The acquisition extends the reach of Valvoline Global Operations as a leading global lubricant brand and presents opportunities to strengthen its relationship with original equipment manufacturers across the globe. Valvoline Inc., a US-based retail automotive services company, manufactures marine lubricants, including ValMarin marine heavy-duty engine oil and other high-quality marine engine oils.
Major companies operating in the in the marine lubricants market report are BP plc, Royal Dutch Shell plc, Exxon Mobil Corporation, Chevron Corporation, China Petroleum & Chemical Corporation, PJSC Lukoil, Idemitsu Kosan Co. Ltd., Total S. A., Castrol Limited, Gulf Oil Marine Ltd., Synforce Lubricants., Valvoline LLC, PetroChina Company Limited, 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 Marine Petroleum Network Inc., Fuchs Lubricants Co., Indian Oil Corporation Ltd., Stanley Lubricants, Compania Espanola de Petroleos S. A. U., Pennzoil Products Company, Quaker State Corporation, Petro-Canada Lubricants, Schaeffer's Specialized Lubricants, Lubrication Engineers Inc., AMSOIL INC., Bel-Ray Company LLC
Asia-Pacific was the largest region in the marine lubricants market in 2023. The regions covered in the marine lubricants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the marine lubricants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The marine lubricants market consists of sales of compressor oils, refrigerating oils, and heat transfer oils. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.