Marine Lubricants Market Scope Report

Global Marine Lubricants Market Highlights Over 2023 - 2033

The global marine lubricants market is estimated to garner a revenue of ~USD 7 billion by the end of 2033 by growing at a CAGR of ~2% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 6 billion in the year 2022. The increasing international trade by sea is the primary factor that drives the growth of the global marine lubricants market. It is estimated that about 81% of the total volume of goods in international trade is carried by sea.

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Shipping routes constantly witness development, and hence maritime trade has a great impact on the economic development of a concerned region and the ecosystem. Marine lubricants are mainly used in the shipping industry to improve the efficiency of the equipment and engines used.

Global Marine Lubricants Market: Growth Drivers and Challenges

Growth Drivers

• Reviving Shipbuilding Activities Worldwide – The ship building activities worldwide had been experiencing a slow decline since 2013. However, these activities are projected to rise substantially during 2023 and reach about 45 million compensated gross tonnage (CGT) in 2026. This growth in shipbuilding activities has both a social and economic perspective. Several sectors, including transport, energy, security, environment, and research are affected by it. Shipbuilding is a strategic industry for many governments because it enables a nation to import crucial materials and pay its way in the world by exporting goods.

• Growth of Cruise Ship Tourism – Even though the cruise boating industry faced a decline during the pandemic, growth in the number of passengers could be observed since 2021 by welcoming around 14 million passengers worldwide.

• Increasing Fuel Consumption by Ships – It is estimated that a total of around 66 million metric tons of light fuel oil were consumed by ships in the year 2020.

Challenges

• Reduction in Trade Activities During COVID-19

• Political Instabilities in Various Parts of the World

• Stringent Regulations and Reforms by Governments

The global marine lubricants market is segmented and analyzed for demand and supply by ship type into bulk carrier, oil tankers, general cargo, container ships, and others. Of these, the bulk carrier segment is anticipated to hold the largest market size by the end of 2033. The large use of bulk carriers in the shipping the bulk of unpackaged goods, including cement, metal, and more, is the main reason for the growth of the segmental market for bulk carriers. For instance, there was a rise from approximately 40% to about 44% in the share of the total carrying capacity of bulk carriers between 2011 and 2021.

Global Marine Lubricants Market Regional Synopsis

Regionally, the global marine lubricants market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific region is projected to hold the largest market share by the end of 2033. The large presence of this region in shipbuilding and ship recycling activities is one of the major reasons for the regional market growth. In 2020, the three economies of the Republic of Korea, China, and Japan accounted for ~95% of the shipbuilding while considering the gross tonnage. Bangladesh, India, and Pakistan led the world in the ship recycling sector.

Market Segmentation

Our in-depth analysis of the global marine lubricants market includes the following segments:

Key Companies Dominating the Global Marine Lubricants Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global marine lubricants market that are included in our report are Chevron Corporation, bp Oil International Limited, Shell plc, Exxon Mobil Corporation, Idemitsu Kosan Co., Ltd., Sinopec Corp., Gulf Oil Marine Ltd., Benjn.R.Vickers & Sons Limited, Unimarine Pte Ltd., AVINOIL Single Member S.A., and others.

Global Marine Lubricants Market: Latest Developments

• September, 2022: Chevron Corporation announced making the first delivery of its 40 BN Category II lube oil while supplying a stem of its novel Taro Ultra Advanced 40 to SIEM Car Carriers.

• June, 2022: Idemitsu Kosan Co., Ltd. announced the passing of a resolution to acquire shares in Seibu Oil Company Limited, thereby making Seibu Oil a subsidiary.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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