The report "Marine Lubricants Market by Oil Type (Mineral Oil, Synthetic, Bio-based, and Grease), Product Type (Engine oil, Hydraulic fluid, Compressor oil), Ship Type (Bulk Carrier, Tanker, Container), and Region - Global Forecast to 2026" The marine lubricants market is projected to reach USD 6.7 billion by 2026, at a CAGR of 1.5% from USD 6.2 billion in 2021. Marine lubricants reduce friction between various operating mechanical parts in a ship or vessel. The lubrication process helps in dissipating excess heat and combating wear and tear. These marine lubricants enhance the output efficiency of machinery and increase the working life of the mechanical parts in a vessel or ship.
The composition of marine lubricants comprises base stocks and additives. The base stocks are classified into five groups, of which Group I to Group III fall under mineral oil, and Group IV and Group V fall under synthetic oil. Marine lubricants are formulated with additives such as alkaline detergents, pour-point depressants, antioxidants, corrosion inhibitors, anti-wear, and extreme pressure. The additives used in the formulation serve various functions such as increased lubricity, resistance to corrosion, and reduction in excess heat.
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Engine oil was the largest product type segment of the marine lubricants market in 2020. Bulk Carrier is the is largest Ship type segment of the marine lubricants market in 2020. APAC was the largest market for marine lubricants in 2020, in terms of value. The marine lubricants market is mainly driven by the emerging emission abatement technologies, growth in maritime tourism and the infrastructural developments that are strengthening the shipping industry. The impact of Covid-19, and shift towards synthetic-based lubricants are the key restraints in the marine lubricants market. However, the growing demand for bio-based marine lubricants offers opportunities to the marine lubricants manufacturers.
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Synthetic oil is estimated to be the fastest-growing oil type in the marine lubricants market between 2021 and 2026.
Synthetic oil has several advantages over conventional mineral-based marine lubricants such as stable viscosity for a wide range of temperature, reduced friction at start-up, and extended oil life, among others. In addition, synthetic lubricants have properties such as high performance in extreme conditions, better viscosity index, higher shear stability, and chemical resistance. They are thermally stable and require less viscosity index improver additives.
Engine oil was the largest product type for marine lubricants market in 2020.
The engine is the key component of a ship/vessel operating in the sea and is classified into two types, propulsion engines and auxiliary engines. Propulsion engines move the vessel through water by igniting fuel inside the cylinder unit of the engine. Auxiliary engines are all the other engines used in a ship for driving the electric generators, fans, pumps, and other equipment on a vessel. Lubricants used in these engines play a vital role in the service life as well as the operating conditions of the ship. The lubrication system fosters the supply of lubricating oil to various parts in the engine.
Global engine oil consumption is expected to increase during the forecast period, and the quantity of additives added is expected to increase to meet stringent environmental norms. This is expected to drive the growth of the market between 2021 and 2026.
Bulk Carriers was the largest ship type for marine lubricants market in 2020.
Bulk carriers accounted for the largest share by value of the overall marine lubricants market in 2020. The improving economic condition of countries in various regions is fueling the high demand for efficient and bigger ships to accommodate the rising cargo demand. Marine engines are getting bigger and efficient. The expanding Suez and Panama Canals have further increased the inflow of bigger ships and, hence, larger cargo.
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Europe is estimated to be the second-largest marine lubricants market during the forecast period.
Europe is one of the leading markets for marine lubricants. The key countries in the European market include Italy, Spain UK, which together hold a significant share of the overall European market. The marine lubricants market in Europe is heavily regulated, with REACH (Registration, Evaluation, Authorisation, and Restriction of Chemicals) closely monitoring and issuing guidelines to ensure a high level of protection for the environment and human health from the risks that can be posed by chemicals.
With the implementation of stringent environmental regulations in the EU and growing demand for additives in the European market, the market is expected to perform moderately in the years to come. To maintain a mid SAPS level has also become crucial for the lubricant manufacturers in this region.
The key market players profiled in the report include BP Plc. (UK), Chevron Corporation (US), ExxonMobil Corporation (US), Royal Dutch Shell Plc (Netherlands), TotalEnergies SE(France), Valvoline(US), Petronas (Malaysia), Lukoil (Russia), Idemitsu Kosan Co. Ltd (Japan), China Petrochemical Corporation (China), JX Nippon oil Energy Corporation (Japan), Gulf Oil Corporation Ltd. (US), ENOC (Emirates National Oil Company) (UAE), ENI SPA (Italy), Indian Oil Corporation (India), PetroChina Company Limited (China), SK INC. (South Korea), CEPSA(Spain), Gazrprom Neft (Russia ), ADDINOL Lube Oil GmbH (Germany), Bel-Ray Company LLC (US), Morris Lubricants (UK), Penrite Oil (Australia), Liqui Molly GmbH (Germany), and Dyade Lubricants (Netherland).
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