Marine
Lubricants Market worth $6.7 billion by 2026

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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Browse in-depth TOC on "Marine Lubricants Market"

356 - Tables

92 - Figures

316 – Pages

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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