Global Marine Lubricants Market size is expected to be worth roughly USD 8.6 Billion by 2030, growing at a CAGR of more than 3.5% during the projected timeframe of 2022-2030, according to Ameco Research
Over 80% of international trade is conducted via seaways since it is the most cost-effective mode of transportation when compared to airlines and roadways. Increased offshore petroleum operations to meet the increased demand for crude and petroleum-based products from refineries and the petrochemical industry will drive the size of the marine lubricants industry. The need for marine lubricants will be driven by various oil and gas producers engaged in exploration operations to identify offshore deep sea hydrocarbons and refurbishment of aging vessels to keep them functioning, as well as the presence of marine transport. However, the industry has gradually transitioned away from the usage of such compounds and toward environmentally beneficial additives. This transition is a positive indicator of the marine oils market.
In marine applications, marine lubricants prevent tear and wear between interacting surfaces in relative movement. They're used to lubricate inflatable boats, drill ships, tankers, semi-submerged ships, cargo ships, outboard motorboats, and passenger ships. The growing customer preference for leisure travel cruises will benefit the marine lubricants market share. Marine lubricants decrease energy consumption, offer high efficacy, as well as lower operating expenses, extending the life of the equipment. The market will be driven by an increase in marine trading due to low conveyance and construction costs, as well as the existence of a significant number of marine transportation.
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Global Marine Lubricants Market Dynamics
Globally, rising marine contamination from incorrect engine operation and growing preference for fuel-efficient turbines are propelling the marine lubricant market growth. A rise in maritime transport is expected to boost income for marine lubrication including such system oils as well as trunk internal combustion oils, while an increase in production from end-use sectors such as the maritime industry boosts demand for the marine lubricants market trend. Furthermore, the increase in infrastructure operations has boosted the demand for marine lubricant products, such as highly durable grease, for the safety and proper functioning of marine equipment and engines. Furthermore, improving emission control solutions are expected to drive demand for marine lubricants market share during the projected timeframe.
Impact of COVID-19
COVID-19 had a detrimental influence on the marine lubricants sector since it was affected by a reduction in oil prices as well as interruptions in the worldwide supply chain. This is owing to a drop in demand from the maritime industry, as the marine lubricants business is heavily reliant on it. Due to the epidemic, there was a decrease in ship transportation from South Asian countries in Asia-Pacific, which reduced emissions for gasoline and marine lubrication in the territory. The lack of a worker community resulted in the shutdown of some ports and terminals. However, some areas are exhibiting signs of recovery following the outbreak. Since then, most firms have reopened, which is expected to increase the desire for marine lubricants during the projection period.
Market Segmentation
Ameco Research has fragmented the global marine lubricants market by product, oil type, and ship types. In terms of product, the market is sub-divided into engine oil, turbine oil, hydraulic oil, gear oil, and others. Over the projection period, the engine oil category is expected to increase significantly. Engine oils are divided into three types: cylinder oils, system oils, as well as trunk internal combustion oils. The growing population, together with rising consumer income levels, is driving higher demand for industrial goods. This is expected to have a favorable impact on the segment's expansion.
Moreover, in terms of oil type, the market is further segmented into bio-based, mineral oil, synthetic oil, and grease. Based on the ship types, the segment is sub-categorized into bulk carrier, general cargo, oil tankers, container ships, and others. According to the marine lubricants market forecast, the general cargo segment is estimated to grow significantly in the market over the next few years.
Regional Outlook
The global marine lubricants market is divided into several five regions: North America, Asia-Pacific, Latin America, Europe, and the Middle East and Africa. According to a review of the marine lubricants industry analysis, Asia-Pacific is expected to account for a significant proportion of the worldwide market throughout the projected year. In the projection, this region is expected to maintain its supremacy. Furthermore, the rising contribution from China as well as the existence of a large number of ports across the continent is two important factors that are anticipated to boost Asia-Pacific growth in the global market. Furthermore, Europe is expected to experience considerable growth, with Germany, Russia, as well as the United Kingdom all contributing.
Market Competitors
Some of the most notable worldwide Marine Lubricants market players are Bp p.l.c., China Petrochemical Corporation (SINOPEC), FUCHS, Exxon Mobil Corporation, Gulf Oil International, Indian Oil Corporation Ltd, LUKOIL, Chevron Corporation, Gazprom neft — Lubricants Ltd., Idemitsu Kosan Co., Ltd., JXTG Nippon Oil & Energy Corporation, Quepet Lubricants, and Royal Dutch Shell plc.
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