Marine Lubricants Industry Overview

The global marine lubricants market size was valued at USD 7,395.1 million in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.2% from 2023 to 2030. Rising demand for durable products and increasing trade activities, especially in emerging economies of Asia Pacific, are among the key trends escalating market growth. The U.S. is the largest consumer of the product in North America with a revenue share of 70.9% in 2022. Marine engine oils are the major segment within the marine lubricants market space in the U.S. The production of finished goods that are in high demand in emerging economies is resulting in increased exports from the U.S. As air transport has its limitations, goods are transported through the sea route. Marine lubricants are widely utilized in the shipping industry to protect and enhance the efficiency of engines and equipment. These are high-performance fuels, specially designed to enable optimal performance in operations. They possess various exceptional inherent characteristics such as extending engine life and protecting components at high temperatures, improving performance and reliability of machinery, enhancing protection from mechanical wear and mitigating cold corrosion.

Extensive R&D in the global marine industry Changing needs arising from various high-performance heavy shipping industries are leading to extensive R&D activities in the global marine sector. This is prompting the development of a variety of products to offer reduced maintenance, improved oil life, and superior machine operating performance.

Gather more insights about the market drivers, restrains and growth of the Marine Lubricants Market

Detailed Segmentation:

Product Insights

The market has been segmented into engine oil, hydraulic oil, gear oil, turbine oil, greases, and others on the basis of product. Engine oil emerged as the leading segment in 2022 and accounted for over 46.0% of the overall revenue. This segment is likely to witness significant growth over the forecast period. Engine oils include system oils, cylinder oils, and trunk piston engine oils. The burgeoning population coupled with increasing consumer income levels is leading to an increase in the demand for commercial goods. This, in turn, is projected to influence the growth of the segment positively.

Hydraulic oils are expected to be the fastest-growing segment in the marine lubricants market, with a CAGR of 4.5% during the forecast period. It is used to extend the pump’s life under severe conditions, cleanliness, and reliable air release filterability. the Latest technology, which meets environmental norms, has led to low toxicity levels for marine life.

Regional Insights

Asia Pacific was the leading revenue contributor in the market in 2022, representing about 40% of the overall revenue. The presence of a large number of ports, along with a rapidly expanding shipbuilding sector, and increasing trade activities with the U.S. and other developed economies are the primary growth stimulants of the market. Major Asian ports are quickly acquiring foreign ports and are expected to penetrate the U.S. market in the offing.

The marine industries in China, India, and Singapore are estimated to tread along a healthy growth track over the forecast period. The factor is anticipated to stir up the consumption of marine lubricants in the region. Several industries are opening their manufacturing units in Asia Pacific, owing to the availability of cheap labor and raw materials in the region. It is poised to provide a significant push to the market in Asia Pacific. Additionally, the region has been witnessing increasing investments in the manufacturing sector, primarily due to increasing trade activities in China.

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• The global ethylene oxide market size was valued at USD 36.10 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.6% from 2024 to 2030. 

• The global automotive engine oil market size was valued at USD 41.2 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2030.

Key Marine Lubricants Companies:

• Bel-Ray Co. Inc.
• Quaker Chemical Corp.
• Zeller+Gmelin GmbH & Co. KG
• Blaser Swisslube AG
• Repsol
• Kluber Lubrication
• Pennzoil
• Phillips 66
• PetroChina Co. Ltd.
• JX Nippon Oil & Energy Corp.
• Petrobras
• PetroFer Chemie
• Buhmwoo Chemical Ind. Co. Ltd.
• Innospec
• Gulf Oil International
• UniMarine Inc.
• Quepet Lubricants LLC

Marine Lubricants Market Segmentation

Grand View Research has segmented the global marine lubricants market on the basis of product, and region.

Marine Lubricants Product Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)

• Engine oil
• Hydraulic oil
• Gear oil
• Turbine oil
• Greases
• Others (Compressor Oil, Refrigeration Oil, Heat Transfer Oil)

Marine Lubricants Regional Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Switzerland
  • France
  • Italy
  • Spain
  • Netherlands
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Southeast Asia
  • Oceania
  • Kyrgyzstan
• Central & South America
  • Brazil
  • Argentina
  • Chile
  • Colombia
• Middle East & Africa
  • Iran
  • Oman
  • UAE
  • Qatar
  • Kuwait
  • Saudi Arabia
  • South Africa
  • Angola
  • Nigeria

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