Digitalization Trends Transforming the Marine Lubricants Market

According to a recent analysis by market research firm Fact.MR, the global Marine Lubricants Market is projected to grow at a noteworthy compound annual growth rate (CAGR) of 1.5% by value throughout the assessment period, and to surpass the valuation of USD 7.1 billion by the end of 2032. The marine lubricants industry is expanding thanks to growing international trade and shipbuilding projects. Almost 30% of all transportation worldwide is comprised of international trade, and this percentage is continually rising. The advantages of biodegradability, such as reduced emission rates, consistent viscosity, and increased safety, are thus emphasized in relation to maritime lubricants.

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Additionally, the development in the lubricants industry and shift from use of additives which includes heavy metals such as antimony and lead towards environmental friendly additives drive the growth of bio-based marine lubricants. Also, improvement in ship size to upsurge the marine carriers and high demand for ultra-large container ships with the rise in trade volume spur the demand for marine lubricants.

Marine lubricants protect and enhance the efficiency of engines and equipment in shipping industry. They protect components at high temperatures, allows optimum performance in operations, like extending shelf life, enhancing protection against mechanical wear and reduces cold corrosion.

Additionally, stringent government regulations regarding limited use of sulphur and nitrogen in automotive lubricants provide attention to bio-based lubricants, which further helps heighten the growth of oil-based marine lubricants engines. Also, adoption of four-stroke engines in the marine industry, which require highly efficient lubricants, will drive demand for marine lubricants.

How is the Asia Pacific Marine Lubricants Market Progressing?

“East Asia Market Lucrative, Led by China and Japan”

The Asia Pacific marine lubricants market holds 29.6% of the global market share in 2022. Deep-dive into different economies unveils that East Asia occupies 67.1% of the Asia Pacific market however, South Asia Oceania offer a recessive market, and occupies 32.9% of Asia Pacific.

This difference is owed to increasing industrialization in Japan and China. Boosted trade value is another key contributor to the dominance of East Asia in the Asia Pacific regional market.

Winning Strategy

The marine lubricants market is a fragmented market governed by intense competition among the leading players. Each player is aiming to enhance its market position by introducing quality and safe products through product innovation and improvement.

Key players in global marine lubricants market are preferring the adoption of inorganic and organic growth strategies such as collaborations, acquisitions, mergers, partnerships etc. to enhance their global footprint and profit margin.

They are also trying to gain foothold in the market by maintaining an edge over other competitors in the market and are trying to stay relevant by continuously focusing on product research and development.

Key players in the Marine Lubricants Market

Exxon Mobil Corporation
Royal Dutch Shell Inc.
Chevron Corporation
BP p.l.c
Croda International Plc
The PJSC Lukoil Company
Repsol S.A
Avinoil S.A.

Key Takeaways from Marine Lubricants Market Study

The global marine lubricants market is valued at USD 6.1 billion and is projected to grow at a CAGR of 1.5% during the forecast years to reach USD 7.1 billion by the end of 2032
Synthetic oil segment is expected to garner an absolute $ opportunity of nearly USD 576.9 million during the forecast period
Compressor oil under product type segment of lubricants oil is projected to grow 1.2X during forecast period, while, engine oil segment is expected to continue its dominance during the forecast period
North America and Europe together holds 57.6% market share in 2022
North America and Europe are projected to register 1.6% and 1.5% CAGR during the forecast years

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Marine Lubricant Industry Analysis by Category:

Marine Lubricant Market by Oil Type :
- Oil-based Marine Lubricants
- Synthetic Marine Lubricants
- Bio-based Marine Lubricants
Marine Lubricant Market by Product Type :
- Engine Oil
- Hydraulic Fluid
- Compressor Oil
- Other Product Types
Marine Lubricant Market by Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia Oceania
- MEA