The global Marine Lubricant Market Growth is Accelerated by Increased Marine Trade Volumes

 

Marine lubricants are essential for ensuring smooth operation and extending the lifespan of ship engines and machinery parts by reducing friction between moving parts. The major types of marine lubricants include engine oils, hydraulic oils, grease, and other specialized lubricants. Growing international trade and expansion of the shipping industry have accelerated the demand for marine lubricants.

The global Marine Lubricant Market is estimated to be valued at US$ 11,185.6 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Increased marine trade volumes is one of the key drivers fueling growth of the marine lubricant market. Expansion of the global shipping industry and rise in international seaborne trade have increased demand for marine vessels. According to the United Nations Conference on Trade and Development (UNCTAD), in 2021, the total volume of goods loaded at ports grew by 1.8% compared to pre-pandemic levels in 2019. Growing imports and exports of goods such as oil and gas, iron ore, coal, grains and other bulk commodities have augmented the requirements for marine lubricants. With trade flows expected to continue gaining momentum in the coming years, demand from the shipping industry will augment the sales prospects of marine lubricants over the forecast period.

Segment Analysis
The global marine lubricant market is segmented by product type into oil and synthetic lubricants. The synthetic lubricants segment is expected to dominate the market over the forecast period. Synthetic lubricants offer superior performance than mineral oil-based lubricants as they have improved viscosity and possess better film strength to separate metal surfaces under boundary lubrication. They provide better protection against metal-to-metal contact and reduce wear and tear. Hence, ships heavily rely on high-performance synthetic engine oils and hydraulic fluids to ensure the smooth functioning of engines and other machinery.

Key Takeaways
The global marine lubricant market is expected to witness high growth over the forecast period of 2023 to 2030.

The Asia Pacific region currently dominates the global marine lubricant market and is expected to witness the fastest growth during the forecast period. This can be attributed to the strong presence of ship manufacturing activities and ship operations in countries such as China, Japan, and South Korea. Moreover, countries in Southeast Asia such as Indonesia, Singapore, and Malaysia are major hubs for ship repairing and ship breaking activities which drives the demand for marine lubricants in the region.

Key players operating in the marine lubricant market are Lubmarine (Total Group), Royal Dutch Shell Plc, BP Marine, Chevron, ExxonMobil Corporation, Sinopec Corporation, Castrol, Gulf Marine and Industrial Supplies Inc., Lukoil Marine Lubricants, Quepet Lubricants, JX Nippon Oil & Energy Corporation, Idemitsu Kosan Co., Ltd., and IKO Marine Lubricant Supply Co. Ltd. Total Group leads the market with an extensive product line of marine lubricants that are IMO 2020 compliant. Royal Dutch Shell is another major player expanding its marine lubricant product portfolio through strategic collaborations.

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