Marine Lubricants Market to Exceed US$ 6.1 Bn in 2022; North America Leads the Rally
Fact.MR’s latest comprehensive study on the global marine lubricants market delivers in-depth insights into vital aspects, such as opportunities, drivers, latest trends, and restraints favoring the demand outlook. In addition, it presents elaborate analysis based on numerous segments, including oil type, product type, and region
NEW YORK, May 24, 2022 /PRNewswire/ — The global marine lubricants market was valued at US$ 6 Bn in 2021. Sales of marine lubricants are anticipated to reach US$ 7.1 Bn in 2032 and exhibit a CAGR of 1.5% over the forecast period of 2022 to 2032.
Growth in the shipping industry and infrastructural development in marine industry is one of the key factors driving the demand in the market. According to the report, the marine lubricants market accounted for 4% of share in the global lubricants market.
Rising international sea borne trade and development of shipping industry, especially in the developed economies such as the U.S. and others will boost the market. According to the U.S. Department of Transportation, in November 2021, decision to increase the investments in the U.S.’s ports, freight networks and waterways was announced.
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Moreover, as marine lubricants are significant for the maritime supply chain, with increasing fuel cost, the demand for these lubricants is expected to surge over the upcoming decade. Subsequently, stringent regulations by International Maritime Organization (IMO) to limit the use of crude oil will boost the consumption of marine lubricants.
As marine engines are prone to corrosion due to the hazardous effect of marine environment, marine lubricants act as a protection for engines against the risk of corrosion. Also, according to the IMO, the sulphur content is expected to be not more than 0.5%. Hence, to reduce the sulphur content will improve the adoption of marine lubricants over the upcoming decade.
Key Takeaways:
- By oil type, the synthetic marine lubricants will dominate the market, accounting for over 51.1% of demand share by 2032.
- In terms of product type, engine oil is expected to hold 43.5% of demand share in 2022.
- Hydraulic fluid segment is anticipated to grow by 1.2x over the forecast period of 2022 and 2032.
- North America marine lubricants market will account for over 31% of market share in 2022.
- East Asia is expected to hold nearly 67.1% of demand share in Asia Pacific marine lubricants market in 2022
- India is expected to vanguard the sales in South Asia & Oceania marine lubricants market, with the region holding 32.9% of sales in Asia Pacific.
Growth Drivers:
- Infrastructural development in the marine and shipping industries will drive the growth in the market.
- Expansion in marine tourism will boost the marine lubricants market over the forecast period.
- Surging demand for bio-based marine lubricants will spur the sales of marine lubricants through 2022 & beyond.
Restraints:
- Volatile prices and scarcity of raw materials might limit the growth in the market.
- Burgeoning demand for crude oil coupled with rising crude oil prices will hamper the growth in marine lubricants market.
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Competitive Landscape:
The global marine lubricants market companies are competing with each other on the basis of the quality of products offered. They are also focusing on developing new technologies and products to cater to the high demand from marine and shipping industries.
Meanwhile, other key players are striving to develop sustainable solutions to keep up with emission standards implemented by regulatory bodies. They are also trying to gain competitive advantage through production capacity expansion.
For instance,
- In June 2021, Chevron Marine Lubricants extended its joint venture with Akwa Group to boost its presence in African ports. The company now is an equal partner in African Lubricants and plans to blends and expand its business beyond Morocco in sub-Saharan Africa.
Key Companies Profiled by Fact.MR
- 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.
- CEPSA
- SINOPEC
- Gazprom Neft PJSC
- ENEOS Corporation
- FUCHS
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More Valuable Insights on Marine Lubricants Market
In the latest study, Fact.MR offers a 360-degree view of the global marine lubricants market for the forecast period of 2022 to 2032. This report also provides key factors such as recent developments and growth drivers influencing the sales in marine lubricants market through detailed segmentation as follows:
By Oil Type:
- Oil-based Marine Lubricants
- Synthetic Marine Lubricants
- Bio-based Marine Lubricants
By Product Type:
- Engine Oil
- Hydraulic Fluid
- Compressor Oil
- Other Product Types
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Questions Covered in the Marine Lubricants Market Report
- What will be the demand outlook of marine lubricants market in 2022?
- What will be the growth rate of the global marine lubricants market during 2022-2032?
- Which are key drivers bolstering the growth in marine lubricants market?
- Which are the factors hindering the growth in the marine lubricants market?
- Which region is expected to exhibit the fastest growth in the global marine lubricants market during 2022-2032?
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