Global Marine Lubricants market size is estimated to be valued over USD 5,701 million in 2019 and will register a CAGR of 2.7% to create high incremental opportunity for industry players. In terms of volume, over 1,913 kilotons of marine lubricants was consumed in 2018. These lubricants help protect ship engines and equipment, thereby enhancing the ship capacity.
As per the estimates, marine lubricants accounted for 7.9% of total lubricant sales in 2018. Companies are focusing on offering ecofriendly lubricants to comply with regulatory standards. Over 40% of lubricants emit pollution, which is a major cause of concern among regulatory bodies. There are over 1,600 prominent lubricant manufacturers operational worldwide, however, less than 130 are in marine lubricant manufacturing. Top 10 players accounted for 73% of global revenue share.
Growth In the industry is primarily attributed to high trade flow via sea routes. According to UNCTAD, world seaborne trade reached 10.3 billion tons in 2016, and since then is registering upward trajectory growth. The growth momentum is expected to continue throughout the forecast period. This growth momentum is expected to drive the demand for marine lubricants worldwide. Tourism and recreational activities has also propelled market to witness significant growth during the forecast period. Other factors such as offshore drilling add extra inputs to demand for such lubricants.
Global Marine Lubricants Market Size and Forecast: By Product Type
Based on product type, the revenue is analyzed across mineral oil, synthetic, bio based and grease. Mineral oil will dominate the global share. It was valued at USD 3.7 Million in 2018. Bio based lubricant is gaining traction globally and is expected to register fastest growth. Mineral oil offers wear and tear resistance and good thermal stability.
Global Marine Lubricants Market Size and Forecast: By Marine Channel
Bekryl has analyzed marine lubricants market revenue across recreational, transport and industrial sector. Transport segment will dominate the global share. There are over 53,000 merchant ships worldwide. The number is increasing every year at 0.9%. Consumption of marine lubricant Is higher in older ships.
Global Marine Lubricants Market Size and Forecast: By Application
Engine oil accounted for 61% of global revenue share in 2018. Engine forms a vital part to overall functioning of fleets, and needs to be maintained and checked at periodic interval. Lubricants help maintain the engine performance and protect it from wear and tear. Demand will continue to rise with increasing tradeflow worldwide.
Global Marine Lubricants Market Size and Forecast: Regional Analysis
In 2018, Asia Pacific accounted for 41% of global marine lubricants market revenue. The region will not only dominate the market, but also register fastest growth throughout the forecast period. Japan, China, South Korea are the largest ship-builders globally. China and Korea are directly competing for the top place and Japan at a distant third. These countries accounted for 94% of the global deliveries in 2017. Moreover, China, Japan and Singapore are ranked in top five countries with highest trade flow. Repair depot is quite common in the region owing to high business flow.
Western Europe stands next to Asia Pacific. Various ship halts at Greece and Germany. Greece is located at the cross-road of maritime map, thereby witnessing higher influx of fleets in the region. Various government trading relations and bilateral relations across Asia and North America. Increased fluid drilling will also play a key role in overall demand for marine lubricants in the region.
Global Marine Lubricants Market Size and Forecast: Competition Landscape
The industry is highly consolidated with leading players accounting for major share of the market. This is a capital intensive industry which highly limits the emergence of new entrants.
Key Marine Lubricants players are:
- Indian Oil
- Valvoline Inc.
- Synforce lubricants
- Gulf Oil
By Product Type:
- Mineral Oil
- Engine Oil
- Grease Oil
- Hydraulic Oil
- Dry Cargo Ship
- Container Ship
What Will You Discover in the Report?
- An in-depth analysis of the Marine Lubricants market across regions – North America, Latin America, Western Europe, Central and Eastern Europe, Asia Pacific, Middle East, and Africa.
- How the Marine Lubricants market sales is expected to grow throughout the forecast period.
- How geopolitical policies and technological changes will affect the Marine Lubricants market in near future
- Where the stakeholders should invest to generate higher profit margins
- How consumers (end-users) will reflect to the Marine Lubricants industry during the forecast period
- Who are the Marine Lubricants industry leaders and what are the key initiatives taken by them for long term growth
Who will benefit from the Report?
- Marine Lubricants Industry Suppliers
- Marine Lubricants Industry Manufacturers
- Consultants and Analysts
- Industry Specialists
Analyst access with Bekryl Market Analysts
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