The marine lubricants market is expected to generate an absolute $1.1 billion opportunity by 2032, driven by the booming marine industry
/EIN News/ — Seoul, South Korea, Aug. 29, 2022 (GLOBE NEWSWIRE) — According to recent analysis by Fact.MR, a market research firm, the global marine lubricants market is expected to exceed the valuation of USD 7.1 billion by the end of 2032, and to grow at a significant CAGR of 1.5% in value over the assessment period.
Growing international business activities and shipbuilding developments are booming navy growth lubricants market. International trade by sea contributes nearly 30% of global transport and continues to increase. As a result, the biodegradability of marine lubricants is highlighted due to its benefits including improved safety, consistent viscosity, and low emission rates.
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Additionally, the development of the lubricants industry and the shift from the use of additives that include heavy metals such as antimony and lead to environmentally friendly additives are driving the growth of bio-based marine lubricants. In addition, improved vessel sizes to boost ocean carriers and strong demand for ultra-large container ships with increasing trade volume are driving the demand for marine lubricants.
Marine lubricants protect and improve the efficiency of engines and equipment in the shipping industry. They protect components at high temperatures, allow optimum performance in operations, such as extending shelf life, improving protection against mechanical wear and reducing cold corrosion.
Additionally, stringent government regulations regarding the limited use of sulfur and nitrogen in automotive lubricants are drawing attention to bio-based lubricants, which is helping to accelerate the growth of oil-based marine lubricant engines. Additionally, the adoption of four-stroke engines in the marine industry, which require highly efficient lubricants, will drive the demand for marine lubricants.
How is the Asia-Pacific Navy Lubricants Is the market progressing?
“The East Asian market is lucrative, led by China and Japan”
The Asia-Pacific marine lubricants market holds 29.6% of the global market share in 2022. An in-depth analysis of the various economies reveals that East Asia occupies 67.1% of the Asia-Pacific market. Pacific, however, South Asia and Oceania offer a recessive market and occupy 32.9%. of Asia Pacific.
This difference is due to the increasing industrialization of Japan and China. Increasing trade value is another key driver of East Asia’s dominance in the Asia-Pacific regional market.
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Key segments covered by the Marine Lubricants Industry survey
Marine Lubricants Market by type of oil:
- Oil-Based Marine Lubricants
- Synthetic Marine Lubricants
- Biobased marine lubricants
Marine Lubricants Market by product type:
- Engine oil
- hydraulic fluid
- compressor oil
- Other types of products
Marine Lubricants Market by Region:
- North America
- Latin America
- East Asia
- South Asia and Oceania
The marine lubricants market is a fragmented market governed by intense competition among major players. Each player aims to strengthen its position in the market by introducing quality and safe products through product innovation and improvement.
The major players in the global marine lubricants market prefer the adoption of inorganic and organic growth strategies such as collaborations, acquisitions, mergers, partnerships, etc. to improve their global footprint and profit margin.
They also try to gain a foothold in the market by maintaining an edge over other competitors in the market and try to stay relevant by continuously focusing on product research and development.
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The key players in the Marine Lubricants Market
- ExxonMobil Corporation
- Royal Dutch Shell Inc.
- Chevron Company
- BP plc
- Croda International Plc
- The company PJSC Lukoil
- Repsol AG
- Avinoil SA
Main takeaways from Marine Lubricants Market research
- The global marine lubricants market is valued at USD 6.1 billion and is expected to grow at a CAGR of 1.5% over the forecast years to reach USD 7.1 billion by the end of 2032.
- The synthetic oil segment is expected to generate an absolute dollar opportunity of almost USD 576.9 million during the forecast period
- Compressor oil under lubricants oil product type segment is expected to grow 1.2 times over the forecast period, while motor oil segment is expected to continue to dominate during the forecast period. forecast period
- North America and Europe together hold 57.6% market share in 2022
- North America and Europe are expected to register a CAGR of 1.6% and 1.5% over the forecast years
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