Marine Lubricants Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Marine Lubricants Market is Segmented by Lubricant Type (System Oil, Marine Cylinder Lubricant, Trunk Piston Engine Oil, and Other Lubricant Types), Ship Type (Bulker, Tanker, Container, and Other Ship Types), and Geography (Asia-Pacific, North America, Europe, South America, Middle East, and Africa). The report offers the market sizes and forecasts in volume (million liters) for all the above segments.

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Market Snapshot

Marine Lubricants Market Summary
Study Period: 2017-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >2 %
Marine Lubricants Market Major Players

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Market Overview

The marine lubricants market is projected to register a CAGR of over 2% during the forecast period (2022-2027).

The Covid-19 pandemic had a negative impact on the market but is projected to grow steadily in the forecast period owing to growth in marine industry activities across the globe.

  • Over the short term, the rising demand for marine transport in Europe and Asia-Pacific and growing shipbuilding activities in Asia-Pacific are expected to drive the demand in the market during the forecast period.
  • Economic instabilities in shipbuilding economies and unfavorable conditions arising due to the impact of COVID-19 are likely to hinder the market's growth.
  • The recovering shipbuilding and marine transport industry in the United States is projected to act as an opportunity for the market in the coming years.
  • The Asia-Pacific region is expected to dominate the market and will also witness the highest CAGR during the forecast period.

Scope of the Report

Marine lubricants are used in different sections and processes of containers, cargo fleets, oil tankers, and other ships for lubrication purposes. Some of the marine lubricants include engine oils, hydraulic oils, compressor oils, slideways oils, gear oils, heat transfer oils, greases, turbine oils, and others. The marine lubricants market is segmented by lubricant type, ship type, and geography. By lubricant type, the market is segmented into system oil, marine cylinder lubricant, trunk piston engine oil, and other lubricant types. By ship type, the market is segmented into bulker, tanker, container, and other ship types. The report also covers the market size and forecasts for the marine lubricants market in 15 countries across the major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (million liters).

Lubricant Type
System Oil
Marine Cylinder Lubricant
Trunk Piston Engine Oil
Other Lubricant Types
Ship Type
Bulker
Tanker
Container
Other Ship Types
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Mexico
Canada
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Rest of Middle East and Africa

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Key Market Trends

The Marine Cylinder Lubricant Segment is Expected to Dominate the Market

  • Marine cylinder lubricants occupy the largest share in the market. These lubricants find their applications in vessels with either 2-stroke or 4-stroke engines, with 2-stroke engines occupying the majority of the share. The two-stroke crosshead diesel engine has been the preferred prime mover for larger merchant vessels for many years.
  • For marine diesel engines operating on residual fuels containing sulfur, cylinder lubricants generally serve the following purposes:
    • Form and maintain an oil film to prevent metal-to-metal contact between the cylinder liner and piston rings.
    • Neutralize sulfuric acid to control corrosion.
    • Clean the cylinder liner, and particularly the piston ring pack, to prevent malfunction and damage caused by combustion and neutralization residues
  • The ever-tightening restrictions regarding the environment are pushing the marine cylinder lubricant manufacturers to develop new products continuously. Major manufacturers, such as Shell and Castrol, have even responded to the restrictions being laid out by offering newer products to their customers over the recent years.
  • With the growing naval trade globally, the merchant navy fleet is continuously increasing, which may increase the consumption of marine cylinder lubricants.
  • Two-stroke engines are being used in merchant fleets, including oil tankers, cargo ships, bulk carriers, and others. According to the United Nations Conference on Trade and Development (UNCTD), the world merchant fleet had reached a carrying capacity of 2.1 billion dead-weight ton (DWT) in January 2021, which was 62 dead-weight ton (DWT) more compared to the previous year, leading to an increase in the consumption of marine cylinder lubricants used in the engines of the merchant fleet, which in turn, stimulates the demand in the studied market.
  • According to UNCTD, the total number of merchant ships amounted to 53,275 units in 2020 globally, which reached about 53,973 merchant ships in 2021, with a growth rate of about 1.3%. This led to an increase in the consumption of marine cylinder lubricants, which drives the marine lubricants market.
  • Therefore, the aforementioned factors are expected to have a significant impact on the market in the coming years.
Marine Lubricants Market, Volume Share (%), by Lubricant Type, Global, 2021

The Asia-Pacific Region is Expected to Dominate the Market

  • The Asia-Pacific region dominated the marine lubricants market. With rising demand in the majority of industries and commodities, an increasing trend for imports and exports has been registered in recent years.
  • The demand for basic commodities and raw materials, including crude oil and natural gas, has been rising. In line with the Paris Climate Pact, the major developing nations of Asia-Pacific are cutting down their daily usage of coal and converting to natural gas, majorly for power generation and cooking purposes. Natural gas is imported in Asia-Pacific, as the production is not sufficient to cope with the demand.
  • Lubricants are being used in various marine applications, including engine oils, air compressors, hydraulic systems, turbines, gear systems, bearings and circulation systems, and others.
  • According to the United Nations Conference on Trade and Development (UNCTD), in terms of dead-weight ton (DWT), about 94% of the global shipbuilding activities were located in China, the Republic of Korea, and Japan. Furthermore, Bangladesh and India accounted for about 71% of the global ship recycling.
  • According to UNCTD, China had 1,08,481 merchant ships in 2021, which reached about 1,15,154 merchant ships in 2022, with a growth rate of about 6.1%, driving the demand in the marine lubricants market.
  • In June 2022, China launched its third advanced air carrier Fujian from Shanghai's Jiangnan Shipyard. The Fujian is China's first domestically designed and built catapult aircraft carrier.
  • Indian shipping tonnage accounted for 12.68 million gross tonnages with 1431 ships as of March 2020 and reached 13.01 million gross registered tonnages (GRT), with 1463 ships as of March 31, 2021.

Therefore, the aforementioned factors are expected to have a significant impact on the market in the coming years.

Marine Lubricants Market - Growth Rate by Region, 2022-2027

Competitive Landscape

The marine lubricants market is highly fragmented in nature. Some of the key players in the market include Shell PLC, BP PLC (Castrol), Chevron Corporation, LUKOIL, and ExxonMobil Corporation, among others (not in any particular order).

Recent Developments

  • In April 2022, Chevron Global Energy Inc., a fully owned subsidiary of Chevron Corporation, completed the previously announced acquisition of Neste Corporation's NEXBASE brand, associated qualifications and approvals, and related sales and marketing operations from Neste Corporation.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Rising Demand for Marine Transport in Europe and Asia-Pacific

      2. 4.1.2 Growing Shipbuilding Activities in Asia-Pacific

    2. 4.2 Restraints

      1. 4.2.1 Economic Instabilities in Shipbuilding Economies

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Regulatory Policy Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Lubricant Type

      1. 5.1.1 System Oil

      2. 5.1.2 Marine Cylinder Lubricant

      3. 5.1.3 Trunk Piston Engine Oil

      4. 5.1.4 Other Lubricant Types

    2. 5.2 Ship Type

      1. 5.2.1 Bulker

      2. 5.2.2 Tanker

      3. 5.2.3 Container

      4. 5.2.4 Other Ship Types

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Mexico

        3. 5.3.2.3 Canada

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 France

        4. 5.3.3.4 Italy

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 BP PLC (Castrol)

      2. 6.4.2 Chevron Corporation

      3. 6.4.3 China Petroleum & Chemical Corporation (SINOPEC)

      4. 6.4.4 ENEOS Corporation

      5. 6.4.5 Exxon Mobil Corporation

      6. 6.4.6 FUCHS

      7. 6.4.7 Gazprom Neft PJSC

      8. 6.4.8 Gulf Oil International

      9. 6.4.9 Idemitsu Kosan Co. Ltd

      10. 6.4.10 Indian Oil Corporation Ltd

      11. 6.4.11 LUKOIL

      12. 6.4.12 Quepet Lubricants

      13. 6.4.13 Shell PLC

      14. 6.4.14 Total Energies SE

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Marine Lubricants Market market is studied from 2017 - 2027.

The Marine Lubricants Market is growing at a CAGR of >2% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2021.

Chevron Corporation, LUKOIL, Exxon Mobil Corporation, BP PLC (Castrol), Shell PLC are the major companies operating in Marine Lubricants Market.

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