Market Size of Marine Lubricants Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 2.53 Billion liters |
| Market Volume (2029) | 2.79 Billion liters |
| CAGR (2024 - 2029) | 1.97 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Marine Lubricants Market Analysis
The Marine Lubricants Market size is estimated at 2.53 Billion liters in 2024, and is expected to reach 2.79 Billion liters by 2029, growing at a CAGR of 1.97% during the forecast period (2024-2029).
The COVID-19 pandemic negatively impacted the market. It was because of the shutdown of the manufacturing facilities and plants due to the lockdown and restrictions. Supply chain and transportation disruptions further created hindrances for the market. However, the industry witnessed a recovery in 2021, thus rebounding the demand for the market studied.
- 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 market demand during the forecast period.
- On the flip side, the development of synthetic and bio-based lubricants and volatility in raw material prices are anticipated to hinder the market's growth.
- However, the recovering shipbuilding and marine transport industries in the United States are 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.
