Increasing Demand for Bio-Based Marine Lubricants Presents Opportunities

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World market for marine lubricants

World market for marine lubricants

World market for marine lubricants

Dublin, September 6, 2022 (GLOBE NEWSWIRE) — The “Marine Lubricants Market by Oil Type (Mineral, Synthetic, Bio-Based and Grease Oil), Product Type (Motor Oil, Hydraulic Fluid, Compressor Oil), Ship Type (Bulk Carrier, Tanker, Container), and Region – Global forecast for 2026” Report has been added to ResearchAndMarkets.com offering.

Marine Lubricants Market Size is estimated to be $6.2Bn in 2021 and is expected to reach $6.7Bn by 2026 with a CAGR of 1.5% over the forecast period. The marine lubricants market is primarily driven by emerging emission reduction technologies, growth in maritime tourism, and infrastructure developments that are strengthening the shipping industry. The impact of Covid-19 and the shift towards synthetic based lubricants are the key constraints in the marine lubricants market. However, the growing demand for bio-based marine lubricants offers opportunities for marine lubricant manufacturers.

Infrastructure developments that strengthen the shipping industry are one of the factors driving market growth.

According to the International Chamber of Shipping (ICS), one of the main world trade associations for the shipping industry, it is estimated that about 90% of world trade is carried out by the shipping industry. This is supported by ship manufacturers and government agencies that help increase maritime trade by increasing the size of ships, developing new terminals, and creating larger straits along with expanding existing canals such as the Panama and Suez 1 Canals.

Both canals are the two most important strategic waterways that are part of more than 100 trade routes. In addition, the large shipping companies are expanding their network by acquiring new ports in various regions. The increasing size and cargo-carrying capacity of ships have led to increased trade volumes with a focus on developing more durable and resilient marine vessels. The demand for ultra large container ships (ULCS) is increasing and is expected to drive down slot costs. This is favored by shipping companies as these large ships will help them catch up with the main engines.

Mineral oil is estimated to be the largest oil type in the marine lubricant market in 2020

The mineral oil marine lubricants segment is projected to record the lowest CAGR in value terms, between 2021 and 2026, as they are being replaced by less toxic marine lubricants, such as synthetic and bio-based lubricants. Mineral oil-based lubricants are being replaced by these less toxic lubricants due to strict government regulations for the protection of the environment.

Despite the gradual shift from mineral oil lubricants to bio-based and synthetic lubricants, bulk lubricant applications such as 2-stroke and 4-stroke marine engines, propulsion units and stern tubes will continue to use large volumes of mineral oil lubricants because of their low cost.

market dynamics

drivers

  • Infrastructure developments that strengthen the shipping industry

  • Emerging emission reduction technologies

  • Growth of Maritime Tourism

restrictions

Opportunities

challenges

Key Topics Covered:

1. Introduction

2 Research Methodology

3 Executive Summary

4 premium perspectives

5 Market Overview

6 industry trends

7 Marine Lubricants Market, By Oil Type

8 Marine Lubricants Market, by Product Type

9 Marine Lubricants Market, By Vessel Type

10 Marine Lubricants Market, By Region

11 Competitive Landscape

12 company profiles

13 Adjacent and Related Markets

14 Appendix

Companies mentioned

  • Lubricating oil Addinol Gmbh

  • Bel Ray Company LLC.

  • bp plc.

  • cepsa

  • Chevron Corporation

  • China Petrochemical Corporation (Sinopec Corp.)

  • Dyade Lubricants

  • Emirates National Oil Company (Enoch)

  • Eni SPA

  • ExxonMobil Corporation

  • Gazprom Neft

  • International Gulf Oil

  • Idemitsu Kosan Co. Ltd.

  • Petroleum Corporation of India

  • Jx Nippon Oil & Energy Corporation

  • Liqui Moly Gmbh

  • Lukoil

  • Morris Lubricants

  • penite oil

  • Petrochina Limited Company

  • petronas

  • Royal Dutch Shell plc

  • Sk Inc.

  • Total Energies

  • Valvoline

For more information on this report, visit https://www.researchandmarkets.com/r/ix00cj

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