Marine Lubricant

Marine Lubricant Market - Global Industry Insights, Trends, Size, Share,
Outlook, and Opportunity Analysis, 2018–2025
Marine lubricants are lubricants obtained from the processing of crude oil, used in various
marine ship applications such as engines, hydraulics, and compressors. These lubricants
help maintain low temperatures by dissipating the heat produced from friction. Lubricants are
derived from animal, vegetable, or mineral sources and are used for facilitating various
functions such as extracting contaminants, preventing wear and tear in all forms, ensuring
good bearing operation, completing gas sealing at piston ring level, preventing corrosion,
and reducing friction. Marine lubricants are mainly used in seashore countries and find
extensive application in shipping and oil & gas industries.
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The engine segment accounts for a sizeable share of the market due to its large application
area, and high consumption and requirement of large amounts of lubricants. On the other
hand, growing demand for heat transfer fluids, gears, and turbines are also expected to drive
market growth over the forecast period. Marine lubricants are vital for greater resistance to
rust, lower viscosity loss, and greater anti-wear capacity of an engine
Choice of marine lubricant is largely dependent on machine, application, operating condition,
and environment. Mineral oil is better soluble with additives and offers enhanced
compatibility with seal at low costs. The demand for mineral oil is thus highest in comparison
to other lubricants. Synthetic lubricators are used in extreme environmental conditions and
are relatively more expensive than mineral oil. Bio-based oils are degradable and thus meet
the increased environmental safety requirement, this has caused bio-based oils to gain more
traction over other lubricants.
Lubricants are available in various viscosities for different equipment function. The Ship
loading capacities are also considered when selecting marine lubricants.
Marine Lubricant Market Outlook - Surging Demand in Asia Pacific Augmenting
Market Growth
Asia Pacific is estimated to be the largest market for marine lubricants, followed by Europe.
China, India, and Singapore are among the largest consumers of marine lubricants. Europe
is estimated to be the second largest market for marine lubricants. Though, the market share
of the region is expected to experience a significant decline due to the shifting of shipbuilding
and shipping activities to Asia Pacific. This shift is due to cheap raw material and low labor
costs in countries of Asia Pacific.
The Middle East and Africa have low demand for marine lubricants compared to Asia Pacific.
However, the Middle East being a hub for oil and gas export, relies on shipping industry for
transport of oil to Asian markets. This is expected to accelerate growth of the market in the
region, over the forecast period.
North America and Latin America are witnessing poor growth in the marine industry,
primarily due to energy self-sufficiency and poor port infrastructure, which discourages
shipbuilding operations in these regions.
The infrastructure development and new alternatives technologies for the shipping industry
are the main drivers for the marine lubricant market growth. The demand of base stock
group II over base stock group I provides companies with an opportunity to target more
costumers.
Marine Lubricant Market Challenges –
This industry depends upon the trades between countries over large distances. The
decrease in trades, restrains growth of this industry. Marine lubricants contain sulfur and
nitrogen, which are endanger the aquatic life. This concern has led to stringent
environmental regulations against the use of marine lubricants, this poses as a major threat
for growth of the market. Shell is one of the leading companies in the marine lubricant
market. Other major companies operating in the market include BP PLC, Royal Dutch Shell
Plc, Exxon Mobil Corporation, Chevron Corporation, Sinopec Corporation, Lukoil, Idemitsu
Kosan Co Ltd, and Total S.A.
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Marine Lubricant Market report categorizes global market by product type, application, and end-use type - Global Industry Insights, Trends, Size, Share, Outlook, and Opportunity Analysis, 2018–2025

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