Global Marine Lubricants Market Report 2022 to 2027: Increasing Demand for Imo-Compliant Marine Fuel Presents Opportunities – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Marine Lubricants Market – Global Outlook & Forecast 2022-2027” report has been added to ResearchAndMarkets.com’s offering.
The marine lubricants market is expected to grow at a CAGR of 3.19% during 2022-2027.
The global marine lubricant market is expected to witness shipments of 2,197 kilotons by 2027. Globally, the demand and adoption of high-performance marine lubricants are high due to the rising concerns about reducing carbon footprints, sustainability aspects, and the introduction of the 2013 VGP regulation and IMO 2020 regulation.
This has led to the use of environmentally acceptable lubricants (EALs) based on PAOs that enable marine operators to comply with the regulation while reducing the carbon footprint in the shipping industry. This existing and upcoming demand can be broadly classified into base oil type, application segments, and end-user segments.
Marine lubricants are the special class of lubricants that are used to lubricate shipping equipment (such as air compressors, ship engines, piston rings, roller bearings, compressor blades, enclosed gear, and gas turbine systems, among others); that improve the overall efficiency of the engine and equipment operating in coastal areas.
It plays a fundamental part in protecting the machines from rust, corrosion, moisture, oxidation, and breakdown, thus enabling the machine to operate under harsh conditions. Factors such as the demand for higher-performance marine lubricants and the transition from conventional feedstock to modern feedstock (such as base oil and additives) to produce high-quality base stock have contributed to the global marine lubricants market.
The marine lubricant industry has significantly changed due to customers’ evolving needs and preferences. Two foremost factors, such as the demand for higher-performance marine lubricants and the transition from conventional feedstock to modern feedstock (such as base oil and additives) to produce high-quality base stock, have contributed to the changing market landscape in the marine lubricant industry.
The established markets of Europe and APAC are expected to witness high demand for high-performance marine lubricant products during the forecast period due to the increasing adoption of 40 BN cylinder oil in marine equipment and the high marine trade. Thus, this offers vendors many opportunities during the forecast period.
Competitive Landscape
The global marine lubricant market is moderately fragmented, and the degree of fragmentation is expected to accelerate during the forecast period.
There are a significant number of global and domestic vendors across the geographies. Important global marine lubricant market players include TotalEnergies (France), Shell (Netherlands), Exxon Mobil Corporation (US), Chevron Corporation (US), Fuchs (Germany), and Liqui Moly (Germany), among others.
The high entry barriers characterize the market due to the mandate policies and standards for improving the overall energy demand and consumption of marine equipment. The market is expected to witness significant changes in raw materials, technology, and ingredient content in marine lubricant products.
Key Vendors
- Chevron Corporation
- Castrol
- ExxonMobil Corporation
- Shell
- TotalEnergies
Other Prominent Vendors
- Addinol
- Cortec Corporation
- FUCHS
- Kluber Lubrication
- Lubriplate Lubricants Company
- Liqui Moly
- Motul
- Metalube
- Pentagonlubricants
- Penrite Oil
- Panolin AG
- Repsol
- Sinopec
- Vickers Oil
- Valvoline Inc.
- Vinayak Oil
Recent Developments:
- In September 2019, Chevron Corporation launched high-performance gear oils for marine clutched gear systems that protect against extreme pressure, load, and shock.
- In June 2021, Chevron Corporation formed a joint venture with Akwa Group to expand further across African ports in Niger, Gabon, Senegal, Benin, Tunisia, and the Democratic Republic of Congo.
- In June 2022, Shell and CMA CGM Group entered an agreement in which Shell is expected to supply LNG to CMA CGM Group as marine fuel from the later half of 2023. This strategic agreement would enable the firm to achieve the goal of decarbonization.
- In January 2021, Shell signed an agreement with Carnival Corporation, a cruise line operator, to supply high-performance marine lubricants for its cruise ship.
Key Questions Answered:
1. How big is the global marine lubricants market?
2. What is the projected market size of the global Marine Lubricants Market by 2027?
3. What is the growth rate of the Marine Lubricants Market?
4. Which region dominates the global marine lubricants market?
5. What are the key driving factors in the Marine Lubricants Market?
6. Who are the key players in the global Marine Lubricants Market?
Market Dynamics
Opportunities & Trends
- Increasing Demand for Imo-Compliant Marine Fuel
- Bio-Based Marine Lubricants Gaining Momentum
Growth Enablers
- Increasing Use of Methanol as Marine Fuel
- Steady Shift from Group I Base Stock to Premium Base Stock
- Increasing Concerns About Sustainability in the Shipping Industry
Restraints
- Increasing Raw Material Prices
- Frequent Changes in Fuel Oil Specifications
Market Segmentation
by Base Oil
- Mineral Base Oil
- Synthetic Base Oil
- Bio-Based Oil
by Application
- Engine System
- Gear System
- Motors & Auxiliaries
- Hydraulic System
- Air Compressor
- Others
by End-Use
- Bulk Carriers
- Tankers
- Container Ships
- General Cargo
- Others
by Geography
- APAC
- China
- South Korea
- Japan
- Rest of APAC
- North America
- The U.S.
- Canada
- Europe
- Italy
- Germany
- Finland
- Norway
- Netherlands
- Rest of Europe
- Latin America
- Brazil
- Paraguay
- Mexico
- Middle East & Africa
- Egypt
- South Africa
- Rest of the Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/kidvgd
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