The globalMarine Lubricants Market is estimated to be USD 5.98 billion in 2018 and is projected to reach USD 6.66 billion by 2023, at a CAGR of 2.17% from 2018 to 2023. Increasing demand for emerging alternate technologies (like exhaust gas scrubbers, selective catalytic reduction, and use of low sulphur fuel, among others) are the major driving factors for the marine lubricants market. The market is also driven by infrastructure developments, such as improving port networks, which are strengthening the global shipping industry.
Synthetic oil type segment to grow at the highest CAGR between 2018 and 2023
Based on oil type, the global marine lubricants market has been segmented into mineral oil, synthetic, bio-based, and grease. The synthetic segment is projected to grow at the highest CAGR during the forecast period. This high growth rate is attributed to the strong environmental regulations regarding the use of greener products. Some of the sources involved in the release of lubricants directly into the environment are marine engines, stern tube leakages, and tanker/vessel spills. Synthetic lubricants help in controlling pollution as they are less toxic and can be released into the environment directly.
Key players operating in the global marine lubricants market include BP plc (UK), Royal Dutch Shell plc (Netherlands), ExxonMobil Corporation (US), Total S.A. (France), and Chevron Corporation (US). Expansions and new product launches were the key growth strategies adopted by the leading market players between 2016 and 2018. BP plc, Royal Dutch Shell plc, and ExxonMobil Corporation were the major players who adopted these strategies to strengthen their market penetration and gain customer confidence.
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Compressor oil product type segment to witness the highest CAGR between 2018 and 2023
Based on product type, the global marine lubricants market has been segmented into engine oil, hydraulic fluid, compressor oil, and others. The compressor oil segment is projected to grow at the highest CAGR during the forecast period. Expanding operations by shipping companies on a global scale and increasing ship sizes are major factors expected to help increase the demand for compressors in the maritime industry.
APAC to be the fastest-growing market for marine lubricants during the forecast period
Among regions, APAC has the busiest ports where a large number of seaborne trades take place. These ports are also maintenance hubs for ships that demand marine lubricants. The marine lubricants market in the APAC region is projected to grow at the highest CAGR between 2018 and 2023. This growth is mainly attributed to increasing trade activities, rising infrastructural developments in the shipping industry (in the form of increasing network of ports), and growing use of less toxic products in APAC countries, such as India, Japan, South Korea, and China.
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