Marine Lubricants Markets: Engine Oil, Hydraulic Fluid, Compressor Oil

Global Marine Lubricants Market

Dublin, July 06, 2023 (GLOBE NEWSWIRE) -- The "Global Marine Lubricants Market by Oil Type (Mineral Oil, Synthetic Oil, and Bio-Based), Product Type (Engine Oil, Hydraulic Fluid, Compressor Oil), Ship Type (Bulk Carrier, Container Ships), & Region( Asia Pacific, North America) - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

Global marine lubricants market is estimated to grow from USD 6.3 billion in 2022 to USD 6.9 billion by 2028, at a CAGR of 1.5%

The mounting demand of bio-derived marine lubricants is also driving the demand for marine lubricants. Manufacturers are incorporating technologies to improve the quality of marine lubricants.

Synthetic oil is expected to be the fastest-growing oil type of the marine lubricants market, in terms of value, during the forecast period

The synthetic oil type segment is estimated to behold the fastest growth in terms of value and volume during the forecast period. Synthetic oil have several benefits such as reduced friction at start-up, stable viscosity for a wide range of temperatures, and extended oil life.

Along with its benefits it have properties such as high performance in extreme conditions, better viscosity index, higher shear stability, and chemical resistance compared to other oil types. Synthetic oils are engineered to provide superior performance characteristics compared to mineral oils.

They have excellent thermal and oxidative stability, which helps them maintain their viscosity and lubricating properties under high temperatures and prolonged usage. This stability results in reduced oil breakdown, extended oil change intervals, and improved overall lubricant performance.

Asia Pacific is largest and projected to be the fastest growing region for marine lubricants market, in terms of value, during the forecast period

Due to increasing population and improving living standards, the Asia Pacific marine lubricants market is projected to grow at highest CAGR during the forecast period. Additionally, the accessibility of raw materials and rapid industrialization will promote demand for marine lubricants market.

The Asia Pacific region is home to some of the busiest shipping routes in the world, including the Malacca Strait, South China Sea, and Pacific Ocean. These routes serve as vital conduits for international trade, with a significant volume of goods transported through these waters. The high volume of shipping traffic necessitates the use of marine lubricants to ensure efficient and reliable vessel operations.

Competitive landscape

The key market players such as Shell plc (Netherlands), BP p.l.c. (UK), Exxon Mobil Corporation (US), TotalEnergies SE (France), and Chevron Corporation (US) are strengthening their presence in the marine lubricants market in various regions.

Key Attributes:

Report Attribute

Details

No. of Pages

269

Forecast Period

2023 - 2028

Estimated Market Value (USD) in 2023

$6.3 Billion

Forecasted Market Value (USD) by 2028

$6.9 Billion

Compound Annual Growth Rate

1.5%

Regions Covered

Global

Premium Insights

High Growth Expected in Emerging Economies During Forecast Period

China and Engine Oils Segment Accounted for Largest Shares

Engine Oil to Dominate Marine Lubricants Market Across Regions

Singapore to be Fastest-Growing Country for Marine Lubricants During Forecast Period

Market Dynamics

Drivers

Growth in Seaborne Trade

Expansion of Global Shipbuilding Industry

Growth in Offshore Exploration and Production Activities

Restraints

Stringent Environmental Regulations

Opportunities

Increasing Demand for Biodegradable Lubricants

Growing Demand from Emerging Economies

Challenges

Emergence of Alternative Technologies

Fluctuating Crude Oil Prices

Supply Chain Analysis

Raw Material

Manufacturing

Distribution to End-users

Case Studies

Lubrication Failure in a Ship's Main Engine: Causes, Effects, and Solutions

Kluber Lubrication Launches Innovative Solution for Sustainable Ship Propulsion

Chevron Oronite Introduces New Marine Cylinder Lubricant Additive Package for Imo 2020-Compliant Fuels

Company Profiles

Key Players

Bp P.L.C.

Chevron Corporation

Exxon Mobil Corporation

Shell plc

Totalenergies Se

Petronas

Lukoil

Idemitsu Kosan Co., Ltd

China Petroleum & Chemical Corporation

Eneos Holdings, Inc.

Gulf Oil International Ltd.

Emirates National Oil Company (Enoc)

Eni S.P.A.

Indian Oil Corporation Limited

Petrochina Company Limited

Sk Inc.

Cepsa

Gazprom Neft

Other Key Market Players

Addinol Lube Oil GmbH

Bel Ray Company LLC.

Morris Lubricants

Penrite Oil Company

Liqui Moly GmbH

Dyade Lubricants

Kluber Lubrication

For more information about this report visit https://www.researchandmarkets.com/r/f3rez

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Attachment

Global Marine Lubricants Market