Marine Lubricants Market: Current Analysis and Forecast (2021-2027)

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The global marine lubricants market is likely to showcase a growth of around 2% during the forecast period. Maritime transport is one of the major pillars of international trade and the global economy, as nearly 80% of global trade by volume and more than 70% of global trade by value are carried by sea and are handled by ports across the globe. The huge volume of merchandise trade is carried out via sea as it is cheaper than rail and road transport. To tackle the growing seaborne trade, a large number of ocean-going vessels are the center of attraction. These vessels work as a bridge in international trade. Therefore, regular maintenance, oiling, and greasing of different parts of the vessels are required. Varieties of lubricants like engine oil, hydraulic fluid, gear oil, transmission fluid, grease, and compressor oil are used in vessels to reduce friction and heat, prevent damage, and prolong component life. As the global seaborne trade has increased over the years placing the requirement for a greater number of vessels. This, in turn, boosts the marine associated industries including lubricants. For instance, from 9.82 billion tons loaded in 2014, the global transport volume of seaborne trade increased to 11.07 billion tons loaded in 2019, however, in the light of COVID-19, the market falls back to 10.65 billion tons loaded in 2020.

Insights Presented in the Report

“Amongst base oil, mineral oil held a prominent share in the market in 2020”

Based on the base oil, the market is categorized into mineral oil, synthetic oil, and bio-based oil. Among these, mineral oil accounted for a significant share in the market and is likely to maintain its strong position during the forecast period. Mineral oil is widely consumed owing to its higher efficiency and lower emission. Further, to comply with government regulations, the marine industry is taking steps to use better quality lubricants. As a result, companies are transitioning from group I mineral oil to group II mineral oil and not to synthetic or bio-based oil due to low cost and the low number of changing requirements in work techniques, working with new base oil manufacturers, and changing equipment compared to synthetic oil.

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“Amongst type, hydraulic fluid accounted for a significant share in 2020”

Based on type, the market is categorized into hydraulic fluid, engine oil, gear oil, transmission fluid, grease, compressor oil, and others. Of these, hydraulic fluid captured a significant share in the market and is likely to maintain a strong presence in the market during the forecast period. This can be attributed to the wide use of hydraulic systems in all kinds of marine vessels. Some of the application areas of hydraulic fluids are automation and control systems, valve operation, deck machinery, engine room, and stabilizers.

“Asia-Pacific is expected to showcase significant growth during the forecast period”

For a better understanding of the market adoption of Marine Lubricants, the market is analyzed based on its worldwide presence in the countries such as North America (the United States, Canada, Rest of North America), Europe (Germany, the United Kingdom, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and Rest of World. Asia-Pacific accounted for a significant share of the market and is expected to showcase significant growth over the forecast period. This can be ascribed to the vast marine fleet coupled with rising investments in shipbuilding and commercial freight transport in the key markets that offer high-growth opportunities for the marine lubricants market in the region.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive country-level analysis of the industry

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Research Methodology

Research Methodology for Global Marine Lubricants Market Analysis (2019-2027)

Analyzing the historical market, estimating the current market, and forecasting the future market of marine lubricants, three major steps are undertaken to create and analyze its adoption across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the marine lubricants industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of marine lubricants through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the marine lubricants market, we conducted a detailed secondary analysis to gather current market insights and share for different segments & sub-segments for major regions. The major segment is included in the report by base oil, type, and vessel. Further regional and country-level analyses were conducted to evaluate the overall adoption of marine lubricants globally.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of marine lubricants. Further, we conducted factor analysis using dependent and independent variables such as the construction of ships and IMO 2020 regulations. A thorough analysis was conducted for demand and supply-side scenarios considering an increasing investment, top partnerships, mergers and acquisitions, business expansion, and product launches in the marine lubricants industry.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global marine lubricants market, and market shares of each segment. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the bottom-up approach were applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of marine lubricants across the major markets
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the marine lubricants market. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants by Stakeholders and Region

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Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global marine lubricants market. Data was split into several segments & sub-segments post studying various parameters and trends in the area of base oil, type, and vessel.

The main objective of the marine lubricants market study

The current & future market trends of global marine lubricants were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of marine lubricants in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segment in the study includes the area of base oil, type, and vessel
• Defined analysis of the regulatory framework for the Marine Lubricants industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of marine lubricants for the major countries
• Major regions/countries analyzed in the report include North America (the United States, Canada, Rest of North America), Europe (Germany, the United Kingdom, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World
• Company profiles of the marine lubricants market players and the growth strategies adopted by them to sustain in the growing market

Deep dive country-level analysis of the industry

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