Marine Lubricants Market: Current Analysis and Forecast (2024-2032)

Report Description

Marine Lubricants Market Size & Forecast

The Marine Lubricants market was valued at approximately USD 6.5 Billion in 2023 and is expected to grow at a robust CAGR of around 2.5% during the forecast period (2024-2032). The marine lubricants market is expanding with the increase in seaborne export and import, more stringent rules and regulations for a pollution-free environment, and the need for higher efficient engines and fuel.

Marine Lubricants Market Analysis

Maritime transport is one of the most important components of global supply chains and the global economy since approximately 80 percent of cargo and more than 70 percent of manufactured goods arriving at their destinations are shipped by sea via ports around the world. This is because merchandise trade is huge, and sea transport is cheaper than rail and road means of transport. For addressing the issue of increasing seaborne trade, most ocean-going vessels are the focal point of interest. These vessels play a middle–link role among countries in the world trade. As a result, periodic maintenance, oiling, and greasing of various components of floating structures are inevitable. Lubricants and associated products like engine oil, hydraulic fluid, gear oil, transmission fluid, grease, or compressor oil are the cultures utilized in vessels to minimize friction or heat, or which protect components or extend an existent component’s life. Over the years the increase of the global seaborne trade has put into requirement the necessity of more vessels. This in return increases the related industries with marine-like attributes such as lubricants.

Marine Lubricants Market Trends

This section discusses the key market trends influencing the fungicide segments as identified by our research experts.

Mineral Segment Transforming Industry

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.

Asia-Pacific accounted for a significant share of the market

Asia-Pacific accounted for a significant share of the market and is expected to showcase significant growth over the forecast period. This can be attributed 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.

Marine Lubricants Industry Overview

Marine Lubricants are competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Chevron Corporation, BP p.l.c., Exxon Mobil Corporation, PetroChina Company Limited, Royal Dutch Shell Plc., TotalEnergies, Idemitsu Kosan Co., Ltd, China Petrochemical Corporation, LUKOIL, and FUCHS. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Marine Lubricants Market Report Coverage

Recent Development:

• In June 2022, China launched its third advanced air carrier Fujian from Shanghai’s Jiangnan Shipyard. The Fujian is China’s first domestically designed and built catapult aircraft carrier.
• In February 2023, Luberef announced that expanding its base oil plant in Yanbu’ al Bahr, Saudi Arabia, will increase capacity by 230,000 metric tons annually. The refiner, a subsidiary of Saudi Aramco, said the project would also upgrade the facility, enabling it to make API Group III base stocks.

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 portfolios, 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 regional level analysis of the industry.

Customization Options:

Global Marine Lubricants market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs; hence, feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Marine Lubricants Market Analysis (2022-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Marine Lubricants market were the three major steps undertaken to create and analyze the adoption of Marine Lubricants in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, numerous findings and assumptions were taken into consideration to validate these insights. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Marine Lubricants market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting 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. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the Marine Lubricants market 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 Marine Lubricants, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report, such as base oil, type, vessel, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

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 the Marine Lubricants market. Further, we conducted factor analysis using dependent and independent variables such as base oil, type, vessel, and Specialty tape regions. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Marine Lubricants market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above three steps, we arrived at the current market size, key players in the global Marine Lubricants market, and market shares of the segments. 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 top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of Marine Lubricants across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Marine Lubricants in terms of products offered. 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 in Different Regions

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. Data was split into several segments and sub-segments after studying various parameters and trends in the base oil, type, vessel, and regions of the global Marine Lubricants market.

The main objective of the Global 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 determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Marine Lubricants market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of base oil, type, vessel, and regions.
• Define and analyze the regulatory framework for the Marine Lubricants
• 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 the Marine Lubricants market for the major regions.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Marine Lubricants market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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