Marine Lubricants Market to see Huge Growth by 2028

The global marine lubricants market is anticipated to grow at a CAGR of 1.2% during the forecast period. The rising cost of fuels and the implementation of stringent regulations by the IMO (International Maritime Organization) is likely to increase the consumption of global marine lubricants. Moreover, with augmented fuel prices, shippers are likely to operate engines at slow streaming levels to save fuel. This could advance corrosion concerns in engines and strain the components and systems, as the engines are not capable of operating continuously at reduced rates. Therefore, to ensure the proper safety and functioning of these engines, the demand for marine lubricants increases. Thus, driving the global marine lubricants market.

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Moreover, rising in seaborne international trade increases the demand for ships for transporting goods such as industrial products, consumer goods, oils, and agricultural goods globally. According to International Trade Administration in 2018, the total export through maritime is 868 million tons. To cater to the demand for ships, key players are manufacturing and delivering more ships in the market. For instance, in 2021, according to United Nations Conference on Trade and Development, total ships delivered including bulk carriers, oil tankers, container ships, and others are 2.07 billion globally in 2020-21.

913 0 million bulk carriers are delivered in 2021 compared to 879 7 million are delivered in 2020. The demand for ships is increased, which increases the demand for marine lubricants across the globe.

Market Coverage

The market number available for - 2021-2028
Base year- 2021
Forecast period- 2022-2028
Segment Covered-

By Oil Type
By Product Type
By Ship Type
Regions Covered-

North America
Europe
Asia-Pacific
Rest of the World
Competitive Landscape- including Chevron Corp, China Petrochemical Corp., COMPAÑÍA ESPAÑOLA DE PETRÓLEOS, S.A., Croda International Plc, Exxon Mobil Corp, Idemitsu Kosan Co., Ltd., Indian Oil Corp. and others.
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Marine Lubricants Market Report Segment

By Oil Type

Mineral Oil
Synthetic Oil
Bio-Based Oil
By Product Type

Engine Oil
Hydraulic Fluid
Compressor Oil
Others
By Ship Type

Bulk Carriers
Tankers
Container Ships
Others
Marine Lubricants Market Report Segment by Region

North America

United States
Canada
Europe

UK
Germany
Spain
France
Italy
Rest of Europe
Asia-Pacific

India
China
Japan
South Korea
Rest of APAC
Rest of the World

Latin America
Middle East and Africa
Company Profiles

BP p.l.c
Chevron Corp
China Petrochemical Corp.
COMPAÑÍA ESPAÑOLA DE PETRÓLEOS, S.A.
Croda International Plc
Exxon Mobil Corp
Idemitsu Kosan Co., Ltd.
Indian Oil Corp.
JX Nippon Oil and Energy Corp.
Repsol S.A
Royal Dutch Shell Plc
SINOPEC International Petroleum Exploration and Production Corp.
The PJSC Lukoil Oil Co.
TotalEnergies SE
Valvoline Cummins Pvt Ltd
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