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

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

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.
"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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