Global Marine Lubricants Market: Snapshot
The global market for marine lubricants is experiencing a significant rise in its size and valuation, thanks to the increasing need to improve the output efficiency of machine parts and their output efficiency. With the increasing demand for group II and group III base oil, manufacturers are prompted to produce more base oil, which is reflecting greatly on this market.
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On the other hand, the inadequate supply of bright stock material has propelled the discovery of alternatives, which are likely to hamper the growth of this market in the near future. The shortage of supply is also expected to limit this market over the next few years. In 2015, the global marine lubricants market was worth US$2.32 bn. Expanding at a CAGR of 4.17% from 2016 to 2024, the market’s opportunity is projected to touch US$3.33 bn by the end of 2024.
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Asia Pacific to Retain Supremacy over Global Marine Lubricants Market
Among the regional markets for marine lubricants, Asia Pacific emerged as the market leader in 2015, with a share of more than 51%. Thanks to the vast requirement for marine lubricants in this region, the trend is expected to remain so over the next few years. The presence of a large pool of ports in Asia Pacific, primarily in China and the ASEAN countries is another important factor behind the growth of the Asia Pacific market for marine lubricants. Several economies, such as China, Japan, India, Singapore, Indonesia, Philippines, and Australia, are anticipated to contribute to the rising demand for marine lubricants significantly in this region over the forthcoming years.
Europe is another prominent regional market for marine lubricants. The U.K., Russia, and Germany are the key contributors to this market, among which, the U.K. has acquired the leading position. The number of ships using inland waterways is higher in Europe than in other regions due to the presence of extensive inland waterways in countries, such as France, Germany, Belgium, Netherlands, as well as in Russia. This, as a result, is projected to boost the Europe market for marine lubricants in the years to come.
Mineral Oil to Report High Demand
Based on the type of product, the global marine lubricants market is segmented into mineral oil, synthetic oil, and bio-based oil. The demand for mineral oil is much higher than the other two and the trend is anticipated to continue in the years to come. Synthetic oil is also gaining significant momentum across the world due to the cost benefits it offers and is expected to surface as the most attractive segment in the global market over the forthcoming years.
In terms of the operation, the marine lubricants market is classified into inland and offshore. The offshore segment has been leading the overall market due to the widespread application of offshore waterways in transportation and ocean fish farming. The scenario is expected to remain so over the next few years, thanks to the increasing operations of naval fleets across the world.
ExxonMobil Corp., Chevron Corp., Royal Dutch Shell Plc, Petroliam Nasional Berhad, BP Plc, Gulf Oil Marine Ltd., FUCHS, Idemitsu Kosan Co. Ltd., JXTG Nippon Oil & Energy Corp., QUEPET Lubricants, China Petrochemical Corp., Total Group, and LUKOIL Marine Lubricants DMCC are some of the prominent vendors of marine lubricants across the world.
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