Marine Lubricants Market, By Product Type (Mineral Lubricants, Synthetic Lubricants, and Bio Lubricants), By Application (Engine Oils, Hydraulic Oils, Grease, and Others), By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) ) is estimated to be valued at US$ 6 Bn in 2024 and is expected to exhibit a compound annual growth rate (CAGR) of 1.6% during the forecast period (2024 – 2031), as highlighted in a new report published by Coherent Market Insights.
Marine lubricants are substances primarily used to reduce the friction between surfaces and improve productivity. Marine lubricants are widely used to protect the equipment and engine and enhance the performance of the machine by preventing the tear and wear of the operating parts. These lubricants have a high viscosity index, thermal stability, a low freezing point, and excellent resistance to oxidation. The use of lubricants increases the shelf-life of the mechanical parts and also facilitates the smooth functioning of the operations. Moreover, lubricants eradicate the residues deposited over the different parts of the machine. Lubricants are produced by using different raw materials, such as mineral oils and synthetic oils, along with 10% of the additives.
Global Marine Lubricants Market - Impact of Coronavirus (Covid-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and had a serious negative impact on the economies, social behaviours, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems regarding the transportation of things from one place to another.
The COVID-19 pandemic has had a significant impact on the global marine lubricants market. The outbreak led to a drop in oil prices and disruptions in the global supply chain, affecting the marine lubricants industry. The maritime sector, which is a key market for marine lubricants, experienced a decline in demand due to reduced ship traffic, particularly in the Asia Pacific region. The pandemic also impacted the first quarter in China, a significant market for the Asia Pacific marine lubricants industry.
The outbreak of the COVID-19 pandemic has drastically disrupted the supply chain and economies, which has caused a steeper decline. However, the situation is improving now and the industry is increasing its efforts towards a sustainable recovery.
Global Marine Lubricants Market: Recent Developments
- In June 2021, Chevron Marine Lubricants is a global supplier of marine lubricants and fuels to the maritime and shipping industries. The company offers a complete range of high-quality products, including engine oils, greases, and transmission fluids, to meet the diverse needs of its customers. Chevron Marine Lubricants extended its joint venture with Akwa Group, the Moroccan oil and gas and lubricant supplier. Chevron has taken a joint stake in Afriquia Lubrifiants (a subsidiary of Akwa Group), and plans to extend the blending, distribution, and marketing business beyond Morocco to markets in sub-Saharan Africa. The joint venture will manufacture Chevron’s premium products locally for the first time, including Chevron Marine Lubricants’ product portfolio.
- In May 2021, Exxon Mobil Corporation is a multinational oil and Gas Corporation and one of the world's largest publicly traded energy providers and chemical manufacturers. The company is vertically integrated across the entire oil and gas industry, from exploration and production to refining and marketing. Exxon Mobil Corporation was formed in 1999 through the merger of Exxon and Mobil, and it is headquartered in Irving, Texas. Exxon Mobil Corporation added Mobil SHC Aware Hydraulic Series oils and Mobil SHC Aware Grease EP 0 to its range of high performance marine lubricants. Both are formulated to meet the US Vessel General Permit (VGP) requirements for Environmentally Acceptable Lubricants (EALs) 1 making them ideal for deck and underwater machinery operating in areas where environmental protection regulations are in force.
Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Marine Lubricants Market”- Forecast to 2031, Global Marine Lubricants Market, By Product Type (Mineral Lubricants, Synthetic Lubricants, and Bio Lubricants), By Application (Engine Oils, Hydraulic Oils, Grease, and Others), By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa)
Link: https://www.coherentmarketinsights.com/market-insight/marine-lubricant-market-481
Key Takeaways of the Global Marine Lubricants Market
- The global marine lubricants market was valued at US$ 6 Bn in 2023 and is forecast to reach a value of US$ 6.7 Bn by 2031 at a CAGR of 1.6% between 2024 and 2031
- Asia Pacific is expected to be the dominant region in the global marine lubricants market due to the growth of the market in the region, driven by the large volume of trade activities and developed infrastructure in the shipping industry, which are primarily responsible for the high demand for marine lubricants in the region
- Major players operating in the Global Marine Lubricants Market are Lubmarine (Total Group), Royal Dutch Shell Plc., BP Marine, Chevron, ExxonMobil Corporation, Sinopec Corporation, Castrol, Gulf Marine and Industrial Supplies Inc., Lukoil Marine Lubricants, Quepet Lubricants, JX Nippon Oil & Energy Corporation, Idemitsu Kosan Co., Ltd., and IKO Marine Lubricant Supply Co. Ltd
