The Marine Lubricants Market Size was valued at USD 6.4 billion in 2023 and is expected to reach USD 7.28 billion by 2031 and grow at a CAGR of 1.6% over the forecast period 2024-2031.
Marine Lubricant is a high-performance oil that breaks down easily and is used to protect marine equipment and make engines run more efficiently.The marine lubricants market is mostly driven by new technologies to reduce emissions, the growth of maritime tourism, and improvements to infrastructure that are making the shipping industry stronger. The main things holding back the marine lubricants market are the effect of Covid-19 and the move toward lubricants made from synthetic materials. But the growing demand for bio-based marine lubricants gives the companies that make them a chance to grow. In terms of value, Asia Pacific is the most important market for marine lubricants around the world. It is also the area where the marine lubricants market is growing the fastest.
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Drivers:
The shipping industry has grown and changed over time.
New technologies to reduce emissions
Restraints:
Using industryal lubricants could make the time between drains longer.
Changes in the cost of crude oil
Opportunity:
Bio-based marine lubricants are becoming more popular
Challenge:
Environmental rules that are strict and constant changes by governments
Changes in the prices of raw materials
Almost every part of the world has been affected by the pandemic. Because of problems in the global supply chain and a drop in oil prices, the marine lubricants market has grown less than it should have. This is happening because demand from the marine sector has dropped. The marine industries are very important to the market. In terms of value, the marine lubricants market is worth the most in Asia Pacific.
South Asian countries like India, Bangladesh, Sri Lanka, and Central Asian countries, which make up APAC, saw a drop in the number of ships moving through their waters. This made less fuel and marine lubricants needed in the area. China has a big share of the marine lubricants market in the APAC region, but the pandemic made things hard for them at first. Millions of people were put in quarantine, which stopped all supply chains that came from China. The travel bans and lockdowns that were put in place in most of China's big cities cut down on the amount of oil the country could make. It has also hurt the people who work there, without whom many ports like Shenzhen and Shanghai would not be able to operate. But after three months of being shut down, the country has shown signs of getting better. Most businesses have reopened, which will likely increase the need for marine lubricants.
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
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The report gives a detailed overview of the industry, including both qualitative and quantitative information. It gives an overview of the global marine lubricants market and a forecast based on different segments. It also gives market size and forecast estimates from 2024 to 2031 for five major regions: North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South and Central America. The marine lubricants market is then broken down by country and segment within each region. The report looks at and makes predictions for 18 countries around the world. It also talks about the current trend and opportunities in the region.
The report looks at factors that affect the marine lubricants market from both the demand and supply sides. It also looks at the drivers, restraints, opportunities, and future trends that will affect the market during the forecast period. After looking at the political, economic, social, and technological factors that affect the marine lubricants market in North America, Europe, APAC, MEA, and South and Central America, the report also gives an in-depth PEST analysis for each of these five
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Castrol, Lubmarine (Total Group), Sinopec Corporation, Lukoil Marine Lubricants., Gulf Marine and Industrial Supplies Inc., Quepet Lubricants, Chevron, ExxonMobil Corporation, BP Marine, Royal Dutch Shell Plc, JX Nippon Oil & Energy Corporation.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 6.4 Billion |
| Market Size by 2031 | US$ 7.28 Billion |
| CAGR | CAGR of 1.6% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • 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) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Castrol, Lubmarine (Total Group), Sinopec Corporation, Lukoil Marine Lubricants., Gulf Marine and Industrial Supplies Inc., Quepet Lubricants, Chevron, ExxonMobil Corporation, BP Marine, Royal Dutch Shell Plc, JX Nippon Oil & Energy Corporation |
| DRIVERS | • The shipping industry has grown and changed over time. • New technologies to reduce emissions |
| Restraints | • Using synthetic lubricants could make the time between drains longer. • Changes in the cost of crude oil |
Ans: Primary or secondary type of research done by this reports.
Ans: Manufacturers, Consultant, aftermarket players, association, Research institute, private and universities libraries, suppliers and distributors of the product.
Ans: Almost every part of the world has been affected by the pandemic. Because of problems in the global supply chain and a drop in oil prices, the marine lubricants market has grown less than it should have. This is happening because demand from the marine sector has dropped. The marine industries are very important to the market. In terms of value, the marine lubricants market is worth the most in Asia Pacific.
Ans: Using synthetic lubricants could make the time between drains longer and Changes in the cost of crude oil are the restraints forMarine Lubricants Market.
Ans: Marine Lubricants Market Size was valued at USD 6.4 billion in 2023 and is expected to reach USD 7.28 billion by 2031 and grow at a CAGR of 1.6% over the forecast period 2024-2031
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8.Marine Lubricants Market Segment, By Oil type
8.1 Mineral Oil
8.2 Synthetic Oil
8.3 Bio-based Oil
9.Marine Lubricants Market Segment, By Product Type
9.1 Engine Oil
9.2 Hydraulic Fluid
9.3 Compressor Oil
9.4 Others
10.Marine Lubricants Market Segment, By ship type
10.1 Bulk Carriers
10.2 Tankers
10.3 Container Ships
10.4 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profile
12.1 Castrol
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Lubmarine (Total Group)
12.3 Sinopec Corporation
12.4 Lukoil Marine Lubricants
12.5 Gulf Marine and Industrial Supplies Inc.
12.6 Quepet Lubricants
12.7 Chevron
12.8 ExxonMobil Corporation
12.9 BP Marine
12.10 Royal Dutch Shell Plc
12.11 JX Nippon Oil & Energy Corporation
13.Competitive Landscape
13.1 Competitive Benchmark
13.2 Market Share analysis
13.3 Recent Developments
14. Conclusion
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