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Synthetic Oil in Marine Lubricants Market Size, By Region, 2017–2024

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Rohna Patnakar
Synthetic Oil in Marine Lubricants Market Size, By Region, 2017–2024

The global Marine Lubricants Market is estimated to be USD 5.98 billion in 2018 and is projected to reach USD 6.66 billion by 2023, at a CAGR of 2.17% from 2018 to 2023

Browse 106 market data Tables and 40 Figures spread through 141 Pages and in-depth TOC on "Marine Lubricants Market by Oil Type (Mineral Oil, Synthetic, Bio-based, and Grease), Product Type (Engine oil, Hydraulic fluid, Compressor oil), Ship Type (Bulk Carrier, Tanker, Container), and Region - Global Forecast to 2023".

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Key players operating in the global marine lubricants market include BP plc (UK), Royal Dutch Shell plc (Netherlands), ExxonMobil Corporation (US), Total S.A. (France), and Chevron Corporation (US). Expansions and new product launches were the key growth strategies adopted by the leading market players between 2016 and 2018. BP plc, Royal Dutch Shell plc, and ExxonMobil Corporation were the major players who adopted these strategies to strengthen their market penetration and gain customer confidence.

Synthetic oil type segment to grow at the highest CAGR between 2018 and 2023

Based on oil type, the global marine lubricants market has been segmented into mineral oil, synthetic, bio-based, and grease. The synthetic segment is projected to grow at the highest CAGR during the forecast period. This high growth rate is attributed to the strong environmental regulations regarding the use of greener products. Some of the sources involved in the release of lubricants directly into the environment are marine engines, stern tube leakages, and tanker/vessel spills. Synthetic lubricants help in controlling pollution as they are less toxic and can be released into the environment directly.

Mineral oil to be the largest oil type during the forecast period.

Based on oil type, the global marine lubricants market has been segmented into mineral oil, synthetic, bio-based, and grease. The synthetic segment is projected to grow at the highest CAGR during the forecast period due to the growing demand for highly efficient, durable, and environmentally friendly products. Stringent safety norms have been introduced by various governments to control the high sulphur and nitrogen emissions into the sea by the use of mineral oil. These emissions not only harm aquatic life and the environment but also damage the ozone layer, thus increasing the need to switch to less toxic synthetic and bio-based products.

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Engine oil to be the largest product type during the forecast period.

Based on product type, the global marine lubricants market has been segmented into engine oil, hydraulic fluid, compressor oil, and others. The compressor oil segment is projected to grow at the highest CAGR during the forecast period due to the rising demand from refrigeration and air compressors in the currently plying large ships. Additionally, there is a growing demand for luxury and cruise ships, leading to a significant increase in demand for better cooling systems for use in these ships/vessels, which subsequently translates into a demand for refrigeration compressor oil.

 

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