Marine lubricants market is anticipated to grow at a CAGR of 1.2% during the forecast period. The presence of key players such as Croda International Plc, Exxon Mobil Corp, Idemitsu Kosan Co., Ltd., and others is driving the marine lubricants market by launching marine lubricants in the market. For instance, in June 2019, Exxon Mobil Corp launched Mobilgard M420 oil, specially designed for use in medium-speed engines. The oil has been formulated for use on vessels running on 0.50% or 0.10% sulfur fuels and has also been proven for use with liquefied natural gas (LNG) due to its low base number (BN) formulation. Additionally, Mobilgard M420 is available for supply from key hub ports such as Singapore, Houston, and Rotterdam. Furthermore, the company will expand its oil supply to more than 650 ports in the coming years which will drive the marine lubricants market during the forecast period.
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The global marine lubricants market is segmented based on the oil type, product type, and ship type. Based on the oil type, the market is sub-segmented into mineral oil, synthetic oil, and bio-based oil. Based on the product type, the market is sub-segmented into the engine oil, hydraulic fluid, compressor oil, and others. Based on the ship type, the market is further sub-segmented into bulk carriers, tankers, container ships, and others. Among these, the bulk carriers’ segment is expected to hold a considerable share of the market due to an increase in global marine trade which increases the demand for bulk carrier ships.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Marine Lubricants Market by Oil Type
- Mineral Oil
- Synthetic Oil
- Bio-Based Oil
Global Marine Lubricants Market by Product Type
- Engine Oil
- Hydraulic Fluid
- Compressor Oil
- Others (System Oil, Cylinder Oil)
Global Marine Lubricants Market by Ship Type
- Bulk Carriers
- Tankers
- Container Ships
- Others (General Cargo)
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- BP p.l.c
- Chevron Corp
- China Petrochemical Corp.
- COMPAÑÍA ESPAÑOLA DE PETRÓLEOS, S.A.
- Croda International Plc
- Exxon Mobil Corp
- Idemitsu Kosan Co., Ltd.
- Indian Oil Corp.
- JX Nippon Oil and Energy Corp.
- Repsol S.A
- Royal Dutch Shell Plc
- SINOPEC International Petroleum Exploration and Production Corp.
- The PJSC Lukoil Oil Co.
- TotalEnergies SE
- Valvoline Cummins Pvt Ltd
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global marine lubricants market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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