Marine Lubricants Market

Analysis by Product (Marine Cylinder Oil, Piston Engine Oil, System Oil, and Others); and by Ship Type (Bulk Carrier, Oil Tankers, General Cargo, Container Ships, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Report ID: 4561 | Published On: Feb 24, 2023
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Global Marine Lubricants Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global marine lubricants market is estimated to garner a revenue of ~USD 11 Billion by the end of 2033 by growing at a CAGR of ~4% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 9 Billion in the year 2022. The major factor that can be attributed to the market growth is the rapid expansion of the chemical industry across the world. Chemicals are required for the production of virtually any product in mass manufacture in today’s age. From marine lubricants to all types of lubricants to oils and greases, they are the backbone of many important products. For instance, the Indian chemical industry accounted for nearly USD 170 billion in the year 2019 and is anticipated to reach around USD 300 billion by 2025.


Marine lubricants are considered to be specially manufactured lubricants that are produced to meet the rough performance required in marine vessels for optimized operations. High-quality marine lubricants are helpful for machinery components in marine systems that require lubricants for better functioning, protection, and prolonged life cycles. As a result, the adoption rate of marine lubricants is forecasted to increase in the shipping industry. Through recent reports published by United Nations Conference on Trade and Development (UNCTAD) in 2022, it was calculated that around 80% of the world’s trade is carried through maritime transport. As the world is highly dependent on seaborne trade, it is very imperative to enhance the performance and extend the life of machinery components and systems of marine vessels to ensure uninterrupted and cost-effective propagation of trade throughout the world. This trend is expected to increase the sales of marine lubricants in the marine industry in the upcoming years.

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Global Marine Lubricants Market: Key Insights

Base Year


Forecast Year




Base Year Market Size (2022)

~ USD 9 Billion

Forecast Year Market Size (2033)

~ USD 11 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Global Marine Lubricants Market: Growth Drivers and Challenges

Growth Drivers

  • High Dependence on Seaborne Trade – With industrialization taking its peak, the trading sector has swelled exponentially. As a result, the seaborne trade carries a major market share owing to its easiness and other advantages. Thus, the rising seaborne trade is expected to rise the need for ships and sea vessels which in turn is expected to increase the utilization of marine lubricants in the marine sector.  The International Trade Administration showed the valuation of export through maritime in the U.S. to be USD 586 million and the valuation of imports to be USD 1,176 million in 2018.

  • Increasing Expansion Rate of Construction in the Marine Industry – With the growing industrialization, the construction processes in the marine industry are also rising to generate the need for marine lubricants for varied purposes. According to estimates, by the end of 2025, the construction industry in India is expected to reach a total value of USD 1.3 trillion.

  • High Number of Ships present in the World - As per the government of the UK, the total number of vessels in the world trading fleet rose from 62,100 vessels in 2020 to 63,000 vessels in 2021.

  • Rising Government Support to Expand the Chemical Industry – Within the Union Budget 2022-23, the Indian government allocated approximately USD 27 million to the Department of Chemicals and Petrochemicals.

  • Growing Marine Economy – The statistics of the U.S. Bureau of Economic Analysis show the marine economy of the United States accounted for 1.7 percent, or USD 361.4 billion of the total gross domestic product (GDP) in 2020.


  • High Production Cost - Base oils are essential for making lubricants and other fluids, therefore their scarcity has been a major problem. One of the main elements that affect base oil pricing is the price of crude oil, and lubricants have been particularly hard hit by rising crude oil and fuel prices.
  • Restrictions Imposed by Government
  • Lack of Expert Professionals

Global Marine Lubricants Market Segmentation

The global marine lubricants market is segmented and analyzed for demand and supply by product into marine cylinder oil, piston engine oil, system oil, and others. Out of these segments, the marine cylinder oil segment is expected to hold the highest growth by the end of the year 2033 owing to its crucial role in protecting the engine components and enhancing the performance of the engine, and increasing the production of crude oil. As of July 2022, the United States had generated 365,785 thousand barrels of crude oil. Further, the easy availability of marine cylinder oil and its low cost it is expected to boost the segment growth in the next few years. Also, the mixture of several mineral oils, marine cylinder oil has various properties and advantages that can be used in luxury and cruise ships.

The global marine lubricants market is also segmented and analyzed for demand and supply by ship type into the bulk carrier, oil tankers, general cargo, container ships, and others. Out of these, the bulk carrier segment is attributed to holding the largest share during the assessment period. Bulk carrier vehicles are being heavily used for the transportation of bulk unpackaged cargo that includes steel, grains, cement, coal, and others. Furthermore, the high consumption of marine lubricants in bulk carrier vehicles owing to its demand in systems and components such as lifeboat launch systems, engine and davit, shaft bearing, mooring winch, main engine, and others is estimated to fuel the growth of the segment. Moreover, the rising global trade and the need to transport carriers from one place to another requires bulk carriers which subsequently expands the segment size.

Our in-depth analysis of the global marine lubricants market includes the following segments:

                  By Ship Type

  • Bulk Carrier
  • Oil Tankers
  • General Cargo
  • Container Ships
  • Others

                 By Product

  • Marine Cylinder Oil
  • Piston Engine Oil
  • System Oil
  • Others


Global Marine Lubricants Market Regional Synopsis

The North America marine lubricants market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033, on the back of the increasing production of crude oil and increasing value of import and export of oil products in the region. It was observed that, as of July 2022, the import and export of crude oil accounted for 6352 thousand barrels per day of crude oil in the United States. Also, the high dependency on maritime trade in the region is expected to increase the utilization rate of ships and cargo, which in turn, is projected to bring positive sales in the marine lubricants market.

On the other hand, the market in the Asia Pacific is also estimated to remain a major consumer of marine lubricants during the forecast period. The presence of major sheep fleet companies along with the high number of dry docks is the major factor estimated to fuel the market growth in the region. In addition, the increasing sea trade in emerging economies such as India, China, and Taiwan and their trade activities are anticipated to fuel market growth. Moreover, the high number of naval combat vessels in the region is also projected to support market growth in the region.


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Top Featured Companies Dominating the Global Marine Lubricants Market

    • Royal Dutch Shell Plc
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Exxon Mobil Corporation
    • BP p.l.c.
    • Total SA
    • Chevron Corporation
    • The PJSC Lukoil Oil Company
    • Croda International Plc
    • Repsol S.A.
    • Gazprom Neft PJSC
    • AvinOil S.A.

In The News

  • April 2022: IBSRELA the first and only NHE3 inhibitor for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults, has been made available by the biopharmaceutical company Ardelyx. The first Ardelyx product to receive approval from the US Food and Drug Administration is IBSRELA.
  • March 2022: Indegene a provider of technology-driven healthcare solutions, & meta Me Health, a maker of Regulora and a Prescription Digital Therapeutics (PDT) business, teamed up to offer Regulora as a remedy for irritable bowel syndrome-related stomach pain (IBS).

Global Economic Impact

Request Insights
Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the marine lubricants market?

Ans: The expansion of the chemical industry worldwide, the growing automotive industry, and rising governmental support are some major factors driving the growth of the market.

2) What would be the CAGR of marine lubricants market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2023 – 2033.

3) What are the challenges affecting the marine lubricants market growth?

Ans: Lack of expert professionals along with high production costs and rising restrictions imposed by governments are estimated to be the growth hindering factors for the market expansion.

4) Which region will provide more business opportunities for growth of marine lubricants market in future?

Ans: The market in North America region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the marine lubricants market?

Ans: The major players in the market are Royal Dutch Shell Plc, Exxon Mobil Corporation, BP p.l.c., Total SA, Chevron Corporation, The PJSC Lukoil Oil Company, Croda International Plc, Repsol S.A., Gazprom Neft PJSC, AvinOil S.A., and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the marine lubricants market?

Ans: The market is segmented by product, ship type, and by region.

8) Which segment captures the largest market size in the end user segment in the marine lubricants market?

Ans: The marine cylinder oil segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

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