Marine Lubricants Market size is anticipated to reach USD 11 Billion by the end of 2033, growing at a CAGR of 4% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of marine lubricants was USD 9 Billion. 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.
Growth Drivers
Challenges
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Forecast Year |
2023-2033 |
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CAGR |
~4% |
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Base Year Market Size (2022) |
~ USD 9 Billion |
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Forecast Year Market Size (2033) |
~ USD 11 Billion |
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Regional Scope |
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Product (Marine Cylinder Oil, Piston Engine Oil, System Oil)
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.
Ship Type (Bulk Carrier, Oil Tankers, General Cargo, Container 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 market includes the following segments:
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By Ship Type |
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By Product |
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North American Market Forecast
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 market.
APAC Market Statistics
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 marine lubricants market growth in the region.
Royal Dutch Shell Plc signed an agreement with China COSCO Shipping Company Limited (COSCO SHIPPING), for the supply of marine lubricants for five multi-purpose pulp carriers till the end of 2020.
Lukoil Marine Lubricants and a Dubai-based subsidiary of The PJSC Lukoil Company renewed its contract for the supply of marine lubricants to 24 ships of Kuwait Oil Tanker Company (KOTC).
Author Credits: Smruti Ranjan, Rajrani Baghel
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