Marine lubricants are produced from crude oil using chemicals or vegetable oils. Marine lubricants are used to reduce the friction created among operating components so as to increase their output efficiency. Thus, marine lubricants also help different components to perform their operation smoothly. The rising volume of the shipping industry across the globe is anticipated to bolster the demand from the marine lubricants market in the near future.
In 2013, the total demand for marine lubricants was 2,321.1 kilo ton, which is anticipated to be 2,902.3 kilo ton by the end of 2020, growing at a progressive 2.52% CAGR between 2014 and 2020. In terms of revenue, the global marine lubricants market is expected to exhibit a healthy CAGR of 3.63% between 2014 and 2020.
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Decreased production of group I base oil to curb growth of marine lubricants market
Extensive expansion of the shipping industry, rising demand for synthetic and bio-based marine lubricants, technological advancements that have increased the shelf life of mechanical components, and environmental regulations are some of the driving factors expected to fuel the demand for marine lubricants in the near future. However, reduction in group I base oil production is expected to hamper the growth of the marine lubricants market across the globe.
The rising occurrences of oil spillage have severely affected aquatic life in several regions. To prevent such incidents in ecologically important water bodies and ensure the safety of marine biodiversity, there is a tremendous interest in bio-based and synthetic marine lubricants.
Bio-based marine lubricants to surpass mineral oil lubricants in the near future
On the basis of products, the global marine lubricants market has been segmented into bio-based marine lubricants, synthetic marine lubricants, and mineral oil marine lubricants. In 2013, mineral oil marine lubricants led the product segmentation, holding the largest share of 87.19% of the global market in terms of volume. However, the rising environmental concern among end users is anticipated to boost the demand for bio-based marine lubricants in the near future. Bio-based lubricants are biodegradable, non-bio accumulative, and nontoxic. As a result, bio-based marine lubricants are being increasingly preferred over other marine lubricants.
Marine lubricants are segmented on the basis of application into grease, hydraulic oils, turbine oils, heat transfer fluids, engine oils, compressor oils, and gear oils. Engine oils held the largest share of the global marine lubricants market in 2013, accounting for 46.42% of the market. Engine oils are followed by grease and hydraulic oils, which are anticipated to grow at a 2.09% and 2.10% CAGR, respectively, between 2014 and 2022.
Asia Pacific to Exhibit 4.13% CAGR from 2014 to 2022
The global marine lubricants market has been geographically segmented into Asia Pacific, North America, Europe, and Rest of the World. Till 2011, Europe was the leader in the global marine lubricants market; however, in 2013, Asia Pacific assumed the mantle of the leader in the global market, holding 41% of the total market in terms of volume. The rising share of Asia Pacific is attributed to the growing preference of market players in the shipping industry for operations in Asia Pacific. The Asia Pacific marine lubricant market revenues are anticipated to exhibit a progressive 4.13% CAGR between 2014 and 2022.
Prominent Market Players in the Global Marine Lubricants Market
Some of the prominent companies operating in the global marine lubricants market are Castrol, Royal Dutch Shell Plc, Exxonmobil Corporation, Lubmarine (Total Group), Sinopec Corporation, Gulf Marine and Industrial Supplies, IKO Marine Lubricant Supply, Chevron, BP Marine, JX Nippon Oil & Energy Corporation, Idemitsu Kosan, Lukoil Marine Lubricants, and Quepet Lubricants. The flourishing shipping industry is providing opportunities for the market players and attracting new entrants to expand their business in the near future.
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