Marine Lubricants Market: Introduction
The global marine lubricants market is subjugated by large MNCs with successful distribution networks. Companies are focusing on synthetic and bio-based product innovation in order to achieve higher market shares by reducing product pricing. Transparency Market Research (TMR), in its new report, states that brand creation is extremely difficult to achieve in the marine lubricants market. The conventional marine lubricants market faces an internal threat from synthetic and bio-based lubricants, which act as substitutes. The top three players accounted for 48.1% of the market in 2020.
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According to the report, the global marine lubricants market is expected to rise from US$ 4.08 Bn in 2020 to US$ 7.53 Bn by 2031. Based on application, the market is expected to be led by the engine oils segment. Engine oil marine lubricants prevent engines from rusting and help them achieve optimum output efficiency. This is boosting the segment.
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Expansion of Shipbuilding Industry to Drive Demand for Marine Lubricants in Asia Pacific
Asia Pacific led the global market in the past and will continue to do so in the near future. Asia Pacific is expected to account for 42.98% of the global marine lubricants market by 2031, as majority of ships across the globe is built in China, South Korea, and Japan. China is among the most significant consumers of marine lubricants, thus driving the market in Asia Pacific. Based on product type, the mineral lubricant segment is a clear leader, and is expected to account for 86.72% of the market by 2031. Low cost and high efficiency provided by mineral lubricants have made them popular with consumers.
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High Demand for Bio-based Marine Lubricants to Fuel Market Growth
The growth of the shipping industry is driving the marine lubricants market worldwide. Structural changes in international trading activities and evolution of maritime transport have a profound impact on the development of the shipping industry, which, in turn, is projected to impact the market. Moreover, oil spill disasters have compelled regulatory bodies to implement policies that recommend the use of non-toxic, biodegradable, bio-based marine lubricants, thus driving the market. The demand for bio-based lubricants has increased significantly in the past few years, owing to their ecological benefits, which is boosting the global market. Water transportation has regained its popularity, owing to high cost of aviation transportation. This is expected to augment the marine lubricants market worldwide.
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Shortage of Bright Stock Material to Hinder Market Growth
The rise in inclination toward production and utilization of group II and III base oils is expected to result in a shortage of bright stock material, which is used in the formulation of marine lubricants. This is likely to hinder the market over the next few years. Another factor restraining the market is the development of newly built vessels, which have operational efficiency and result in significant reduction in the volume of lubricants used. The harmful effects of mineral oil-based marine lubricants in case of a spillage are dampening their demand, thus impacting the growth of the market.
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Increase in Environmental Concerns to Create Opportunities
The harmful effects of mineral-based lubricants have led to the development of bio-based marine lubricants. Bio-based marine lubricants do not affect aquatic life on accidental spillage; thus, they are becoming increasingly popular. Rise in environmental concerns and awareness regarding the pollution caused by mineral-based marine lubricants have led to the implementation of various regulations by the International Maritime Organization (IMO) and the U.S. EPA. These policies are expected to augment the demand for synthetic and bio-based marine lubricants, thereby boosting the market significantly.
Another factor that acts as an opportunity for the growth of the market is the flourishing shipping industry. Water transport is being revolutionized by the introduction of newer engines that require marine lubricants with high viscosity. This will create a heightened demand for marine lubricants in the next few years.
Marine Lubricants Market: Key Players
Key players operating in the market are Lukoil Marine Lubricants Ltd., BP Marine, Royal Dutch Shell, ExxonMobil Corporation, Total Lubmarine, Castrol, and Chevron Corporation.
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