Global Marine Lubricants Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027

Global Marine Lubricants Market Overview:

“The global Marine Lubricants Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

This report is based on synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market.

In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make informed forecasts about the scenarios in future.

Marine lubricants are obtained from processing of crude oil and are used in various marine ship applications such as hydraulics, engines, and compressors. These lubricants help in maintaining low temperatures by dissipating the heat produced from friction, ensuring good bearing operation, extracting contaminants, completing gas sealing at piston ring level, reducing friction, preventing wear and tear in all forms, and preventing corrosion.

On the basis of thickener type, the engine oil segment is expected to hold major revenue share in the global marine lubricants market. Engine oils include cylinder oils, system oils, and trunk piston engine oils. Increasing demand for marine transportation is expected to boost demand for ships, which in turn is projected to support the revenue growth of the segment.

On the basis of end-user, the bulk carrier and cargo ships segment are estimated to hold major revenue share in the global marine lubricants market and is expected to maintain its dominance over the forecast period. Increasing number of cargo ships owing to rising demand for transportation through waterways is anticipated to augment segment growth over the forecast period.

Asia Pacific market is estimated to hold major revenue share in the global marine lubricants market, in 2017 and is expected to maintain its dominance over the forecast period. Presence of a large number of ports coupled with increasing trade activities with other countries is expected to be a major factor driving Asia Pacific marine lubricants market over the forecast period. The Asia Pacific accounts for the largest revenue share contribution of the target market, followed by markets in Europe, North America, Latin America, and the Middle East & Africa respectively.

Moreover, growing maritime transport sector in India and China coupled with the development of new waterways is anticipated to drive Asia Pacific marine lubricants market growth over the forecast period.

Market segmentation and key players operating in the global marine lubricants market:

By product:

• Engine oil
• Hydraulic oil
• Turbine oil
• Grease
• Gear oil
• Others (Compressor oil and Heat transfer fluids)

By ship type:

• Passenger Ships
• Tankers
• Bulk Carrier & Cargo Ships
• Others (service vessels, special purpose vessels, offshore vessels, and yachts)

By region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa