The global marine lubricants market is estimated to be valued at US$11,185.6 million in 2021 and is expected to exhibit a CAGR of 6.1% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
- A) Market Overview:
Marine lubricants are specialized oils and greases used to reduce friction and heat between moving parts in marine engines and machinery. These lubricants are specially formulated to withstand the harsh conditions at sea, including high temperatures, pressure, and corrosion. They play a vital role in ensuring the smooth operation and longevity of marine engines and equipment. The increasing demand for marine lubricants from the shipping industry is one of the key factors driving the growth of the market
- B) Market Key Trends:
One key trend in the marine lubricants market is the shift towards environment-friendly lubricants. With growing concerns about marine pollution and stricter environmental regulations, there is a rising demand for lubricants that have lower emissions and are biodegradable. Companies in the market are focusing on developing sustainable lubricant solutions to meet these requirements. For example, some companies are introducing bio-based lubricants made from renewable sources such as vegetable oils, which have lower environmental impact compared to traditional mineral-based lubricants
- C) Porter’s Analysis:
- Threat of new entrants: The marine lubricants market has high entry barriers due to the requirement of specialized formulations and certifications. Established market players have a strong foothold and brand reputation, making it challenging for new entrants to compete.
- Bargaining power of buyers: Buyers in the marine lubricants market have moderate bargaining power due to the availability of multiple suppliers and the importance of quality and performance in lubricants. However, bulk buyers such as large shipping companies may have higher bargaining power.
- Bargaining power of suppliers: Suppliers of raw materials for marine lubricants have moderate bargaining power. Key suppliers of base oils and additives have established relationships with market players, which may give them some leverage in price negotiations.
- Threat of new substitutes: The threat of new substitutes in the marine lubricants market is low. Lubricants are essential for the smooth functioning of marine engines and equipment, and there are limited alternatives that can provide the required performance and protection.
- Competitive rivalry: The marine lubricants market is highly competitive, with several global and regional players competing for market share. Market players are focusing on product innovation, strategic partnerships, and expansion in key regions to gain a competitive edge.
- D) Key Takeaways:
- The global Marine Lubricants Market is expected to witness high growth, exhibiting a CAGR of 6.1% over the forecast period. This growth can be attributed to increasing demand from the shipping industry, driven by the growth in international trade and maritime transportation.
- In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the marine lubricants market. The region has a large shipping industry, with major ports and increasing demand for marine lubricants from countries such as China, Japan, and South Korea.
- Key players operating in the global marine lubricants market include Lubmarine (Total Group), Royal Dutch Shell Plc, BP Marine, Chevron, ExxonMobil Corporation, Sinopec Corporation, Castrol, Gulf Marine and Industrial Supplies Inc., Lukoil Marine Lubricants, Quepet Lubricants, JX Nippon Oil & Energy Corporation, Idemitsu Kosan Co., Ltd., and IKO Marine Lubricant Supply Co. Ltd. These players focus on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position and expand their customer base.
The global marine lubricants market is poised for significant growth due to the increasing demand from the shipping industry and the shift towards environment-friendly lubricants. The market is highly competitive, and key players are investing in research and development to develop innovative and sustainable lubricant solutions. Asia Pacific is expected to be the fastest-growing region in the market, driven by the growth in maritime transportation and international trade.