The global marine lubricants market size is expected to reach USD 7.64 billion by 2030, according to a new study by Polaris Market Research. The report “Marine Lubricants Market Share, Size, Trends, Industry Analysis Report, By Oil Type; By Product Type (Engine Oil, Hydraulic Fluid, Compressor Oil, Others); By Marine Channel (Recreational, Industrial, Transport); By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The key factors responsible for the maritime lubricants industry growth are a rise in maritime tourism concerning infrastructural development, government support in developing waterways as a transport route coupled with significant investments and grants.
For instance, in October 2021, the Indian government announced the commencement of the Maritime India Summit 2021, in which it was stated that the central government intends to invest in waterway facilities and ports and that the Ministry of Ports and Waterways has compiled a list of more than 380 projects that can be funded.
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Further, companies are in partnerships and agreements to develop new technologies and products. For instance, in April 2021, Crown Oil signed a collaboration with the Valvoline. Crown Oil will be able to offer a wide range of high-quality Valvoline products. Also, in August 2021, Wilhelmsen Holding ASA partnered with Klubler to take over its maritime portfolio.
Based on the oil, the mineral segment accounted for the leading share in the industry. Depending on the usage and requirement, this oil comes in light and has heavy grades. High demand in various marine applications. Moreover, the presence of major lubricants companies in the region contributes to the lubricants market’s growth.
Market players such as BP Plc., ExxonMobil Corporation, ENI SPA, China Petrochemical Corporation, PetroChina Company Limited, Idemitsu Kosan Co. Ltd, ENOC (Emirates National Oil Company), Petronas, Gazrprom Neft, Gulf Oil Corporation Ltd., SK INC, JX Nippon Oil & Energy Corporation, Indian Oil Corporation, Lukoil, Royal Dutch Shell Plc, TotalEnergies SE, and Valvoline are some key players operating in the global market.
In June 2021, BP. established a hub in Pune to expand their digital expertise and meet demands by providing sustainable solutions. In India, BP has a relationship with Reliance Industries Ltd for natural gas pipeline development and fuel marketing, Castrol lubricants, clean energy projects under Lightsource bp, and IT back-office services.
Polaris Market Research has segmented the marine lubricants market report based on oil type, product, marine channel, and region:
Marine Lubricants, Oil Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Mineral Oil
- Synthetic Oil
- Bio-based Oil
Marine Lubricants, Product Outlook (Revenue – USD Billion, 2018 – 2030)
- Engine Oil
- Hydraulic Fluid
- Compressor Oil
Marine Lubricants, Marine Channel Outlook (Revenue – USD Billion, 2018 – 2030)
- Inflatable Boats
- In Board Motorboats
- Out Board Motorboats
- Drill Ships
- Semi Submerged Ship
- Cargo Ships
- Container Ships
- Passenger Ships
Marine Lubricants, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa