Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 7.16 Billion  

CAGR (2023-2028)

3.3 %

Fastest Growing Segment

 Transport

Largest Market

Asia Pacific

Market Overview

The Global Marine Lubricants Market was valued at USD 7.16 Billion  in 2022 and is growing at a CAGR of 3.3% during the forecast period. An increase in marine trade due to low transportation and maintenance costs and the presence of a large number of shipping industries are the key factors driving the market forward.

Key Market Drivers

Marine lubricants are an essential part of the maritime supply chain. The increasing cost of fuel and the implementation of stringent regulations by IMO is likely to increase the consumption of global marine lubricants. Moreover, with the increase in fuel prices, shippers are expected to operate the engines at slow steaming level which in turn, will save the fuel. The marine engines are not capable of operating continuously at reduced rates and this could raise the corrosion concerns in the engine and strained components & system associated with it. To ensure safety and proper functioning of the engine, the dependence on these lubricants is expected to increase and this is anticipated to drive the marine lube market over the forecast period.

Rising Demand for Durable Products

Rising demand for durable products and increasing trade activities, especially in emerging economies of Asia Pacific, are among the key trends escalating market growth. The U.S. is the largest consumer of the product in North America with a revenue share of 70.9% in 2022. Marine engine oils are the major segment within the marine lubricants market space in the U.S. The production of finished goods that are in high demand in emerging economies is resulting in increased exports from the U.S. As air transport has its limitations, goods are transported through the sea route. Marine lubricants are widely utilized in the shipping industry to protect and enhance the efficiency of engines and equipment. These are high-performance fuels, specially designed to enable optimal performance in operations. They possess various exceptional inherent characteristics such as extending engine life and protecting components at high temperatures, improving performance and reliability of machinery, enhancing protection from mechanical wear and mitigating cold corrosion.

Extensive R&D in the global marine industry Changing needs arising from various high-performance heavy shipping industries are leading to extensive R&D activities in the global marine sector. This is prompting the development of a variety of products to offer reduced maintenance, improved oil life, and superior machine operating performance.

Increasing oil-drain intermissions and decreasing oil consumption in inland or coastal shipping industry in recent years has created several demand-supply issues. Major industry players are therefore involved in the development of a broad range of high-quality oils for all types of marine engines, incorporating latest technological advances for consistently high performance.

Protecting the environment is of growing importance for every sector. With the increasing number of ships delivering cargo across the world, concerns over emissions and waste product disposal are estimated to increase as these ships are generally dependent on oil-based fuels. The International Marine Organization (IMO) is continually reviewing and updating requirements to tackle pollution due to dumping, oil, and exhausts.