The global marine lubricants market is anticipated to grow at a CAGR of 1.2% during the forecast period. The rising cost of fuels and the implementation of stringent regulations by the IMO (International Maritime Organization) is likely to increase the consumption of global marine lubricants. Moreover, with augmented fuel prices, shippers are likely to operate engines at slow streaming levels to save fuel. This could advance corrosion concerns in engines and strain the components and systems, as the engines are not capable of operating continuously at reduced rates. Therefore, to ensure the proper safety and functioning of these engines, the demand for marine lubricants increases. Thus, driving the global marine lubricants market.
Browse the full report description of “Marine Lubricants Market Size, Share & Trends Analysis Report by Oil Type (Mineral Oil, Synthetic Oil, and Bio-Based Oil), by Product Type (Engine Oil, Hydraulic Fluid, Compressor Oil, and Others), and by Ship Type (Bulk Carriers, Tankers, Container Ships, and Others) Forecast Period (2022-2028)” at https://www.omrglobal.com/industry-reports/marine-lubricants-market
Moreover, rising in seaborne international trade increases the demand for ships for transporting goods such as industrial products, consumer goods, oils, and agricultural goods globally. According to International Trade Administration in 2018, the total export through maritime is 868 million tons. To cater to the demand for ships, key players are manufacturing and delivering more ships in the market. For instance, in 2021, according to United Nations Conference on Trade and Development, total ships delivered including bulk carriers, oil tankers, container ships, and others are 2.07 billion globally in 2020-21.
Delivery of Ships in 2020-21 Globally (in million)
| Ship Type | 2020 | 2021 |
| Bulk Carriers | 879 7 | 913 0 |
| Oil Tankers | 601 3 | 619 1 |
| Container Ships | 274 9 | 281 7 |
| Total | 2071 6 | 2134 6 |
Source: United Nations Conference on Trade and Development
913 0 million bulk carriers are delivered in 2021 compared to 879 7 million are delivered in 2020. The demand for ships is increased, which increases the demand for marine lubricants across the globe.
Market Coverage
• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Oil Type
o By Product Type
o By Ship Type
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- including Chevron Corp, China Petrochemical Corp., COMPAÑÍA ESPAÑOLA DE PETRÓLEOS, S.A., Croda International Plc, Exxon Mobil Corp, Idemitsu Kosan Co., Ltd., Indian Oil Corp. and others.
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Marine Lubricants Market Report Segment
By Oil Type
By Product Type
By Ship Type
Global Marine Lubricants Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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