Analysts’ Viewpoint on Marine Lubricants Market Scenario
Aggressive capacity ramps are being observed in China due to significant subside of the coronavirus pandemic. However, volatile oil prices is one of the major challenges for stakeholders in the marine lubricants market; thus, the market is anticipated to grow at a modest CAGR. Moreover, instead of altering business processes as per changing oil prices, manufacturers should invest in Big Data, predictive analysis, and data-driven research to estimate market trends in advance. Apart from Asia Pacific, Europe holds lucrative incremental opportunities for market stakeholders, since the number of ships using inland waterways is higher in Europe than in other regions due to the presence of extensive inland waterways in countries such as Belgium, France, Germany, the Netherlands, as well as Russia.
The marine lubricants market is predicted to offer favorable revenue opportunities throughout the forecast period. Growing applications across the shipbuilding industry is also expected to serve as a vital growth factor for market expansion. The escalating influence of marine trade, owing to the advantages of low transportation cost and low maintenance is anticipated to fuel the growth of the marine lubricants market.
Marine lubricants are a class of lubricants that are developed to meet of high performance needs of marine vessels for mission-critical operations. These lubricants help in decreasing wear and tear across the vessels. The growing utilization of marine lubricants across passenger ships, cargo ships, drill-ships, outboard motorboats, inflatable boats, and others is also likely to benefit the market during the forecast period.
The novel coronavirus pandemic has negatively affected the growth of the marine lubricants market. Nevertheless, relaxations in lockdown restrictions by government bodies of several countries are anticipated to create lucrative prospects for participants in the market.
The closure of manufacturing factories and units for a brief period has had a negative effect on demand and production trends. However, relaxation in lockdown restrictions will play a major role in reviving the expansion of the marine lubricants market. Manufacturers are focusing on essential applications such as engine oil marine lubricants, turbine oils, and hydraulic oil marine lubricants to establish stable income sources. Companies are maintaining a balanced relationship with suppliers and ecosystem partners to keep projects moving.
Among many regions in the marine lubricants market, Asia Pacific was the market leader in 2020, with a share of over 51%. Owing to the vast requirement for marine lubricants in the region, the trend is projected to continue in the upcoming years. An increasing number of ports in Asia Pacific, primarily in China and ASEAN countries, is another important factor propelling the growth of the Asia Pacific market for marine lubricants. Several economies such as India, China, Japan, Singapore, Indonesia, Australia, and the Philippines are anticipated to contribute to the rising demand for marine lubricants significantly in this region over the next few years.
In terms of product type, manufacturers in the global marine lubricants market are bolstering the production of bio-based oil, mineral oil, and synthetic oil. The demand for mineral oil is much higher than the other two, and this trend is estimated to continue in the upcoming decade. Synthetic oil is also gaining significant momentum across the world due to the cost benefits it offers, and is expected to surface as the most attractive segment in the market in the forthcoming years.
Based on operation, companies in the marine lubricants market are operating in inland and offshore applications. The offshore segment has been leading the overall market due to increased activity in offshore waterways such as ocean fish farming and transportation. The scenario is likely to remain so over the next few years, due to increasing operations of naval fleets across the world.
Ongoing technological developments across the market are expected to bring in profitable growth prospects for manufacturers. Rise in investments in research and development (R&D) activities by market players is likely to propel the global market. R&D is gaining tremendous importance to predict changing oil prices, since these prices are dictated by the OPEC (Organization of the Petroleum Exporting Countries) and other organizations. Mergers and acquisitions (M&As) also play a key role in the expansion of the marine lubricants market.
Attribute |
Detail |
Market Size Value in 2020 (Base Year) |
US$ 4.08 Bn |
Market Forecast Value in 2031 |
US$ 7.53 Bn |
Growth Rate (CAGR) |
4.17% |
Forecast Period |
2021-2031 |
Quantitative Units |
US$ Bn for Value and Kilo Tons for Volume |
Competition Landscape |
Company Profiles section includes overview, product portfolio, key subsidiaries or distributors, strategy & recent developments, and key financials |
Format |
Electronic (PDF) + Excel |
Market Segmentation |
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Regions Covered |
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Countries Covered |
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Companies Profiled |
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Customization Scope |
Available upon Request |
Pricing |
Available upon Request |
Marine Lubricants Market – Segmentation
TMR’s research study assesses the global marine lubricants market in terms of product type, application, and region. This report presents extensive market dynamics and trends associated with different segments of the market and how they are influencing growth prospects of the global marine lubricants market.
Product Type |
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Application |
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Region |
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Marine Lubricants Market is expected to reach US$3.33 bn by the end of 2024
Marine Lubricants Market is estimated to rise at a CAGR of 4.17% during forecast period
The growing shipping industry are expected to drive the Marine Lubricants Market during the forecast period
Asia Pacific is more attractive for vendors in the Marine Lubricants Market
Key players of Marine Lubricants Market are ExxonMobil Corp., Chevron Corp., Royal Dutch Shell Plc, Petroliam Nasional Berhad, BP Plc, Gulf Oil Marine Ltd., FUCHS, Idemitsu Kosan Co. Ltd., JXTG Nippon Oil & Energy Corp., QUEPET Lubricants, China Petrochemical Corp., Total Group, and LUKOIL Marine Lubricants DMCC
1. Preface
1.1. Report Scope and Market Segmentation
1.2. Research Highlights
2. Assumptions and Research Methodology
2.1. Report Assumptions
2.2. Secondary Sources and Acronyms Used
2.3. Research Methodology
3. Executive Summary
3.1. Market Snapshot
3.2. Top Trends
4. Market Overview
4.1. Product Type Overview
4.2. Market Indicators
4.3. Drivers and Restraints Snapshot Analysis
4.3.1. Drivers
4.3.2. Restraints
4.3.3. Opportunities
4.4. Global Marine Lubricants Market Analysis and Forecast
4.5. Porter’s Analysis
4.5.1. Threat of Substitutes
4.5.2. Bargaining Power of Buyers
4.5.3. Bargaining Power of Suppliers
4.5.4. Threat of New Entrants
4.5.5. Degree of Competition
4.6. Value Chain Analysis
4.7. Global Marine Lubricants Market Outlook, 2020
5. Marine Lubricants Market Analysis, by Product Type
5.1. Introduction
5.2. Key Findings
5.3. Product Type Comparison Matrix
5.4. Global Marine Lubricants Market Value Share Analysis, by Product Type
5.5. Global Marine Lubricants Market Forecast and Analysis, by Product Type
5.5.1. Mineral oil
5.5.2. Synthetic oil
5.5.3. Bio-based oil
5.6. Global Marine Lubricants Market Attractiveness Analysis, by Product Type
5.7. Key Trends
6. Marine Lubricants Market Analysis, by Application
6.1. Introduction
6.2. Key Findings
6.3. Global Marine Lubricants Market Value Share Analysis, by Application
6.4. Global Marine Lubricants Market Forecast and Analysis, by Application
6.4.1. Engine oil
6.4.2. Hydraulic oil
6.4.3. Turbine oil
6.4.4. Gear oil
6.4.5. Heat Transfer Fluids
6.4.6. Compressor oil
6.4.7. Grease
6.4.8. Others
6.5. Global Marine Lubricants Market Attractiveness Analysis, by Application
6.6. Key Trends
7. Global Marine Lubricants Market Analysis by Region
7.1. Global Market Consumption (Kilo Tons) in 2020 and Growth Scenario, by Region
7.2. Key Findings
7.3. Global Marine Lubricants Market Value Share Analysis, by Region
7.4. Global Marine Lubricants Market Forecast, by Region
7.4.1. North America
7.4.2. Latin America
7.4.3. Europe
7.4.4. Asia Pacific
7.4.5. Middle East and Africa
7.5. Global Marine Lubricants Market Attractiveness Analysis, by Region
8. North America Marine Lubricants Market Analysis
8.1. Key Findings
8.2. North America Marine Lubricants Market Overview
8.3. North America Marine Lubricants Market Value Share Analysis, by Product Type
8.4. North America Marine Lubricants Market Forecast, by Product Type
8.5. North America Marine Lubricants Market Value Share Analysis, by Application
8.6. North America Marine Lubricants Market Forecast, by Application
8.7. North America Marine Lubricants Market Value Share Analysis, by Country
8.8. North America Marine Lubricants Market Forecast, by Country
8.8.1. U.S.
8.8.2. Canada
8.9. North America Marine Lubricants Market Attractiveness Analysis
8.10. Market Trends
9. Latin America Marine Lubricants Market Analysis
9.1. Key Findings
9.2. Latin America Marine Lubricants Market Overview
9.3. Latin America Marine Lubricants Market Value Share Analysis, by Product Type
9.4. Latin America Marine Lubricants Market Forecast, by Product Type
9.5. Latin America Marine Lubricants Market Value Share Analysis, by Application
9.6. Latin America Marine Lubricants Market Forecast, by Application
9.7. Latin America Marine Lubricants Market Value Share Analysis, by Country/Sub-region
9.8. Latin America Marine Lubricants Market Forecast, by Country/Sub-region
9.8.1. Brazil
9.8.2. Mexico
9.8.3. Rest of Latin America
9.9. Latin America Marine Lubricants Market Attractiveness Analysis
9.10. Market Trends
10. Europe Marine Lubricants Market Analysis
10.1. Key Findings
10.2. Europe Marine Lubricants Market Overview
10.3. Europe Marine Lubricants Market Value Share Analysis, by Product Type
10.4. Europe Marine Lubricants Market Forecast, by Product Type
10.5. Europe Marine Lubricants Market Value Share Analysis, by Application
10.6. Europe Marine Lubricants Market Forecast, by Application
10.7. Europe Marine Lubricants Market Value Share Analysis, by Country/Sub-region
10.8. Europe Marine Lubricants Market Forecast, by Country/Sub-region
10.8.1. Germany
10.8.2. France
10.8.3. U.K.
10.8.4. Spain
10.8.5. Italy
10.8.6. Rest of Europe
10.9. Europe Marine Lubricants Market Attractiveness Analysis
10.10. Market Trends
11. Asia Pacific Marine Lubricants Market Analysis
11.1. Key Findings
11.2. Asia Pacific Marine Lubricants Market Overview
11.3. Asia Pacific Marine Lubricants Market Value Share Analysis, by Product Type
11.4. Asia Pacific Marine Lubricants Market Forecast, by Product Type
11.5. Asia Pacific Marine Lubricants Market Value Share Analysis, by Application
11.6. Asia Pacific Marine Lubricants Market Forecast, by Application
11.7. Asia Pacific Marine Lubricants Market Value Share Analysis, by Country/Sub-region
11.8. Asia Pacific Marine Lubricants Market Forecast, by Country/Sub-region
11.8.1. China
11.8.2. Japan
11.8.3. India
11.8.4. ASEAN
11.8.5. Rest of Asia Pacific
11.9. Asia Pacific Marine Lubricants Market Attractiveness Analysis
11.10. Market Trends
12. Middle East & Africa Marine Lubricants Market Analysis
12.1. Key Findings
12.2. Middle East & Africa Marine Lubricants Market Overview
12.3. Middle East & Africa Marine Lubricants Market Value Share Analysis, by Product Type
12.4. Middle East & Africa Marine Lubricants Market Forecast, by Product Type
12.5. Middle East & Africa Marine Lubricants Market Value Share Analysis, by Application
12.6. Middle East & Africa Marine Lubricants Market Forecast, by Application
12.7. Middle East & Africa Marine Lubricants Market Value Share Analysis, by Country/Sub-region
12.8. Middle East & Africa Marine Lubricants Market Forecast, by Country/Sub-region
12.8.1. GCC
12.8.2. South Africa
12.9. Middle East & Africa Marine Lubricants Market Attractiveness Analysis
12.10. Market Trends
13. Competition Landscape
13.1. Global Marine Lubricants Market Share Analysis, by Company (2020)
13.2. Company Competition Matrix
13.3. Company Profiles
13.3.1. LUKOIL Marine Lubricants DMCC
13.3.1.1. Company Description
13.3.1.2. Business Overview
13.3.1.3. SWOT Analysis
13.3.1.4. Strategic Overview
13.3.2. Total Group
13.3.2.1. Company Description
13.3.2.2. Business Overview
13.3.2.3. SWOT Analysis
13.3.2.4. Strategic Overview
13.3.3. China Petrochemical Corporation
13.3.3.1. Company Description
13.3.3.2. Business Overview
13.3.3.3. SWOT Analysis
13.3.3.4. Strategic Overview
13.3.4. QUEPET Lubricants
13.3.4.1. Company Description
13.3.4.2. Business Overview
13.3.5. JXTG Nippon Oil & Energy Corporation
13.3.5.1. Company Description
13.3.5.2. Business Overview
13.3.5.3. SWOT Analysis
13.3.5.4. Strategic Overview
13.3.6. Idemitsu Kosan Co., Ltd.
13.3.6.1. Company Description
13.3.6.2. Business Overview
13.3.6.3. SWOT Analysis
13.3.6.4. Strategic Overview
13.3.7. FUCHS
13.3.7.1. Company Description
13.3.7.2. Business Overview
13.3.7.3. SWOT Analysis
13.3.7.4. Strategic Overview
13.3.8. Gulf Oil Marine Ltd.
13.3.8.1. Company Description
13.3.8.2. Business Overview
13.3.9. BP p.l.c.
13.3.9.1. Company Description
13.3.9.2. Business Overview
13.3.9.3. SWOT Analysis
13.3.9.4. Strategic Overview
13.3.10. Petroliam Nasional Berhad (PETRONAS)
13.3.10.1. Company Description
13.3.10.2. Business Overview
13.3.10.3. SWOT Analysis
13.3.10.4. Strategic Overview
13.3.11. Royal Dutch Shell plc
13.3.11.1. Company Description
13.3.11.2. Business Overview
13.3.11.3. SWOT Analysis
13.3.11.4. Strategic Overview
13.3.12. Chevron Corporation
13.3.12.1. Company Description
13.3.12.2. Business Overview
13.3.13. ExxonMobil Corporation
13.3.13.1. Company Description
13.3.13.2. Business Overview
13.3.13.3. SWOT Analysis
13.3.13.4. Strategic Overview
14. Key Takeaways
List of Tables
Table 01: Global Marine Lubricants Market Size (US$ Bn) and Volume ( Kilo tons ) Forecast, by Product Type, 2020–2031
Table 02: Global Marine Lubricants Market Volume (Kilo Tons) and Revenue (US$ Bn) Forecast, by Application, 2020–2031
Table 03: Global Marine Lubricants Market Volume (Kilo Tons) and Revenue (US$ Bn) Forecast, by Region, 2020–2031
Table 04: North America Marine Lubricants Market Size (US$ Bn) and Volume ( Kilo tons ) Forecast, by Product Type, 2020–2031
Table 05: North America Marine Lubricants Market Volume (Kilo Tons) and Revenue (US$ Bn) Forecast, by Application, 2020–2031
Table 06: North America Marine Lubricants Market Volume (Kilo Tons) and Revenue (US$ Bn) Forecast, by Country, 2020–2031
Table 07: Latin America Marine Lubricants Market Size (US$ Bn) and Volume (Kilo Tons) Forecast, by Product Type, 2020–2031
Table 08: Latin America Marine Lubricants Market Volume (Kilo Tons) and Revenue (US$ Bn) Forecast, by Application, 2020–2031
Table 09: Latin America Marine Lubricants Market Volume (Kilo Tons) and Revenue (US$ Bn) Forecast, by Country/Sub-region, 2020–2031
Table 10: Europe Marine Lubricants Market Size (US$ Bn) and Volume (Kilo Tons) Forecast, by Product Type, 2020–2031
Table 11: Europe Marine Lubricants Market Volume (Kilo Tons) and Revenue (US$ Bn) Forecast, by Application, 2020–2031
Table 12: Europe Marine Lubricants Market Volume (Kilo Tons) and Revenue (US$ Bn) Forecast, by Country/Sub-region, 2020–2031
Table 13: Asia Pacific Marine Lubricants Market Size (US$ Bn) and Volume (Kilo Tons) Forecast, by Product Type, 2020–2031
Table 14: Asia Pacific Marine Lubricants Market Volume (Kilo Tons) and Revenue (US$ Bn) Forecast, by Application, 2020–2031
Table 15: Asia Pacific Marine Lubricants Market Volume (Kilo Tons) and Revenue (US$ Bn) Forecast, by Country/Sub-region, 2020–2031
Table 16: MEA Marine Lubricants Market Size (US$ Bn) and Volume (Kilo Tons) Forecast, by Product Type, 2020–2031
Table 17: MEA Marine Lubricants Market Volume (Kilo Tons) and Revenue (US$ Bn) Forecast, by Application, 2020–2031
Table 18: MEA Marine Lubricants Market Volume (Kilo Tons) and Revenue (US$ Bn) Forecast, by Country/Sub-region, 2020–2031
List of Figures
Figure 01: Market Snapshot
Figure 02: Proportion by Region, 2020
Figure 03: Share of Asia Pacific in Terms of Consumption, 2020–2031
Figure 04: Global Marine Lubricants Market Size (US$ Bn) and Volume (Kilo Tons) Analysis, 2020–2031
Figure 05: Global Marine Lubricants Market Size and Volume, Y-o-Y Growth Projection, 2020–2031
Figure 06: Global Marine lubricants Market, Pricing – Actuals & Projections (US$ /Ton), 2020-2031
Figure 07: Regional Base Oil Supply, 2020
Figure 08: Global Marine Lubricants Market Volume Share, by Product Type, 2020
Figure 09: Global Marine Lubricants Market Value Share, by Application, 2020
Figure 10: Global Marine Lubricants Market Volume Share, by Region, 2020
Figure 11: Global Marine Lubricants Market Value Share Analysis, by Product Type, 2020 and 2031
Figure 12: Global Marine Lubricants Market Revenue (US$ Bn) and Volume (Kilo Tons) Analysis, by Mineral Oil, 2020–2031
Figure 13: Global Marine Lubricants Market Revenue (US$ Bn) and Volume (Kilo Tons) Analysis, by Synthetic Oil, 2020–2031
Figure 14: Global Marine Lubricants Market Revenue (US$ Bn) and Volume (Kilo Tons) Analysis, by Bio-based Oil, 2020–2031
Figure 15: Global Marine Lubricants Market Attractiveness Analysis, by Product Type
Figure 16: Global Marine Lubricants Market Value Share Analysis, by Application, 2020 and 2031
Figure 17: Global Marine Lubricants Market Revenue (US$ Bn) and Volume (Kilo Tons) Analysis, by Engine Oil, 2020–2031
Figure 18: Global Marine Lubricants Market Revenue (US$ Bn) and Volume (Kilo Tons) Analysis, by Hydraulic Oil, 2020–2031
Figure 19: Global Marine Lubricants Market Revenue (US$ Bn) and Volume (Kilo Tons) Analysis, by Turbine Oil, 2020–2031
Figure 20: Global Marine Lubricants Market Revenue (US$ Bn) and Volume (Kilo Tons) Analysis, by Gear Oil, 2020–2031
Figure 21: Global Marine Lubricants Market Revenue (US$ Bn) and Volume (Kilo Tons) Analysis, by HTFs, 2020–2031
Figure 22: Global Marine Lubricants Market Revenue (US$ Bn) and Volume (Kilo Tons) Analysis, by Compressor Oil, 2020–2031
Figure 23: Global Marine Lubricants Market Revenue (US$ Bn) and Volume (Kilo Tons) Analysis, by Grease, 2020–2031
Figure 24: Global Marine Lubricants Market Revenue (US$ Bn) and Volume (Kilo Tons) Analysis, by Others, 2020–2031
Figure 25: Global Marine Lubricants Market Attractiveness Analysis, by Application
Figure 26: Global Marine Lubricants Market Value Share Analysis, by Region, 2020 and 2031
Figure 27: Global Marine Lubricants Market Attractiveness Analysis, by Region
Figure 28: North America Marine Lubricants Market Size (US$ Bn) and Volume (Kilo Tons) Forecast, 2020–2031
Figure 29: North America Marine Lubricants Market Attractiveness Analysis, by Country
Figure 30: North America Marine Lubricants Market Value Share Analysis, by Product Type, 2020 and 2031
Figure 31: North America Marine Lubricants Market Value Share Analysis, by Application, 2020 and 2031
Figure 32: North America Marine Lubricants Market Value Share Analysis, by Country, 2020 and 2031
Figure 33: North America Marine Lubricants Market Attractiveness Analysis, by Product Type
Figure 34: North America Marine Lubricants Market Attractiveness Analysis, by Application
Figure 35: Latin America Marine Lubricants Market Size (US$ Bn) and Volume (Kilo Tons) Forecast, 2020–2031
Figure 36: Latin America Marine Lubricants Market Attractiveness Analysis, by Country/Sub-region
Figure 37: Latin America Marine Lubricants Market Value Share Analysis, by Product Type, 2020 and 2031
Figure 38: Latin America Marine Lubricants Market Value Share Analysis, by Application, 2020 and 2031
Figure 39: Latin America Marine Lubricants Market Value Share Analysis, by Country/Sub-region, 2020 and 2031
Figure 40: Latin America Marine Lubricants Market Attractiveness Analysis, by Product Type
Figure 41: Latin America Marine Lubricants Market Attractiveness Analysis, by Application
Figure 42: Europe Marine Lubricants Market Size (US$ Bn) and Volume (Kilo Tons) Forecast, 2020–2031
Figure 43: Europe Marine Lubricants Market Attractiveness Analysis, by Country/Sub-region
Figure 44: Europe Marine Lubricants Market Value Share Analysis, by Product Type, 2020 and 2031
Figure 45: Europe Marine Lubricants Market Value Share Analysis, by Application, 2020 and 2031
Figure 46: Europe Marine Lubricants Market Value Share Analysis, by Country/Sub-region, 2020 and 2031
Figure 47: Europe Marine Lubricants Market Attractiveness Analysis, by Product Type
Figure 48: Europe Marine Lubricants Market Attractiveness Analysis, by Application
Figure 49: Asia Pacific Marine Lubricants Market Size (US$ Bn) and Volume (Kilo Tons) Forecast, 2020–2031
Figure 50: Asia Pacific Marine Lubricants Market Attractiveness Analysis, by Country/Sub-region
Figure 51: Asia Pacific Marine Lubricants Market Value Share Analysis, by Product Type, 2020 and 2031
Figure 52: Asia Pacific Marine Lubricants Market Value Share Analysis, by Application, 2020 and 2031
Figure 53: Asia Pacific Marine Lubricants Market Value Share Analysis, by Country/Sub-region, 2020 and 2031
Figure 54: Asia Pacific Marine Lubricants Market Attractiveness Analysis, by Product Type
Figure 55: Asia Pacific Marine Lubricants Market Attractiveness Analysis, by Application
Figure 56: MEA Marine Lubricants Market Size (US$ Bn) and Volume (Kilo Tons) Forecast, 2020–2031
Figure 57: MEA Marine Lubricants Market Attractiveness Analysis, by Country/Sub-region
Figure 58: MEA Marine Lubricants Market Value Share Analysis, by Product Type, 2020 and 2031
Figure 59: MEA Marine Lubricants Market Value Share Analysis, by Application, 2020 and 2031
Figure 60: MEA Marine Lubricants Market Value Share Analysis, by Country/Sub-region, 2020 and 2031
Figure 61: MEA Marine Lubricants Market Attractiveness Analysis, by Product Type
Figure 62: MEA Marine Lubricants Market Attractiveness Analysis, by Application
Figure 63: Global Marine Lubricants Market Share Analysis, by Company (2020)