Marine Lubricant Market To Reach $8.0 Billion, Globally, By 2033 At 3% CAGR: Allied Market Research

(MENAFN- GlobeNewsWire - Nasdaq) The marine lubricants market is expected to witness significant growth driven by increase in shipbuilding activities. As global trade expands and demand for new, efficient vessels rises, the need for specialized lubricants to ensure optimal performance and maintenance of maritime engines and machinery becomes crucial, propelling the market expansion.

Wilmington, Delaware , Aug. 22, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, " Marine Lubricant Market by Oil Type (Mineral Oil based, Synthetic Oil based, and Bio-Based Oil based) and Application (Engine Oils, Compressor Oils, Gear Oils, Turbine Oils, Hydraulic Fluids, Greases, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033" . According to the report, the marine lubricant market was valued at $6.0 billion in 2023, and is estimated to reach $8.0 billion by 2033, growing at a CAGR of 3% from 2024 to 2033.

Prime determinants of growth

The global marine lubricants market is experiencing growth due to several factors such as the growing global maritime trade, which demands efficient and reliable vessel operations, and the rising awareness of the need for regular maintenance to ensure the longevity and performance of marine engines and the expansion of the global shipping industry, particularly in emerging economies. However, volatility of raw material prices and stringent environmental regulations and the high cost associated with developing and adopting eco-friendly lubricants hinder the market growth. Moreover, increase in focus on sustainability and reduction in carbon footprints drives innovation in bio-based and biodegradable lubricants presents additional opportunities for marine lubricants.

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Report coverage & details:

Report Coverage	Details
Forecast Period	2024–2033
Base Year	2023
Market Size in 2023	$6.0 billion
Market Size in 2033	$8.0 billion
CAGR	3.0%
No. of Pages in Report	300
Segments Covered	Oil Type, Application, and Region.
Regional Scope	North America, Europe, Asia-Pacific, LAMEA
Country Scope	U.S., Canada; Mexico; Germany; UK; France; Italy; Spain; China; Japan; India; South Korea; Australia; Brazil; Saudi Arabia; South Africa
Drivers	Growth in International Shipping Activities Transition to bio-based lubricants
Opportunity	Improvements in lubricant formulations through technology
Restraint	Fluctuation in oil prices

The mineral oil-based segment maintain its dominance by 2033

By oil type, the mineral oil-based segment held the highest market share in 2023 and is expected to retain its dominance throughout the forecast period. The demand for mineral oil in the marine lubricants market is increasing due to expanding global shipping activities, stringent regulations on emissions promoting higher lubricant quality, advancements in engine technology requiring specific lubrication properties, and rising maritime trade. Additionally, economic growth in emerging markets and the increasing size of the global fleet contribute to this increased demand.

The engine oils segment is expected to lead the trail by 2033

By application, the engine oils segment held the highest market share in 2023 and is estimated to dominate during the forecast period. Engine oils in the marine lubricants market are specialized lubricants designed to protect and enhance the performance of marine engines. These oils reduce friction, prevent wear and corrosion, and ensure efficient engine operation under extreme marine conditions. They are crucial for the longevity and reliability of engines in ships and boats, supporting optimal performance, fuel efficiency, and compliance with environmental regulations.

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Asia-Pacific is expected to witness the fastest growth throughout the forecast period.

By region, Asia-Pacific was the fastest growing region in terms of revenue in 2023, due to the expansion of the shipping industry, increased maritime trade, and the region's robust economic development. Key countries driving this growth include China, Japan, and South Korea, which have extensive shipbuilding activities. The market is also influenced by stringent environmental regulations requiring high-performance, eco-friendly lubricants. Technological advancements and the adoption of synthetic and bio-based lubricants are further propelling market expansion in this region.

Leading Market Players: -

• Exxon Mobil Corporation

• Royal Dutch Shell plc

• Chevron Corporation

• TotalEnergies SE

• Lukoil

• Sinopec Corp.

• ENEOS Corporation

• BP p.l.c.

• Repsol

• Gulf Oil International Ltd

Want to Access the Statistical Data and Graphs, Key Players' Strategies:

The report provides a detailed analysis of these key players in the global marine lubricants market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports " and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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