The global marine lubricants market size is expected to reach USD 9.32 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.9% during the forecast period. Growing concerns regarding oceanic pollution caused by improper engine function and subsequent demand for fuel-efficient engines are estimated to trigger the growth of the market.
Marine lubricants are widely utilized in the shipping industry to help protect engines and equipment as well as enhance efficiency. These are essential high performance additives for engines, especially designed to enable optimal performance in marine operations.
Growth in international trade, removal of trade barriers being the principal reason, is encouraging developing countries to concentrate more on improvement of their infrastructure, such as roads, airports, and seaports, which play a vital role in the development of the economy. Product storage, along with capacity to move large shipments, has placed the shipping industry in a very advantageous position.
Global shipping majors, just like other segments of the conventional transport industry, are increasingly getting integrated with emerging global logistics and supply chain activities, owing to both external and internal dynamics. These factors have aided industry participants in substantially consolidating their market position and supplementing their ocean freight income, subsequently stoking the demand for marine lubricants.
Engine oils dominated the market with about 46.0% volume share in 2016. These products are widely used in high, medium, and slow speed marine engines to extend service life and protect interior components from high temperatures & pressure. Some lubricants even offer additive protection against crankcases, camshaft areas, under-crowns, and ring belts.
Other products such as refrigeration compressor oils are specifically formulated to perform in extreme temperature environments and consist of HFC, CFC, and ozone-friendly refrigerants. These lubricants significantly prevent congealing on valves. The segment is expected to rise at a 2.8% CAGR from 2017 to 2025
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Further key findings from the report suggest:
- Hydraulic oils are anticipated to emerge as the fastest growing segment with a CAGR of 2.6 % over the forecast period. These are used for extending pump life under severe conditions, maintain cleanliness, and reliable air release filterability
- Lubricants are also utilized in gear oil for the protection of high horsepower marine engines. The product is fortified with anti-foaming agents, which prevents cavitation at high RPM’s
- North America is projected to remain a prominent regional market, registering a CAGR of 2.4% during the forecast period. The growth of the region can be attributed to rally of the marine sector
- Asia Pacific is likely to remain the fastest growing region with a 4.3% CAGR from 2017 to 2025. Some of the factors contributing to the growth of APAC are increasing number of ports, surging trade activities with the U.S. and other developed economies, and rapidly expanding shipbuilding sector
- Major industry participants are increasingly engaging in R&D, strategic collaborations, new product launches, and other strategies in order to consolidate their positions in the market.