The global Marine Lubricants Market is estimated to be USD 5.98 billion in 2018 and is projected to reach USD 6.66 billion by 2023, at a CAGR of 2.17% from 2018 to 2023. This market has been segmented on the basis of oil type, product type, ship type, and region.
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Increasing demand for emerging alternate technologies (like exhaust gas scrubbers, selective catalytic reduction, and use of low sulfur fuel, among others) are the major driving factors for the marine lubricants market. The market is also driven by infrastructure developments, such as improving port networks, which are strengthening the global shipping industry.
Key players operating in the global marine lubricants market include BP plc (UK), Royal Dutch Shell plc (Netherlands), ExxonMobil Corporation (US), Total S.A. (France), and Chevron Corporation (US).
Expansions and new product launches were the key growth strategies adopted by the leading market players between 2016 and 2018. BP plc, Royal Dutch Shell plc, and ExxonMobil Corporation were the major players who adopted these strategies to strengthen their market penetration and gain customer confidence.
ExxonMobil Corporation is another leading manufacturer in the marine lubricants market. The company mostly engaged in new product launches to gain customers’ confidence and expand its business globally. It has been focusing on developing innovative marine lubricant products.
In April 2018, the company in a bid to deliver products that comply with VGP requirements launched Mobil SHC Aware Hydraulic HS lubricants. The products under this brand offer excellent protection to hydraulic systems across a wide temperature range. They also ensure a longer operating life by offering high resistance to thermal damage, shear, and oxidation.
BP plc is a key player in the global marine lubricants market. The company offers a comprehensive range of marine lubricants for various end-use applications, such as engines, compressors, stern tubes, gears, and hydraulics.
In December 2017, it announced plans to set up a lubricant blending plant in Tianjin, China with an annual production capacity of 200,000 tons. The new plant will help the company meet the rapidly growing demand for high-quality lubricants in China.
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APAC is projected to be the fastest-growing market for marine lubricants during the forecast period. The high economic growth of the region’s emerging economies and increase in disposable income have made APAC an attractive market for the manufacturers of marine lubricants.
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