The Marine Lubricants Market Is Set To Reach $8 Billion By 2026 With The Rising Demand For Bio-Based Lubricants As Per The Business Research Company's Marine Lubricants Global Market Report 2022
TBRC’s market research report covers marine lubricants market size, marine lubricants market forecasts, major marine lubricants companies and their market share, key strategies to undertake, and more.
LONDON, March 23, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the marine lubricants market, the increase in demand for bio-based lubricants is expected to propel the growth of the marine lubricants market. All lubricants that biodegrade quickly and are not hazardous to humans or aquatic habitats are referred to as bio-lubricants. They are also known as eco-friendly, biodegradable, or sustainable lubricants. Because of the biodegradability and low toxicity of bio-lubricants, as well as the benefit of fewer emissions from utilizing them, the marine industry is becoming a prominent area that uses them.
For instance, according to the American Oil Chemists' Society (AOCS), the global market for bio-lubricants is predicted to rise from $2 billion, which was indicated in the year 2020, to $2.4 billion, which is projected for the year 2025, as environmental rules and regulations in the marine industry improve. Therefore, as per the marine lubricants industry growth analysis, the rise in demand for bio-lubricants will drive the growth of the market.*Request **for a sample of the global **marine lubricants* *market report*
The global marine lubricants market size is expected to grow from *$6.96 billion in 2021 to $7.24 billion in 2022* at a compound annual growth rate *(CAGR) of 4.00%*. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global marine lubricants market share is expected to reach *$8.67 billion in 2026* at a *CAGR of 4.62%*.
Strategic collaborations between companies are a key trend gaining popularity in the marine lubricant market. Companies manufacturing marine lubricants are undergoing partnerships and collaborations to develop new technologies and products. For instance, in April 2021, Crown Oil, a fuel and lubricant distribution company located in Bury, Greater Manchester, England, and Valvoline, an American manufacturer and distributor of automotive oil, additives, and lubricants, were involved in a partnership. The deal enables Crown Oil to offer a wide range of high-quality Valvoline products to the heavy-duty, agricultural, fleet, and marine sectors and allows Valvoline to explore the base oil market as they do not refine their base oils from crude oil. In another partnership, in August 2021, Wilh. Wilhelmsen Holding ASA, a Norwegian multinational maritime group headquartered in Lysaker, Norway, entered into a partnership with Klubler Lubricants, a leading manufacturer of specialty lubricants based in the US. The deal enables Wilhelmsen Holdings to take over sales, logistics, and consulting of Klüber Lubrication’s maritime portfolio for its sea-going vessels.
Major players in the marine lubricants market are BP plc, Royal Dutch Shell plc, Exxon Mobil Corporation, Chevron Corporation, Sinopec Corporation, PJSC Lukoil, Idemitsu Kosan Co. Ltd., Total S.A., Castrol, Gulf Oil Marine, Synforce Lubricants., Valvoline LLC, PetroChina, Eni S.p.A, Croda International Plc, Bailey’s Marine Fuels, Quepet Lubricants, JX Nippon Oil & Energy Corporation, IKO Marine Lubricant Supply Co. Ltd, Repsol SA, Aegean Oil SA, Fuchs Lubricants Co., Indian Oil Corporation Ltd. (IOCL), and Stanley Lubricants.
The global marine lubricants market is segmented by product type into engine oil, hydraulic oil, turbine oil, gear oil, greases, others; by oil type into mineral oil (paraffinic oil, naphthenic oil, aromatic oil), synthetic oil (PAO, PAG, esters), bio-based (plant source, animal fats), grease (metallic soap thickener, non-soap thickener, inorganic thickener); by ship type into bulk carriers (handysize, handymax, panamax, capesize), tankers (panamax, aframax, suezmax, very large crude carrier (VLCC), ultra large crude carrier (ULCC)), container ships, others (reefers, drill ships, passenger ships, roll on roll off ships, service ships)
*Asia-Pacific* was the *largest region* in the marine lubricants market in 2021. The regions covered in the marine lubricants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Marine Lubricants Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide marine lubricants market overviews, marine lubricants market analyze and forecast market size and growth for the whole market, marine lubricants market segments and geographies, marine lubricants market trends, marine lubricants market drivers, marine lubricants market restraints, marine lubricants market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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