Marine Lubricants Market By Type, By Ship Type, By Product, By Geography — Global Industry Analysis, Growth, Share, Size, Trends, And Forecast 2019–2026

The Global Marine Lubricants Market is valued to reach USD 6.6 Billion by 2023, growing at CAGR of 2.3% from 2020–2026. Rising demand for durable products, increasing trade activities, new shipbuilding abilities, dry-docking activities and growing concerns regarding oceanic pollution caused by improper engine function are set to trigger the market growth.

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A diesel engine demands lubricating oil with diverse properties which involves deep cleaning of engine parts, acid neutralization, heat transfer, anti-corrosion and lubrication properties for a long period of time. In marine sector, the lubricants normally caters to engine areas under periodic maintenance. The quality of marine lubricants stands crucial from the environmental aspect too. For instance, traditional use of synthetic products have enabled manufacturers to emphasize on bio-based lubricants that features in biodegradability, high viscosity and enhanced safety for workers.

Technical aspect of marine lubricant applications encompasses, slow-speed, medium-speed and high-speed. In detail, slow-speed, two-stroke crosshead engines are the chief components for propulsion engines. Medium-speed, four-stroke, trunk piston engines are dually used for propulsion and diesel generator applications; while high-speed diesel engines cater to onboard deep sea marine vessels and are mainly used in emergency equipment such as fire pumps, generators and life boats. As the engines follow automotive-type diesel, the lubricant oil needs to adhere with OEM requirements and automotive standards.

Marine Lubricants Market Trends, Drivers and Opportunities:

Marine lubricants market is significantly driven by rise in demand in the end-use industries and growth in infrastructural setup has considerably strengthened the marine industry with an increase in demand for marine lubricants. Rise in frequency of periodic maintenance for engine and body significantly drives the market growth throughout the forecast period. Emphasis by shipping companies on emission control techniques is now gaining traction owing to strengthening of government regulations. Market opportunities and upcoming trends analysis are evident as the industry encompasses bio-based fuels for mechanical operations. However, pricing is a major factor witnessed as a hindrance in the market. Availability of counterfeit products and complexity of production designs somehow influence the market growth.