Marine Lubricants Market worth $6.9 billion by 2028 – At a CAGR of 1.5%

The According to a market research report, the Marine Lubricants Market by Oil Type (Mineral Oil, Synthetic Oil, and Bio-Based), Product Type (Engine Oil, Hydraulic Fluid, Compressor Oil), Ship Type (Bulk Carrier, Container Ships), & Region( Asia Pacific, North America) – Global Forecast to 2028″, size was USD 6.3 billion in 2022 and is projected to reach USD 6.9 billion by 2028, at a CAGR of 1.5% from 2023 to 2028. Marine lubricants reduce friction between various operating mechanical parts in a ship or vessel. The lubrication process helps in dissipating excess heat and combating wear and tear. These marine lubricants enhance the output efficiency of machinery and increase the working life of the mechanical parts in a vessel or ship.

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• 310 Market data Tables
• 60 Figures
• 280 Pages and in-depth TOC on “Marine Lubricants Market – Global Forecast to 2028”

This report also provides a comprehensive analysis of the companies listed below:

The major Players in marine lubricants market report include BP Plc. (UK), Chevron Corporation (US), ExxonMobil Corporation (US), Royal Dutch Shell Plc (Netherlands), TotalEnergies SE(France), Valvoline(US), Petronas (Malaysia), Lukoil (Russia), Idemitsu Kosan Co. Ltd (Japan), China Petrochemical Corporation (China), JX Nippon oil & Energy Corporation (Japan), Gulf Oil Corporation Ltd. (US), ENOC (Emirates National Oil Company) (UAE), ENI SPA (Italy), Indian Oil Corporation (India), PetroChina Company Limited (China), SK INC. (South Korea), CEPSA(Spain), Gazrprom Neft (Russia ), ADDINOL Lube Oil GmbH (Germany), Bel-Ray Company LLC (US), Morris Lubricants (UK), Penrite Oil (Australia), Liqui Molly GmbH (Germany), Dyade Lubricants (Netherland) and others.

Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the marine lubricants market.

Recent Developments in Marine Lubricants Market

• In March 2022, Shell plc completed the acquisition of the Environmentally Considerate Lubricants (ECLs) business of the PANOLIN Group. This involves the product formulations, , intellectual property, PANOLIN brand, international customer base, technology, and portfolio of products of ECL.
• In June 2021, BP p.l.c. made exopansion with a digital hub in Pune, India. This expansion is made to meet changing demands and achieve digital expertise by delivering sustainable solutions.
• In January 2023, TotalEnergies SE made an agreement with CEPSA to acquire its upstream business assets in United Arab Emirates (UAE).

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Exxon Mobil Corporation is is one of the world’s largest publicly traded oil & gas company. It promotes fuel and lubricants under four brands: Exxon Mobil, Exxon, Esso, and Mobil. The company owns 21 lubricant blending plants in nearly 25 countries in almost all regions. Through its specialty products business segment, it offers marine lubricants. Likewise, the company has strong R&D capabilities, which help know customers well.  The company is focusing on improvements, sustained investments, and technological advancements.It has a extensive worldwide presence in almost all key countries. In March 2021, Exxon Mobil Corporation launched new engine oil, namely, MobilGard M420. It is oil for four-stroke, medium-speed marine engines.

Shell plc, formerly known as Royal Dutch Shell Plc, is an petrochemical and energy company. Also, it is one of the six oil & gas “supermajors”  and one of the world’s most valuable companies. It operates through five business segments, and from marketing business segment offers marine lubricants. The company maintains its position in the market through its 32 lubricant blending plants, 9 grease plants, and 4 base oil manufacturing plants around the world. It has strong presence in Asia Pacific, the Middle East & Africa, North American, European, and South American region. In December 2022, Shell plc acquired the PANOLIN Group’s Environmentally Considerate Lubricants (ECLs) business. This includes the PANOLIN brand, portfolio of its products, product formulations and international customer base.

Asia Pacific is projected to be the largest market for marine lubricants, driven by the raising industrialization, rise in exports and low labour cost specially in India and China. Due to this reasons the demand for marine lubricants in Asia Pacific region is increased. The region has experienced rapid economic growth in recent decades, leading to increased maritime trade and shipping activities. The expanding economies of countries like China, India, Japan, and South Korea have resulted in a substantial demand for marine lubricants to support their shipping industries.

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