As per recent analysis done by Fact.MR, a market research and competitive intelligence provider, the global marine lubricant market is estimated to surpass a valuation of US$ 7.1 billion by 2032-end.
Marine lubricants protect and enhance the efficiency of engines and equipment in the shipping industry. They protect components at high temperatures, allow optimum performance in operations, extend shelf life, enhance protection against mechanical wear, and reduce cold corrosion.
Increasing international trade activities and shipbuilding developments are driving demand for marine lubricants. International sea trading contributes to almost 30% of global transportation, and is increasing. As a result, the biodegradability of marine lubricants is highlighted owing to their benefits such as improved safety, constant viscosity, and low emission rates.
Additionally, developments in the lubricant industry and shift from the use of additives, which include heavy metals such as antimony and lead, towards environmental-friendly additives, are driving the growth of marine lubricants. Also, improvements in ship sizes and high demand for ultra-large container ships with the rise in trade volumes have led to higher demand for marine lubricants.
Key Takeaways from Market Study
- The global marine lubricant market is valued at US$ 6.1 billion at present.
- Synthetic oil is expected to garner an absolute $ opportunity of nearly US$ 576.9 million over the forecast period (2022-2032).
- Compressor oil is projected to grow 2X, while engine oil is expected to continue its dominance during the forecast period.
- North America and Europe together hold 57.6% market share in 2022.
“Marine lubricant market expected to generate absolute $ opportunity of US$ 1.1 billion by 2032, led by the rising shipping industry,” says a Fact.MR analyst.
The marine lubricant market is a fragmented space governed by intense competition among leading players. Each player is aiming to enhance their market position by introducing quality and safe products through product innovation and improvements.
Key manufacturers of marine lubricants are preferring the adoption of inorganic and organic growth strategies such as collaborations, acquisitions, mergers, partnerships, etc., to enhance their global footprint and profit margins.
They are also trying to gain a foothold in the market through ongoing product research and development.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global water enhancer market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of oil type (oil-based, synthetic, bio-based), product type (engine oil, hydraulic fluid, compressor oil, other product types), and across major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, MEA).
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