Marine Lubricants Market to Reach USD 9.64 Billion by 2032

According to analysts at Vantage Market Research, the Global Marine Lubricants Market size is worth USD 6.75 Billion in 2023 and is projected to reach USD 9.64 Billion by 2032, growing at a CAGR (Compound Annual Growth Rate) of 4.06% from 2024 to 2032. Driven by stringent environmental regulations and rising global trade via maritime routes, the marine lubricants market is expanding with advanced formulations meeting sustainability demands and enhancing engine performance.

Market Overview

The growing need for environmentally friendly and sustainable marine lubricants presents a significant opportunity for the global marine lubricants market. Bio-based and synthetic lubricants, derived from renewable sources like plant oils, offer distinct advantages over traditional petroleum-based counterparts. They are biodegradable and less harmful if released into the aquatic environment during ship operations or accidents. With tightening environmental regulations worldwide, shipping companies face mounting pressure to cut down on pollution & carbon emissions from their fleets. This demand for cleaner solutions extends beyond fuel choices to operational lubricants. Synthetic esters and bio-based formulations derived from plant oils are increasingly replacing conventional petroleum distillate oils that were once standard.

Continual advancements in technology within the market are projected to generate lucrative growth opportunities for manufacturers. Increased investment in research and development (R&D) activities by industry participants is poised to drive global market expansion. R&D is increasingly critical for forecasting fluctuations in oil prices, which are influenced by organizations such as OPEC (Organization of the Petroleum Exporting Countries).

FPT Industrial and PETRONAS Lubricants Introduce Innovative Engine Fluids

FPT Industrial and PETRONAS Lubricants International (PLI) introduce a new collaborative line of fluids designed for marine, on-road, off-road, and power generation engines and vehicles. These innovative products are characterized by precise formulations, high quality, and reliable performance across diverse operational environments. This partnership underscores FPT Industrial and PLI's commitment to innovation and dependability in lubricant technology, aimed at enhancing operational efficiency and reducing overall costs.

bp Marine Signs Long-Term Supply Agreement with StraitNZ

bp Marine, a division of bp's trading and shipping operations, has entered into a lasting supply contract with integrated transport provider StraitNZ. This agreement includes the provision of marine biofuels at Wellington Port, supporting the Bluebridge Cook Strait Ferries' network. This network facilitates 50 weekly voyages for both passengers and freight between Wellington and Picton, crucially linking New Zealand's north and south islands.

Key Takeaways from the Report

• The Engine Oil segment led the global market with a 47.3% revenue share, driven by its critical role in ensuring optimal performance, efficiency, and longevity of marine engines, coupled with advancements in lubrication technology tailored to meet stringent environmental regulations and operational demands in the maritime sector.
• The Mineral Oil segment took the lead in the global market in 2023 due to its cost-effectiveness, wide availability, and suitability for a broad range of marine applications, including engine lubrication and equipment maintenance, catering to diverse operational requirements effectively.
• In 2023, Asia Pacific led the market with 41.5% of total revenue, propelled by its robust maritime trade activities, rapid industrialization, increasing shipbuilding & repair activities, and growing demand for marine lubricants in emerging economies like China and India, reflecting the region's pivotal role in the global maritime industry.

Top Companies

• Exxon Mobil Corporation
• BP p.l.c.
• Shell plc
• Chevron Corporation
• TotalEnergies SE
• China Petroleum & Chemical Corporation (Sinopec)
• Idemitsu Kosan Co. Ltd.
• ENEOS Holdings Inc.
• Gazprom Neft
• PETRONAS
• Lukoil

Latest News

TotalEnergies Acquires Tecoil: Advancing RRBO Technology in Finland

• In July 2024, TotalEnergies acquired Tecoil, a Finnish company renowned for its advanced technology in regenerating used oil into Re-Refined Base Oils (RRBOs). Tecoil's facility in Hamina, eastern Finland, produces 50,000 tons of RRBOs annually.

ExxonMobil Supplies B30 Marine Biofuel to Hapag-Lloyd in ARA Region

• In May 2023, ExxonMobil entered an agreement to supply Hapag-Lloyd with B30 marine biofuel oil in the Amsterdam-Rotterdam-Antwerp (ARA) region. This marine biofuel, blended with waste-derived fatty acid methyl esters (FAME), meets the 0.50% sulfur residual fuel (VLSFO) standard.

Shell and Hapag-Lloyd Ink LNG Supply Deal for Dual-Fuel Vessels

• In February 2023, Shell Western LNG B.V (Shell) and Hapag-Lloyd signed a multi-year contract for liquefied natural gas (LNG) supply to Hapag-Lloyd’s advanced dual-fuel container vessels, each with a capacity exceeding 23,500 twenty-foot equivalent units (TEU).