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Marine Lubricants Market Size

Report ID: GMI412
Published Date: Apr 2023
Report Format: PDF

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Marine Lubricants Market Size

Marine Lubricants Market size reached a valuation of USD 3 billion in 2023. Driven by the expansion of the shipbuilding and fleet industry in Asia Pacific, the market is expected to grow at 4.8% CAGR between 2024 and 2032.

Marine lubricants market

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The shipbuilding industry has been registering a rise due to its wide range of applications, such as transportation, naval, and recreational industries. Asia Pacific region witnessed substantial growth in its shipbuilding industry, which accounted for over 95% of the worldwide market by deadweight with a value of 171.8 million dwt in 2020. The region is expected to continue being the heart of the global shipbuilding sector, especially with China and Japan being among the top three ship-owning nations, in terms of commercial value and dead weight tonnage, as of January 2022, according to UNCTAD.

Marine Lubricants Market Report Attributes
Report Attribute	Details
Base Year:	2023
Marine Lubricants Market Size in 2023:	USD 3 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	4.8%
2032 Value Projection:	USD 4.54 Billion
Historical Data for:	2018 - 2023
No. of Pages:	368
Tables, Charts & Figures:	598
Segments covered:	Product, Application, Marine Channel, Region
Growth Drivers:	Ship building and fleet market expansion in Asia Pacific region Increasing bio-based lubricants demand in Europe and North America
Pitfalls & Challenges:	Strict norms for synthetic lubricants

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Authors: Kiran Pulidindi, Hiralkumar Patel

Frequently Asked Questions (FAQ) :

Global market for marine lubricants amassed USD 3 billion and is anticipated to register 4.8% CAGR between 2024 to 2032, owing to the proliferation of ship building and fleet market across the Asia Pacific.

Mineral oil segment is anticipated to witness 5.5% CAGR over 2023-2032, driven by the cost-effectiveness and extensive application of mineral oil in the marine industry due to better solubility with additives.

North America marine lubricants market valuation is expected to surpass USD 1 billion by 2032, on the account of the growing investments focused on boosting the development of the country

Some of the major players in the market are Royal Dutch Shell, China Petroleum & Chemical Corporation (Sinopec Corp), Chevron Marine Products, Exxon Mobil Corporation, Synforce Lubricants, Gulf Oil International Limited, ENEOS Corporation, Indian Oil Corporation Ltd (IOCL), amongst others.