The Global Market for Marine Lubricants to 2023: A $6.66 Billion Opportunity

Dublin, Dec. 18, 2018 (GLOBE NEWSWIRE) -- The "Marine Lubricants Market by Oil Type (Mineral Oil, Synthetic, Bio-based, and Grease), Product Type (Engine oil, Hydraulic fluid, Compressor oil), Ship Type (Bulk Carrier, Tanker, Container), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The global marine lubricants market is estimated to be USD 5.98 billion in 2018 and is projected to reach USD 6.66 billion by 2023, at a CAGR of 2.17% from 2018 to 2023.

The growth of the market is driven by the emerging alternative technology trends. Also, rising infrastructure developments (port infrastructure) to strengthen the shipping industry globally are fueling trade activities, leading to the growth of marine lubricants market. However, fewer trade activities and the rising number of idle ships are restraining the market's growth.

Mineral oil is the largest oil type segment of the global marine lubricants market. By oil type, the mineral oil segment is estimated to account for the largest share of the global marine lubricants market in 2018. This oil type is available in light and heavy grades, depending on the usage and requirement. Mineral oil is produced in large quantities because of its high demand in different marine applications, such as engines, turbines, and stern tubes. The market for mineral oil is driven by the demand from APAC and the Middle East due to the presence of a large number of oil refineries in these regions.

Engine oil is the largest product type segment of the global marine lubricants market. By product type, the engine oil segment is estimated to account for the largest share of the global marine lubricants market in 2018. This large share is majorly attributed to the increasing ship sizes, which translate into increased engine capacities and, therefore, high consumption of engine oil in the propulsion units.

The bulk carrier segment is the largest ship type segment of the global marine lubricants market. Marine lubricants are primarily used in the engine, hydraulic, compressor, stern tube, and gear of ships. By ship type, the bulk carrier segment is projected to lead the marine lubricants market between 2018 and 2023. The improving economic condition of countries in various regions is fueling the need for efficient and bigger ships to accommodate the rising cargo demand.

The APAC region is projected to be to be the largest marine lubricants market during the forecast period. China is the key producer and consumer of marine lubricants in this region. Intensive R&D, easy availability of raw materials, rising standards of living, rising population, and awareness among consumers about environmental protection due to the use of renewable products are expected to increase the demand for marine lubricants in the APAC region.

Key Topics Covered

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Regional Segmentation
1.3.2 Years Considered for the Study
1.4 Currency
1.5 Unit Considered
1.6 Limitations
1.7 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primary Interviews
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Data Triangulation
2.4 Assumptions

3 Executive Summary

4 Premium Insights
4.1 Significant Growth Opportunities in the Marine Lubricants Market
4.2 Marine Lubricants Market, By Oil Type, 2018-2023
4.3 APAC Marine Lubricants Market Share, By Country and Product Type, 2017
4.4 Marine Lubricants Market, By Region
4.5 Marine Lubricants Market, By Ship Type

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Infrastructural Developments Strengthening the Shipping Industry
5.2.1.2 Emerging Emission Abatement Technologies
5.2.2 Restraints
5.2.2.1 Slowdown in Trade Activities Leading to Rising Number of Idle Ships
5.2.3 Opportunities
5.2.3.1 Increasing Demand for Bio-Based Marine Lubricants
5.2.3.2 Shift From Group-I to Group-II Base Stocks
5.3 Porter's Five Forces Analysis
5.3.1 Threat of New Entrants
5.3.2 Threat of Substitutes
5.3.3 Bargaining Power of Suppliers
5.3.4 Bargaining Power of Buyers
5.3.5 Intensity of Competitive Rivalry

6 Industry Insights and Trends
6.1 Key Insights
6.2 Free Trade Areas Around the World
6.3 Annual Container Throughput of Key Ports
6.4 World Fleet
6.4.1 By Vessel Type
6.4.2 By Power
6.5 Fuel Quality Trends
6.6 Emission Abatement Technological Trends
6.6.1 Exhaust Gas Cleaning Systems (EGCS)
6.6.2 Exhaust Gas Recirculation (EGR)
6.6.3 Selective Catalytic Reduction (SCR)
6.7 Emission Regulations
6.8 Industrial Growth & Outlook
6.8.1 Shipping Industry

7 Marine Lubricants Market, By Oil Type
7.1 Introduction
7.2 Mineral Oil
7.3 Synthetic
7.4 Bio-Based
7.5 Grease

8 Marine Lubricants Market, By Product Type
8.1 Introduction
8.2 Engine Oil
8.2.1 Cylinder Oil
8.2.2 System Oil
8.3 Hydraulic Fluid
8.4 Compressor Oil
8.5 Others

9 Marine Lubricants Market, By Ship Type
9.1 Introduction
9.1.1 Bulk Carriers
9.1.2 Tankers
9.1.3 Container Ships
9.1.4 Others

10 Marine Lubricants Market, By Region
10.1 Introduction
10.2 APAC
10.2.1 Mineral Oil Dominates the Overall APAC Marine Lubricants Market
10.2.2 Marine Lubricants Market for Compressor Oil to Witness the Highest CAGR
10.2.3 China Accounts for A Major Share of the APAC Marine Lubricants Market
10.2.3.1 China
10.2.3.2 Singapore
10.2.3.3 Hong Kong
10.2.3.4 South Korea
10.2.3.5 Malaysia
10.2.3.6 Japan
10.3 Europe
10.3.1 Mineral Oil Segment Accounts for the Largest Share of European Marine Lubricants Market
10.3.2 Engine Oil Holds the Largest Share of the Overall European Marine Lubricants Market
10.3.3 Germany Accounts for A Major Share of the European Marine Lubricants Market
10.3.3.1 Germany
10.3.3.2 Netherlands
10.3.3.3 Belgium
10.3.3.4 Spain
10.3.3.5 UK
10.3.3.6 Russia
10.4 North America
10.4.1 Synthetic Marine Lubricant Market to Witness Highest Growth in North America Market
10.4.2 Compressor Oil to Be Fastest-Growing Segment of the Marine Lubricants Market in North America
10.4.3 US Accounts for Maximum Share of the Marine Lubricants Market in North America
10.4.3.1 US
10.4.3.2 Canada
10.4.3.3 Mexico
10.5 Middle East & Africa
10.5.1 Synthetic Marine Lubricants to Be Fastest-Growing Segment of the Marine Lubricants Market in Middle East & Africa
10.5.2 Engine Oil Dominates the Marine Lubricants Market in Middle East & Africa
10.5.3 UAE is the Largest Marine Lubricants Market in the Middle East & Africa
10.5.3.1 UAE
10.5.3.2 Saudi Arabia
10.5.3.3 South Africa
10.6 Central & South America
10.6.1 Synthetic Marine Lubricants to Be the Fastest-Growing Segment of the Marine Lubricants Market in Central & South America
10.6.2 Compressor Oil to Register the Highest CAGR in the Marine Lubricants Market in Central & South America
10.6.3 Brazil is the Major Consumer of Marine Lubricants in Central & South America
10.6.3.1 Panama
10.6.3.2 Brazil

11 Competitive Landscape
11.1 Overview
11.2 Market Share Analysis of Key Players
11.3 Competitive Scenario
11.3.1 Expansion
11.3.2 New Product Launch
11.3.3 Contract & Agreement
11.3.4 Merger & Acquisition

12 Company Profiles
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, View
12.1 BP PLC.
12.2 Chevron Corporation
12.3 Exxonmobil Corporation
12.4 Royal Dutch Shell PLC.
12.5 Total S.A.
12.6 Lukoil
12.7 Aegean Marine Petroleum Network Inc.
12.8 Idemitsu Kosan Co., Ltd.
12.9 Indian Oil Corporation Ltd.
12.10 Sinopec Corporation
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, View)
12.11 Other Companies
12.11.1 Avin Oil S.A. (Greece)
12.11.2 Fuchs Petrolub Se (Germany)
12.11.3 Gulf Oil International (US)
12.11.4 H&R GmbH & Co. KGaA (Germany)
12.11.5 JX Nippon Oil & Energy Corporation (Japan)
12.11.6 Petronas Lubricants International (Malaysia)
12.11.7 Quepet Lubricants (UAE)
12.11.8 Stanley Group (UAE)
12.11.9 Unimarine LLC (US)
12.11.10 Vickers Oil (UK)
12.11.11 World Fuel Service Corporation (US)

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                    Related Topics: Oil, Shipbuilding and Ship Parts, Lubricants and Greases