According to the report published by Global Market Insights Inc., the global Marine Lubricants Market was estimated at $5,305 million in 2020 and is slated to exceed US$7,085 million by 2027, registering a CAGR of 3.5% from 2021 to 2027
The global marine lubricants industry is observing phenomenal proceeds over the recent years. This can be credited to the rising demand for these in supporting the maintenance of marine machinery and facilitating the smooth running of sea transits.
Considering the 2020 report of UNCTAD, the volume of maritime trade was nearly 10.6 billion metric tons, out of which approximately 65.5% of the total trade was received by Asian ports.
The ongoing shipbuilding business across different developing and developed economies of the world will offer considerable impetus to the marine lubricants market over 2021-2027. In 2020, about 94% of the global shipbuilding occurred in the states of Japan, China, and the Republic of Korea.
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Growing inclination towards bio-based marine lubricants to propel the market expansion
While synthetic marine lubricants emerge to be economical and easily accessible solutions, they are producing hazardous effects on the environment. This has thus prompted several lubricant manufacturers to shift to the consumption of bio-based lubricants.
According to American Oil Chemists’ Society (AOCS), the global market for bio-lubricants is estimated to grow by 20% in the coming 5 years, as environmental regulations and rules in the marine industry improve.
Bio-based lubricants produce a less toxic and cleaner work environment for hydraulic and engine system workers. They cost less over the product lifecycle due to lower maintenance, disposal, and storage requirements. Besides, these provide better safety owing to constant viscosity, higher flashpoints, vapor emissions, and less oil mist.
As a result, the demand for bio-based lubricants is surging, encouraging vendors to produce and supply these lubricants and the machinery equipped with these.
To illustrate, TotalEnergies Marine Fuels, in 2022, announced the successful delivery of its very 1st marine bio-VLSO (Very Low Sulphur Fuel Oil) bunker in Singapore’s port waters, as a part of the biofuel trial recently accomplished by Anglo American and NYK Line. Reportedly, the delivered B10 biofuel blend offers a reduction of up to 10 per cent in greenhouse gas emissions.
On similar lines, biodegradable hydraulic oil is gaining momentum among industrial customers and is being largely used in applications where oil spills or leaks can potentially contaminate the environment. Reports suggest that the marine lubricants market from hydraulic oil applications would surge to USD 800 million by 2027 end, in terms of revenue.
Asia Pacific: A growth hub for marine lubricants industry
The Asia Pacific has emerged as a profitable ground for the global marine lubricants market, enhancing its business dynamics. The region is marked as one of the rigidly evolving continents across the globe in terms of marine lubricants. This can be reasoned to the development of the shipbuilding industry and mounting developments in marine infrastructure.
China is considered to be one of the main regions for the shipbuilding industry dominance, with 40.3% of the total world share. What drives the country’s marine lubricant market size is the ongoing policies brought to action associated with marine infrastructure by the government.
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For instance, Shenzhen, Shandong, and Liaoning, in 2021, revealed new incentives to bolster the marine industries as part of China’s drive to expand its blue economy. Amongst these, the Shenzhen government announced offering USD 1.6 million plus other support measures for marine projects and companies to scale up its ocean economy. Meanwhile, Liaoning province announced providing USD 1.2 million to help commence the marine projects.
On the whole, rising marine trade and ongoing infrastructure activities worldwide would impel the marine lubricants market dynamics in the coming years. In fact, the daunting impact of synthetic lubricants on the environment and human health will encourage the adoption of bio-based marine lubricants across different economies, with APAC leading the way.
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