Global Marine Lubricants Market – Emerging Technologies Driving the Industry in Upcoming Years

Marine Lubricants Market

The marine lubricants market size is estimated to be USD 6.2 billion in 2021 and is expected to reach USD 6.7 billion by 2026, at a CAGR of 1.5% during the forecast period. The marine lubricants market is mainly driven by the emerging emission abatement technologies, growth in maritime tourism and the infrastructural developments that are strengthening the shipping industry. The impact of Covid-19, and shift towards synthetic-based lubricants are the key restraints in the marine lubricants market. However, the growing demand for bio-based marine lubricants offers opportunities to marine lubricants manufacturers.

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Key players operating in the global marine lubricants market include BP plc (UK), Royal Dutch Shell plc (Netherlands), ExxonMobil Corporation (US), Total S.A. (France), and Chevron Corporation (US).

Expansions and new product launches were the key growth strategies adopted by the leading market players between 2016 and 2018. BP plc, Royal Dutch Shell plc, and ExxonMobil Corporation were the major players who adopted these strategies to strengthen their market penetration and gain customer confidence.

BP plc is a key player in the global marine lubricants market. The company offers a comprehensive range of marine lubricants for various end-use applications, such as engines, compressors, stern tubes, gears, and hydraulics.

In December 2017, it announced plans to set up a lubricant blending plant in Tianjin, China with an annual production capacity of 200,000 tons. The new plant will help the company meet the rapidly growing demand for high-quality lubricants in China.

ExxonMobil Corporation is another leading manufacturer in the marine lubricants market. The company mostly engaged in new product launches to gain customers’ confidence and expand its business globally. It has been focusing on developing innovative marine lubricant products.

In April 2018, the company in a bid to deliver products that comply with VGP requirements launched Mobil SHC Aware Hydraulic HS lubricants. The products under this brand offer excellent protection to hydraulic systems across a wide temperature range. They also ensure a longer operating life by offering high resistance to thermal damage, shear, and oxidation.

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