Oceanic Insights: Navigating the World of Marine Lubricants

Marine lubricants are specially designed lubricants that are used to reduce friction and wear in marine machinery and engines. They are used to ensure smooth operation and extend the lifespan of critical components in marine equipment such as engines, gearboxes, and hydraulic systems.

The Marine lubricants Market is estimated at USD 6.2 billion in 2021 and is projected to reach USD 6.7 billion by 2026, at a CAGR of 1.5% from 2021 to 2026. The base stocks are classified into five groups, of which Group I to Group III fall under mineral oil, and Group IV and Group V fall under synthetic oil. Marine lubricants are formulated with additives such as alkaline detergents, pour-point depressants, antioxidants, corrosion inhibitors, anti-wear, and extreme pressure. The additives used in the formulation serve various functions such as increased lubricity, resistance to corrosion, and reduction in excess heat.

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Synthetic oil is estimated to be the fastest-growing oil type in the marine lubricants?? market between 2021 and 2026.

Synthetic oil has several advantages over conventional mineral-based marine lubricants such as stable viscosity for a wide range of temperature, reduced friction at start-up, and extended oil life, among others. In addition, synthetic lubricants have properties such as high performance in extreme conditions, better viscosity index, higher shear stability, and chemical resistance. They are thermally stable and require less viscosity index improver additives.

Engine oil was the largest product type for marine lubricants market in 2020.

The engine is the key component of a ship/vessel operating in the sea and is classified into two types, propulsion engines and auxiliary engines. Propulsion engines move the vessel through water by igniting fuel inside the cylinder unit of the engine. Auxiliary engines are all the other engines used in a ship for driving the electric generators, fans, pumps, and other equipment on a vessel. Lubricants used in these engines play a vital role in the service life as well as the operating conditions of the ship. The lubrication system fosters the supply of lubricating oil to various parts in the engine.

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Europe is estimated to be the second-largest marine lubricants market during the forecast period.

Europe is one of the leading markets for marine lubricants. The key countries in the European market include Italy, Spain & UK, which together hold a significant share of the overall European market. The marine lubricants market in Europe is heavily regulated, with REACH (Registration, Evaluation, Authorization, and Restriction of Chemicals) closely monitoring and issuing guidelines to ensure a high level of protection for the environment and human health from the risks that can be posed by chemicals. With the implementation of stringent environmental regulations in the EU and growing demand for additives in the European market, the market is expected to perform moderately in the years to come. To maintain a mid SAPS level has also become crucial for the lubricant manufacturers in this region.

The key market players profiled in the report include BP Plc. (UK), 雪佛龙 Corporation (US), EXXONMOBIL EXPORT CORPORATION (US), ROYAL DUTCH SHELL PLC (Netherlands), TotalEnergies (France), Valvoline Inc. (US), PETRONAS (Malaysia), LUKOIL (Russia), Idemitsu Kosan Co.,Ltd. (Japan), China Petrochemical Corporation (China), JX Nippon oil & Energy Corporation (Japan), Gulf Oil Corporation Limited (US), ENOC (Emirates National Oil Company) (UAE), ENI SPA (Italy), Indian Oil Corporation Limited (India), PetroChina International (Middle East) Company Limited (China), SK Innovation (South Korea), Cepsa (Spain), Gazrprom Neft (Russia ), ADDINOL Lube Oil GmbH (Germany), Bel-Ray Company LLC (US), Morris Lubricants (UK), Penrite Oil (Australia), Liqui Molly GmbH (Germany), and Dyade Lubricants (Netherland).

Recent Developments

• In May 2019, Royal Dutch Shell Plc. opened its first lubricant laboratory in India. The laboratory will serve as a service provider for the growing demand for innovative lubricant products.
• In March 2021, the company launched engine oil, MobilGard M420 a oil for medium speed, four stroke marine engines
• June 2021, BP Plc. have set up a digital hub in Pune, India, this expansion will help them grow their digital expertise and meet the changing demands by providing sustainable solutions.