The compressor oil segment is projected to grow at the highest CAGR for the global marine lubricants market 2023

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. This market has been segmented on the basis of oil type, product type, ship type, and region.

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By oil type, the mineral oil segment is estimated to account for the largest market share in 2018, in terms of value, whereas, the synthetic segment is projected to grow at the highest CAGR between 2018 and 2023.

The expected high growth of the synthetic segment is attributed to the increased safety norms set by governments to reduce the sulfur and nitrogen emissions, which are released by the use of mineral oil lubricants. Synthetic marine lubricants also offer enhanced functionality and better service life.

By product type, the compressor oil segment is projected to grow at the highest CAGR during the forecast period, in terms of value. This high growth is attributed to the increasing size of air and refrigeration compressors used in ships due to the increasing size of ships, which subsequently leads to an increase in demand for lubricants in compressor.

The major factor driving the growth of the compressor application in the maritime industry is the reduction in the overall maintenance cost of compressors. Synthetic oils are majorly used in compressors owing to their adaptability to various temperature ranges and high durability as compared to conventional mineral oils. Compressors find their use on board a ship in refrigeration and air compressors.

By ship type, the tanker segment is projected to register the highest CAGR during the forecast period, in terms of volume. The high growth of this segment is mainly due to an increasing demand for crude, gas, and chemical carried in this ship type.

APAC is projected to be the fastest-growing market for marine lubricants during the forecast period. The high economic growth of the region’s emerging economies and increase in disposable income have made APAC an attractive market for the manufacturers of marine lubricants.

The increasing demand for eco-friendlier bio-based marine lubricants and a global shift from Group I to Group II base oils signify the upcoming opportunities in the marine lubricants market.

Some of the key players operating in the global marine lubricants market include BP plc (UK), Royal Dutch Shell plc (Netherlands), ExxonMobil Corporation (US), Chevron Corporation (US), Sinopec Corporation (China), PJSC Lukoil (Russia), Idemitsu Kosan Co., Ltd. (Japan), and Total S.A. (France).

These companies have majorly adopted the capacity expansion and new product launch strategies to enhance their shares in the global marine lubricants market.

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.

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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.

Reference:

https://www.marketsandmarkets.com/Market-Reports/marine-lubricants-market-246832885.html?utm_source=blog%2FML

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