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The compressor oil segment is projected to grow at the highest CAGR in Marine Lubricants Market to 2023



Marine Lubricants Market was valued at USD 5.85 billion in 2017 and is projected to reach USD 6.66 billion by 2023, at a CAGR of 2.17% during the forecast period.

Increasing demand for bio-based marine lubricants
The regulatory bodies, such as MARPOL, EPA, and SOLAS, have imposed rules to limit the emission of nitrogen oxide and sulfur oxide from ships to protect the environment from greenhouse gases. These regulatory bodies have limited the use of mineral and synthetic oils that release toxic wastes and gases.
Instead of using mineral oil lubricants in ships, the shipping companies are using biodegradable lubricants that do not affect the environment with the emission of hazardous gases. This has led to the rise in demand for environment-friendly and bio-based marine lubricants, as they are non-toxic, partially biodegradable, and non-bioaccumulative. They are formulated with renewable and biodegradable base stocks and are an ideal choice for use in emission control areas (ECA) where low sulfur levels are required.

Therefore, the increasing demand for bio-based marine lubricants provides opportunities for the market growth.
Compressor oil product type segment to witness the highest CAGR between 2018 and 2023 
Based on product type, the global Marine Lubricants Market has been segmented into engine oil, hydraulic fluid, compressor oil, and others. The compressor oil segment is projected to grow at the highest CAGR during the forecast period. Expanding operations by shipping companies on a global scale and increasing ship sizes are major factors expected to help increase the demand for compressors in the maritime industry.
APAC to be the fastest-growing market for marine lubricants during the forecast period 
Among regions, APAC has the busiest ports where a large number of seaborne trades take place. These ports are also maintenance hubs for ships that demand marine lubricants. The Marine Lubricants Market in the APAC region is projected to grow at the highest CAGR between 2018 and 2023. This growth is mainly attributed to increasing trade activities, rising infrastructural developments in the shipping industry (in the form of increasing network of ports), and growing use of less toxic products in APAC countries, such as India, Japan, South Korea, and China.
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Total S.A. (France), BP plc (UK), Royal Dutch Shell plc (Netherlands), Chevron Corporation (US), Sinopec Corporation (China), PJSC Lukoil (Russia), Exxon Mobil Corporation (US), and Idemitsu Kosan Co. Ltd. (Japan) are some of the leading players in the global Marine Lubricants Market.
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