Marine Lubricants Market worth $6.7 billion by 2026
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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The key market players profiled in the report include BP Plc. (UK), Chevron Corporation (US), ExxonMobil Corporation (US), Royal Dutch Shell Plc (Netherlands), TotalEnergies SE(France), Valvoline(US), Petronas (Malaysia), Lukoil (Russia), Idemitsu Kosan Co. Ltd (Japan), China Petrochemical Corporation (China), JX Nippon oil & Energy Corporation (Japan), Gulf Oil Corporation Ltd. (US), ENOC (Emirates National Oil Company) (UAE), ENI SPA (Italy), Indian Oil Corporation (India), PetroChina Company Limited (China), SK INC. (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).
Players in the marine lubricants market are mainly concentrating on new product launches, mergers & acquisitions, agreements, partnerships, and expansion to meet the growing demand for marine lubricants for various applications.
The growth of the marine lubricants market has been largely influenced by new product launches and expansion that were undertaken between 2016 and 2020. BP Plc. (UK), ExxonMobil Corporation (US), and Royal Dutch Shell Plc (Netherlands), have adopted organic growth to enhance their market position.
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Royal Dutch Shell Plc, commonly known as Shell, is an energy and petrochemical company. The company operates through four segments, namely, integrated gas, upstream, oil products, and chemicals. Its upstream business is engaged in the exploration and extraction of crude oil, natural gas, and natural gas liquids, as well as markets and transports them. The integrated gas segment is engaged in the liquefaction and transportation of gas and the conversion of natural gas to liquids to provide fuels and other products.
Its oil products segment engages in various oil products, chemicals manufacturing, and marketing activities. They offer marine lubricants through their oil products business segment. The company offers marine lubricants through its oil products business segment, which accounted for the major share of the overall company’s revenue. The company operates in more than 70 countries of APAC, the Middle East & Africa, North America, Europe, and South America
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.
ExxonMobil Corporation is the largest publicly traded oil & gas company, which markets fuel and lubricants under four brands, namely Esso, Exxon, Mobil, and ExxonMobil.The company operates through three business segments, namely, upstream, downstream, and chemical. The upstream segment is engaged in the exploration of crude oil and natural gas. The downstream segment manufactures and sells petroleum products. The company owns lubricant blending plants in 25 countries, present in almost all the regions; this includes 6 base stock refineries and 21 blending plants.
ExxonMobil is the largest integrated refiner in the world, with almost 80% refinery and blending operations integrated directly to oil fields, which help in maintaining a steady supply of raw material to manufacture refined products, such as base oil for lubricants. The chemical segment manufactures and sells petrochemicals. ExxonMobil offers marine lubricants through its downstream business segment. It generates most of its revenue through this segment. It is one of the world’s largest companies by revenue and one of the world’s big oils & gas companies. The company operates in North America, Europe, APAC, the Middle East & Africa, and South America.
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In March 2021, the company launched engine oil, MobilGard M420 an oil for medium speed, four stroke marine engines.
BP Plc. is an integrated oil & gas company. It operates through two business segments, namely, upstream, and downstream. The company offers marine lubricants through its downstream business segment, which accounts for the largest share of the overall revenue. The company has also seen an increase in the number of employees in the downstream segment over the past few years. It has operations in APAC, Europe, the Middle East & Africa, North America, and South America.
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.
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