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.

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Browse 106 market data Tables and 40 Figures spread through 141 Pages and in-depth TOC on "Marine Lubricants Market by Oil Type (Mineral Oil, Synthetic, Bio-based, and Grease), Product Type (Engine oil, Hydraulic fluid, Compressor oil), Ship Type (Bulk Carrier, Tanker, Container), and Region - Global Forecast to 2023".
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.

Based on oil type, the global marine lubricants market has been segmented into mineral oil, synthetic, bio-based, and grease. The synthetic segment is projected to grow at the highest CAGR during the forecast period due to the growing demand for highly efficient, durable, and environmentally friendly products. Stringent safety norms have been introduced by various governments to control the high sulfur and nitrogen emissions into the sea by the use of mineral oil. These emissions not only harm aquatic life and the environment but also damage the ozone layer, thus increasing the need to switch to less toxic synthetic and bio-based products.

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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 due to the rising demand from refrigeration and air compressors in the currently plying large ships. Additionally, there is a growing demand for luxury and cruise ships, leading to a significant increase in demand for better cooling systems for use in these ships/vessels, which subsequently translates into a demand for refrigeration compressor oil.

Based on region, the global marine lubricants market has been classified into APAC, Europe, North America, Middle East & Africa, and Central & South America. APAC was the largest market for marine lubricants in 2017 and is projected to lead the global marine lubricants market during the forecast period. The APAC marine lubricants market is largely driven by the presence of the world’s busiest ports in the region, in countries such as China, Singapore, and Hong Kong. Increasing trade activities and rising infrastructural developments in the shipping industry (in the form of increasing network of ports) are primarily responsible for the high demand of marine lubricants in the region.

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