Comparing 15 vendors in Marine Lubricants across 0 criteria.

Market Presence
Contenders Contenders
Market Leaders Market Leaders
Emerging Companies Emerging Companies
Innovators Innovators
Gulf Oil
Sinopec
BP
Chevron
Eni
Idemitsu Kosan
Lukoil
PETRONAS
Gazprom
ExxonMobil
TotalEnergies
PetroChina
Eneos
Shell
SK Inc.
Product Footprint
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POWERED BY MARKETSANDMARKETS
May 27, 2024

The Marine Lubricants Companies quadrant is a comprehensive industry analysis that provides valuable insights into the global market for Marine Lubricants. This quadrant offers a detailed evaluation of key market players, technological advancements, product innovations, and industry trends. MarketsandMarkets 360 Quadrants evaluated over 60 Marine Lubricants companies of which the Top 15 Marine Lubricants Companies were categorized and recognized as the quadrant leaders.

Marine Lubricants reduce friction between various operating mechanical parts in a ship or vessel. The lubrication process helps in dissipating excess heat and combating wear and tear. These lubricants enhance the output efficiency of machinery and increase the working life of the mechanical parts. The composition of marine lubricants comprises base stocks and additives. 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. 

The 360 Quadrant efficiently maps the Marine Lubricants companies based on criteria such as revenue, geographic presence, growth strategies, investments, channels of demand, and sales strategies for the market presence of the Marine Lubricants quadrant. While the top criteria for product footprint evaluation included Oil Type (Mineral Oil, Synthetic Oil, Bio-based), Product Type (Engine Oil, Hydraulic Oil, Compressor Oil, Others), By Ship Type (Bulk Carriers, Tankers, Container Ships, Others).

Key trends highlighted in 360 Quadrants:

  • In 2022, the global marine lubricants market achieved a valuation of USD 6.3 billion, with a projected growth to USD 6.9 billion by 2028, demonstrating a steady 1.5% CAGR throughout the forecast period. The optimistic prospects for this market are attributed to factors such as the expansion of infrastructure, which is propelling the shipping industry, the growth of the global shipbuilding sector, and an upswing in oceanic tourism. Additionally, the increasing demand for bio-derived marine lubricants is playing a pivotal role in driving market growth. As a result of these influential factors, there has been a substantial increase in the consumption of marine lubricants.
  • Within the product type segment of the marine lubricants market, engine oils take precedence due to the expanding size of engines, resulting in heightened consumption of engine oils. Additionally, smaller drain intervals necessitate a substantial volume of fuels and lubricants. In 2022, it accounted for a market share of 73.6% in terms of value. This longstanding dominance of engine oils in the marine lubricants market signals an opportunity for marine lubricants companies to expand their product portfolios. The compressor oils segment is anticipated to exhibit the highest CAGR in terms of value throughout the forecast period. Furthermore, the market is expected to be propelled by the heat transfer fluids, gear oils, and turbine oils segments during the forecast period.
  • Based on the oil type, the marine lubricants market is categorized into mineral oil, synthetic oil, and bio-based oil. Mineral oil-based marine lubricants, constituting 57.5% of the global market in terms of value in 2022, are composed of an intricate blend of naphthene, paraffin, and aromatics, offering diverse properties for various applications. However, this segment is projected to experience sluggish growth. The driving factors behind this trend include the escalating global emphasis on environmental safety regulations, urging governments to promote fewer toxic products. Additionally, the increasing efficiency of synthetic oil-based marine lubricants contributes to the subdued growth in the mineral oil-based segment. This shift in demand dynamics is likely to significantly influence the strategies and operations of marine lubricants companies, prompting them to adapt to the evolving market preferences and regulatory landscape.
  • The marine lubricants industry is poised for notable changes, with the Asia-Pacific region expected to undergo the highest CAGR in terms of value during the forecast period. This growth is directly influenced by the upswing in trade activities and ongoing infrastructural developments in the maritime sector, especially the expansion of port networks. The significant expansion foreseen in North America and Europe over the next five years is primarily attributed to stringent government regulations promoting the adoption of bio-based marine lubricants. These regional dynamics will likely exert a considerable impact on marine lubricants companies, shaping their strategies and market focus.
  • Major marine lubricants companies in the market, including Shell plc (UK), BP p.l.c. (UK), ExxonMobil (USA), TotalEnergies (France), Sinopec (China), and Chevron (USA), are actively enhancing their footprint across different regions. To secure a significant market share, these industry leaders are implementing diverse growth strategies such as expansions and the introduction of new products. For instance, in December 2023, Cosco and BP entered into a partnership aimed at enhancing their operations in Shanghai. The Memorandum of Understanding (MoU) is centered on fostering collaboration throughout the maritime supply chain. The agreement emphasizes cooperation in areas such as Castrol marine lubricants, the transportation of hydrocarbons, offshore construction, as well as joint efforts in procuring methanol for bunkering and supporting the offshore wind supply chain.

The Full List

The Full List

Company Headquarters Year Founded Holding Type
BP London, UK 1909 Public
Chevron San Ramon, USA 1879 Public
Eneos Tokyo, Japan 1888 Public
Eni Rome, Italy 1953 Public
ExxonMobil Houston, USA 1999 Public
Gazprom Saint Petersburg, Russia 1989 Public
Gulf Oil Pittsburgh, USA 1901 Public
Idemitsu Kosan Tokyo, Japan 1911 Public
Lukoil Moscow, Russia 1991 Public
PETRONAS Kuala Lumpur, Malaysia 1974 Public
PetroChina Beijing, China 1999 Public
SK Inc. Seoul, South Korea 1991 Public
Shell London, UK 1907 Public
Sinopec Beijing, China 2000 Public
TotalEnergies Courbevoie, France 1924 Public
 
Frequently Asked Questions (FAQs)
Specially designed oils and greases known as marine lubricants are used in marine vessels to lower friction and safeguard the moving parts of engines, machinery, and other equipment. They are necessary to keep marine engines operating efficiently and long.
Marine lubricants find application in a diverse array of vessels, encompassing oil tankers, fishing boats, cruise ships, cargo ships, container ships, and offshore drilling rigs.
Marine lubricants are essential for lowering wear and friction in machinery and engines, which increases fuel economy, lowers maintenance costs, and lengthens the operational life of marine equipment.
In addition to lowering friction and avoiding corrosion, marine lubricants also dissipate heat and shield engine parts from wear and tear. They also aid in gasket and seal maintenance.
There are many different kinds of marine lubricants, including greases, hydraulic oils, gear oils, and engine oils. Each kind is designed to satisfy particular needs of various marine systems.
Environmental regulations are getting stricter, as those established by the International Maritime Organization (IMO). To lessen the impact of marine operations on the environment, compliance with these standards is essential. Selecting lubricants that are favorable to the environment might assist in fulfilling these demands.
Yes, because 2-stroke and 4-stroke marine engines have differing operating needs, different lubricants are made for them. For the longest engine life and best performance, use the appropriate lubricant.
Yes, by lowering friction and maintaining smooth engine operation, marine lubricants can help increase fuel efficiency when used and maintained properly. Reduced emissions and cost savings may follow from this.
In the marine lubricants market, challenges include the requirement to choose the appropriate lubricants for new engine technologies, manage lubricant storage and disposal in an environmentally responsible manner, and comply with ever-changing environmental standards.
Longer service lives and improved performance in high temperatures are only two benefits of synthetic marine lubricants. But the decision between mineral-based and synthetic lubricants comes down to budgetary constraints as well as the particular needs of the marine equipment.
Top marine lubricants companies like ExxonMobil, Shell, BP, TotalEnergies, Chevron and Sinopec are categorized as quadrant leaders, contributing significantly to the market.
 
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360 Quadrants

360 Quadrants is a scientific research methodology by MarketsandMarkets to understand market leaders in 6000+ micro markets

360 Quadrants

360 Quadrants is a scientific research methodology by MarketsandMarkets to understand market leaders in 6000+ micro markets

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