The global marine lubricants market is subjugated by large MNCs with successful distribution networks. Companies are focusing on synthetic and bio-based product innovation in order to achieve higher market shares by reducing product pricing. Transparency Market Research (TMR), in its new report, states that brand creation is extremely difficult to achieve in the marine lubricants market. The conventional marine lubricants market faces an internal threat from synthetic and bio-based lubricants, which act as substitutes. The top three players accounted for 48.1% of the market in 2013. Key players in the market are Lukoil Marine Lubricants Ltd., BP Marine, Royal Dutch Shell, ExxonMobil Corporation, Total Lubmarine, Castrol, and Chevron Corporation.
According to the report, the global marine lubricants market is expected to rise from US$3.68 bn in 2015 to US$4.73 bn by 2022. By application, the market is expected to be led by the engine oils segment. The engine oils segment is expected to account for 46.50% of the global marine lubricants market. Engine oil marine lubricants prevent engines from rusting and help them achieve optimum output efficiency, which are aiding the growth of the segment.
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Growing Shipbuilding Industry to Drive Demand for Marine Lubricants in Asia Pacific
On the basis of geography, Asia Pacific led in the past and will continue to do so in the coming years. Asia Pacific is expected to account for 42.98% of the global marine lubricants market by 2022 owing to the fact that majority of the ships across the globe are built in China, South Korea, and Japan. China is among the most significant consumers of marine lubricants, thus driving the market in Asia Pacific. By product, the mineral lubricant segment is a clear leader, and expected to account for 86.72% of the market by 2022. The low cost and high efficiency provided by mineral lubricants have made them popular with consumers.
High Demand for Bio-based Marine Lubricants to Drive Market
The growing shipping industry is driving the marine lubricants market worldwide. Structural changes in international trading activities and evolution of maritime transport have a profound impact on the development of shipping industry, which in turn is expected to impact the market. Impact of oil spill disasters has compelled regulatory bodies to implement policies that recommend the use of non-toxic, biodegradable, bio-based marine lubricants, thus driving the market. The demand for bio-based lubricants has increased significantly in the last few years owing to their ecological benefits, which is boosting the market. Water transport has regained its popularity owing to high cost of aviation transport, and this is expected to augment the marine lubricants market worldwide.
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Shortage of Bright Stock Material to Hinder Growth of Market
A growing inclination towards the production and utilization of group II and III base oils is expected to result in a shortage of bright stock material, which is used in the formulation of marine lubricants. This is likely to hinder the market in the coming years. Another factor restraining the market is the development of newly built vessels, which has operational efficiency and results in a significant reduction in the volume of lubricants used. Harmful effects of mineral oil based marine lubricants in case of a spillage are dampening their demand, thus impacting the growth of the market.
Growing Environmental Concerns and Flourishing Shipping Industry to Create Opportunities
The harmful effects of mineral-based lubricants have led to the development of bio-based marine lubricants. Bio-based marine lubricants do not affect aquatic life on accidental spillage, thus they are becoming increasingly popular. A growth in the environmental concerns and awareness regarding the pollution caused by mineral-based marine lubricants, have led to the implementation of various regulations by International Maritime Organization (IMO) and the U.S. EPA. These policies are expected to augment the demand for synthetic and bio-based marine lubricants thereby boosting the market significantly in the coming years.
Another factor that acts as an opportunity for a growth in the market is the flourishing shipping industry. Water transport is being revolutionized by the introduction of newer engines that require marine lubricants with high viscosity. This will create a heightened demand for marine lubricants in the coming years.
This information is based on the findings of a report published by Transparency Market Research titled “Marine Lubricants Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2022.”