Top 15 Marine Lubricants Companies, Worldwide 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.