Marine lubricant are the lubricant used in various marine ship applications such as engines, hydraulics, and compressors to maintain low temperature by dissipating the heat produced due to friction. Marine lubricants facilitate various functions such as removing contaminants, preventing wear in all forms, ensuring good bearing operation, completing gas sealing at piston ring level, prevention of corrosion, and reducing friction. Marine lubricants are mainly used in seashore countries. Marine lubricants find extensive application in shipping and oil & gas industries.
Engines segment accounts for a sizeable share of the market due to the large application area, high consumption, and requiring large amount of lubricants. On the other hand, applications such as heat transfer fluids, gears, and turbines are also expected to drive market growth during the forecast period. The marine lubricants are important for the greater resistance to rust, lower viscosity loss and greater anti-wear capacity.
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Choice of marine lubricant is largely dependent on machine, application, operating condition and environment. Mineral oil is better soluble with additives and it has the property to enhance the compatibility with seal and is of low cost. Synthetic lubricants are used at extreme environmental conditions and is relatively more expensive than mineral oil. Due to the increased environmental regulations and degradable property of bio lubricants, they are now gaining traction over other lubricants.
Lubricants are available in various viscosities for different equipment function. Different lubricant are used in different equipment. The Ship loading capacities are also considered when selecting marine lubricants.
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Marine Lubricant Market Outlook – Surging Demand in Asia Pacific Augmenting Market Growth
Asia Pacific is estimated to be the largest market in the marine lubricant market, followed by Europe. China, India and Singapore are among the largest consumers of marine lubricants. The shipping of oil and gas is very high to meet the demand of fuel in these countries.
Europe is estimated to be the second largest market in the marine lubricant industry. Though market share is expected to decline due to shifting of shipbuilding and shipping activities to Asia Pacific. This is due to cheap raw material and low labor costs in those countries.
Middle East and Africa have small demand of marine lubricants compared to Asia Pacific. Middle East being a hub for oil and gas export, relies on shipping industry for transport of oil to Asian markets. The industry in this region is expected to grow.
North America and Latin America are seeing poor growth in marine industry, partly due to energy self-sufficiency and poor port infrastructure in Latin America which discourages shipbuilding operations in this region.
The infrastructure development and new alternatives technologies for the shipping industry are the main drivers for the marine lubricant market. The demand for eco-friendly bio-based marine lubricants are increasing due to the government regulations and environmental impact. The demand of base stock group II over base stock group I gives companies opportunity to target more costumers.
Marine Lubricant Market Challenges –
This industry depends upon the trades of the countries over a large distances. The decrease in the trades restrain the growth of this industry. Also the sulfur and nitrogen content in marine lubricant is dangerous for the aquatic animals. Hence the government is implementing environment regulations against the marine lubricant industry. These are the challenges across marine lubricant market.
Shell is one of the leading company in the major companies of marine lubricant market. The some of the major companies operating in the marine lubricant market are BP PLC, Royal Dutch Shell Plc, Exxon Mobil Corporation, Chevron Corporation, Sinopec Corporation, Lukoil, Idemitsu Kosan Co Ltd, and Total S.A.