Marine Lubricant Market Is Highly Growing in Industry with Good Revenue by 2028

The global marine lubricant market is growing due to increased demand from end-use sectors such as the shipping industry. Furthermore, expanded infrastructure activities have reinforced the shipping industry, increasing the demand for marine lubricant for the efficient operation and protection of maritime equipment and engines. Furthermore, increasing emission control technologies are expected to propel the global marine lubricant market forward.

The global marine lubricant market is estimated to be valued at US$ 11,185.6 million in 2021 and is expected to exhibit a CAGR of 6.1% over the forecast period (2021-2028).

Rise in number of inactive ships due to downshift in trade activities is expected to restrain the market growth. However, increase in demand for bio-based marine lubricant is anticipated to provide lucrative opportunities for the growth of the global marine lubricant market in the near future.

The marine lubricant market is divided into four categories: oil type, product type, ship type, and geography. The market is divided into synthetic, mineral oil, bio-based, and grease oil types. The market is divided into product types such as hydraulic fluid, engine oil, compressor oil, and others. The market is divided into ship types such as tanker, bulk carrier, container ship, and others. The market is divided into four regions: North America, Europe, Asia-Pacific, and Latin America and the Caribbean.

Growing demand for bio-based marine lubricant is predicted to bring up new opportunities in the marine lubricant market. Neste, for example, introduced the first industrial lubricant with approximately 100 percent biobased content in December 2019. The product is based on a new formulation in which 95 percent of the substance is derived from renewable sources, with Neste MY Renewable Isoalkane serving as the primary component. The new lubricant may be used safely in all industrial, automotive, and do-it-yourself applications.

Rising usage of hydraulic oil across the marine industry is expected to accelerate the market growth of the marine lubricant. Hydraulic oil helps in increasing the machine life under the severe condition and also meet the environmental norms due to its low toxicity level is expected to raise its demand which in turn is fueling the market growth of marine lubricant.