In terms of value, the marine lubricants market is estimated to grow from USD 6.3 billion in 2022 to USD 6.9 billion by 2028, at a CAGR of 1.5%. The main drivers which are driving the marine lubricants market are infrastructure enlargements boosting the shipping industry, enlargement in oceanic tourism, and promising emission reduction technologies.
The key players profiled in the report include Exxon Mobil Corporation (US), Shell plc (UK), BP p.l.c. (UK), TotalEnergies SE (France), and Chevron Corporation (US). The major market players given a high priority on incorporating new technologies to keep up with the changing demands of the marine lubricants around the world. To develop their market position in the industry, these players have adopted a range of growth strategies such as initiating new product development, forming collaborations and partnerships, acquiring other companies.. These tactics have been utilized to develop their market share in the marine lubricants industry.
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Exxon Mobil Corporation is is one of the world’s largest publicly traded oil & gas company. It promotes fuel and lubricants under four brands: Exxon Mobil, Exxon, Esso, and Mobil. The company owns 21 lubricant blending plants in nearly 25 countries in almost all regions. Through its specialty products business segment, it offers marine lubricants. Likewise, the company has strong R&D capabilities, which help know customers well. The company is focusing on improvements, sustained investments, and technological advancements.It has a extensive worldwide presence in almost all key countries. In March 2021, Exxon Mobil Corporation launched new engine oil, namely, MobilGard M420. It is oil for four-stroke, medium-speed marine engines.
Shell plc, formerly known as Royal Dutch Shell Plc, is an petrochemical and energy company. Also, it is one of the six oil & gas “supermajors” and one of the world’s most valuable companies. It operates through five business segments, and from marketing business segment offers marine lubricants. The company maintains its position in the market through its 32 lubricant blending plants, 9 grease plants, and 4 base oil manufacturing plants around the world. It has strong presence in Asia Pacific, the Middle East & Africa, North American, European, and South American region. In December 2022, Shell plc acquired the PANOLIN Group’s Environmentally Considerate Lubricants (ECLs) business. This includes the PANOLIN brand, portfolio of its products, product formulations and international customer base.
Marine Lubricants Market by Oil Type (Mineral Oil, Synthetic Oil, and Bio-Based), Product Type (Engine Oil, Hydraulic Fluid, Compressor Oil), Ship Type (Bulk Carrier, Container Ships), & Region( Asia Pacific, North America) - Global Forecast to 2028
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