The marine lubricants market is set to grow exponentially by 2027 owing to the proliferating tourism industry across the globe. Additionally, surging recreational boating activities worldwide is expected to further support market growth over the forecast period.
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Lubricants reduce friction and engine wear, remove debris from piston rings and crowns, and balance acidity in the fuel mix. Increasing R&D undertaken by leading market players for developing biodegradable and sustainable marine lubricants to reduce ship emissions in order to meet stringent environmental regulations worldwide has propelled market adoption in recent years.
Notably, key industry players are implementing lucrative strategies to fortify their market presence, which has positively altered overall business dynamics. For instance, in August 2021, Royal Dutch Shell subsidiary Sarawak Shell Berhad announced its FID (final investment decision), along with its partners Brunei Energy and PETRONAS Carigali Sdn Bhd, on the Timi Gas project in Malaysia. which would be powered by wind and solar energy. The strategic investment decision strengthened Shell's goals of deliver as part of its plan to attain net-zero emissions by 2050.
The marine lubricants market has been categorized based on application, product, marine channel, and region. In terms of application, the market has further been divided into hydraulic oil, grease oil, engine oil, and others. The others segment is expected to be valued at more than USD 1,730 million by end of 2027.
Based on marine channel, the market has been segregated into industrial (semi submerged ship and drill ships), recreational (out board motor boats, in board motor boats, inflatable boats, and others), and transport (container ships, tankers, passenger ships, cargo ships, and others).
Under recreational marine channel, the in board motor boats segment is anticipated to expand at a CAGR of around 3.2% through the review period. Prevalent product usage across a wide range of applications, including traveling and other water activities like swimming, fishing, duck hunting, water skiing, and skin diving, is likely to boost segmental growth in the coming years.
The out board motor boats segment held a sizable valuation of nearly USD 280 million in 2020 and is projected to witness lucrative growth over the analysis timeline due to its lower maintenance requirement as well as better accessibility compared to in board motor boats. Meanwhile, the others recreational segment is slated to observe significant growth by 2027, progressing at above 2.5% CAGR through the assessment period.
Under industrial marine channel, the semi submerged ship segment was valued at USD 515 million in 2020 and is foreseen to grow at a considerable pace over 2021-2027. Mounting oil extraction activities across key regions, such as Saudi Arabia, the US, and Russia, is set to fuel segmental adoption over the review period.
Under transport marine channel, the tankers segment is predicted to exceed a valuation of USD 660 million by end of 2027 on account of increasing trade and other related activities. The marine lubricants market from the cargo ships transport segment is estimated to progress at a CAGR of about 3.9% through the projected timespan.
The container ships segment size is slated to reach more than USD 1,370 million by 2027. The passenger ship segment is likely to showcase robust growth, surpassing a valuation of USD 295 million by the end of 2027. The others transport segment is speculated to grow at nearly 3.3% CAGR through the study timeline.
From the regional perspective, the LATAM marine lubricants market is expected to amass notable gains by 2027, expanding at a CAGR of approximately 3.5% over the analysis period. Growing emphasis on the development of shipping infrastructure, including ports, by the government, along with rising number of ships across Latin America, is predicted to boost regional market expansion in the forthcoming years.
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The MEA marine lubricants market attained a valuation of around USD 210 million in 2020 and is projected to garner substantial gains through the estimated period. The tourism industry in the UAE and Saudi Arabia has flourished over the past few years owing to favorable government initiatives to promote tourism, which is speculated to foster regional market outlook in the future.