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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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$1 billion growth forecast for marine lube market by 2024

09 May 2017 08:05 GMT

Sales of marine lubricants forecast to rise to $3.336 billion.



A new report into the marine lubricants industry expects the global market to grow at a compound annual growth rate (CAGR) of 4.17 percent between 2016 and 2024.

The new document, entitled: 'Marine Lubricants (Mineral oil, Synthetic oil, and Bio-based oil) Market for Engine oil, Hydraulic oil, Gear oil, Turbine oil, Heat Transfer Fluids (HTFs), Compressor oil, Grease, and Other Applications and Inland and Offshore Operation Types - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024', values the current global marine lubricants market at $2.324 billion and forecasts that it will reach $3.336 billion by 2024 - representing an increase of $1.012 billion, or 43.6 percent.

Explaining the reason for the expected jump in worldwide lube sales, report provider Transparency Market Research (Transparency) says: "The growing water transport worldwide is expected to fuel the demand for marine lubricants in the next few years."

Mineral oil-based marine lubricants dominate

In an analysis of sales by product category, the document notes that mineral oil-based marine lubricants significantly dominate the market, followed by synthetic oil-based marine lubricants.

Mineral oil falls under group I, II and III by API specification. Synthetic oil can be categorized as fully synthetic (group III, IV and V) and semi-synthetic - which is the mixture of synthetic and mineral oil. Bio-based lubricants are obtained from either vegetable oil or animal oil.

Base oils

The report notes that rising demand for Group II and Group III base oils is expected to engage manufacturers in the production of Group II and Group III base oils more than Group I base oils.

"Group I base oils are getting scarce as well as expensive and witnessing fluctuations in demand. This is likely to result in shutdown of Group I refineries," Transparency says.

"The inadequate supply of bright stock material has propelled the discovery of alternatives, which also are inadequate. Thus, shortage of supply is expected to hamper the marine lubricants market in the near future," the company adds.






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