Asia Pacific Marine Lubricants Market

Asia Pacific Marine Lubricants Market Size 2023-2028

Asia Pacific Marine Lubricants Market size was around USD 6.9 billion in 2022 and is expected to grow at 2.89 % CAGR to reach $ 7.11 billion by 2028.

Lubricants are compounds that reduce the friction between any two surfaces in contact. Marine Lubricants are lubricants used in the shipping/marine industry. Marine cylinder lubricants covered the major percentage of the marine lubricants market sales in 2018.

Asia Pacific Marine Lubricants Market Segmentation

Based on the Oil Type:

• Synthetic Oil
• Bio-Based Oil
• Mineral Oil
• Grease
• Others

The kind of lubricant used determines how smoothly the machine functions. Mineral oil, which is extracted from natural petroleum, is majorly used in the marine industry. Grease is more frictional when compared to others, due to its high viscosity. 

Based on the Application Marine Lubricants Market:

• Hydraulic Fluid
• Engine Oil
• Compressor Oil
• Turbine Oil
• Others

Hydraulic Fluid is anticipated to push the marine lubricant market forward toward profits as it is currently in demand. The cylinder oil or engine oil was the major market driver in 2018.

Different kinds of ships have different performance and maintenance costs. Based on the Ship Type the marine lubricant market is segmented into Bulk Carrier Ships, Tanker Ships, Container Ships, and Others. The introduction of idle ships with low maintenance and high performance is suppressing the market growth rate.

Based on the Region

The Asian Marine Lubricants Market has been fragmented into countries like India, China, North Korea, Japan and Australia. Asia Pacific had the highest percentage of the Asian Marine Lubricants market share in 2018 and is anticipated to be the fast-growing market, attributed to the busy port network in this region.

By Country

• India
• China
• Japan
• South Korea

Asia Pacific Marine Lubricants Market key players:

Major companies plying their trade in the Asian Marine Lubricants Market include BP Plc., Royal Dutch Shell Plc., Exxon Mobil Corporation, Chevron Corporation, Sinopec Corporation, Idemitsu Kosan Co. Ltd., PJSC Lukoil, Total S.A, Indian Oil Corporation Ltd., Gulf Oil International, JX Nippon Oil & Energy Corporation, Avin Oil S.A., Fuchs Petrolub Se, H&R GmbH & Co. KGaA, JX Nippon Oil & Energy Corporation, Petronas Lubricants International, Quepet Lubricants, Stanley Group, Unimarine LLC, Vickers Oil, World Fuel Service Corporation, and AMPNI.Royal Dutch Shell Plc.