At a time when maritime transport has become the backbone of international trade, marine lubricants have gained significant traction. Given that around 80% of global trade by volume and more than 70% of global trade by value are handled by ports and undertaken at sea, developing and developed economies have upped their investments in marine lubricants.
With the share of seaborne trade in developing economies rising 64% in 2018, 61% of all goods were unloaded in Asian seaports. With an upsurge in marine transport, demand for smooth functioning of machineries and removing the harmful effects of friction has risen. This has led stakeholders to up their investment in ship building and fleet market expansion.
Global Market Insights Inc. has estimated the marine lubricants market size to reach US$7 billion by 2026, according to its latest research report. Marine lubricants market is due for robust growth as demand in hydraulic oil picks pace.
Trends toward bio-lubricants
While the world still counts on petroleum-based products that have posed serious concerns to the sustainability of marine ecosystem and energy security, bio-based lubricants are gradually gaining grounds. Bio-based lubricants have been setting the trend as they are said to have superior lubricant properties as compared to mineral lubricants.
Environmentally friendly lubricants (EALs) stemming from vegetable oils will be highly sought-after among end-users as they have tremendous lubricity vis-a-vis mineral oil and are biodegradable.
Forward-looking companies are poised to infuse investment in bio-lubricants such as hydraulic fluids and greases to help protect both seas and vessels. It is expected that bio-lubricants will be one of the major selling points as they offer an environmentally friendly option and have helped in improving environmental performance as compared to mineral based oils.
Growth drivers: Hydraulic oil
Recent years have witnessed increased traction for hydraulic oil as the marine lubricants are being used in several vessels for the stabilizers. Given that the stabilizers minimize the amount of roll that can have the toll on the ship’s balance, investment in hydraulic oil will witness a notable uptick in the next few years.
Surged traction for synthetic lubricants will continue to fuel the industry growth as they provide superior fluid film protection against metal-metal-to-metal contact, reduce scuffing, and increase high shear stability.
Leading companies are optimizing equipment performance, providing more reliable operations with the use of synthetic lubricants. Besides, low volatility and high resistance to oxidation have been some of the upsides that will trigger demand for synthetic oil among players in marine lubricants industry.
Opportunities for stakeholders: Product roll outs
Strategic business approaches may be the way forward as the global economy looks to surmount the fallout of COVID-19 pandemic. Strategies such as product roll outs are being adopted by leading companies.
For instance, ExxonMobil has rolled out an advanced marine lubricant that adheres to the International Maritime Organization’s (IMO) global 0.50% sulfur cap and can be used in medium speed engines.
Chevron Marine Lubricants launched a range of premium high-performance gear oils meant for use in marine and industrial clutched gear systems in September 2019. It is said that the advanced formulation will protect vessels from yellow metal corrosion and provide extreme pressure protection.
Matching strength with opportunities, product launches will be witnessed in the next six years in the marine industry.
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