Marine lubricant market size exceeds 40 billion yuan, with the largest demand in the Asia-Pacific region

Marine lubricating oil is a lubricating oil used for ship equipment and machinery, thereby maintaining and lubricating the ship. As ships become larger, more and more ship equipment needs to be lubricated. Depending on the type of lubrication equipment, marine lubricants are mainly divided into marine cylinder oil, system oil, medium-speed cylindrical piston diesel engine oil and other oil products.

Among them, marine cylinder oil, system oil, and medium-speed cylindrical piston diesel engine oil account for about 80%-90% of the demand for marine lubricants. Although the demand for other oil products is not high, there are many categories, including high-speed diesel engine oil, crawler oil, etc. External oil, turbine oil, hydraulic oil, refrigeration oil, gear oil, compression oil, tail shaft oil, etc. are also important lubricating oil categories that affect the normal operation of ships.

The growth of shipping demand and the enlargement of ships have promoted the growth of the global marine lubricants market. Industrial Research Center released “Marine Lubrication 2023-2028” The Oil Industry Market In-depth Research and Investment Prospects Forecast Analysis Report shows that with the continuous development of global trade, the growth of shipping demand has increased. The longer the ship operates, the more lubricants are needed. , at the same time, with the improvement of shipbuilding technology, ships are developing towards large-scale, ship equipment is becoming more and more complex, and the demand for lubrication is getting higher and higher, which in turn promotes the growth of the global marine lubricant market size. In 2022, The global marine lubricants market exceeds 40 billion yuan, and the market space is large.

​ ​ ​ (1) Bulk carriers are the ship type with the greatest demand

Ships are divided into bulk carriers, oil tankers, container ships and other ship types. Among them, packaged goods, iron ore, coal and other dry bulk cargoes need to be transported by bulk carriers. Therefore, bulk carriers have the largest number of ship types, and bulk carriers are also used for shipping. The ship type with the largest demand for lubricants in the market.

​ ​ ​ (2) Mineral oil-based marine lubricants are the type of oil with the greatest demand

Marine lubricants can be divided into mineral oil-based marine lubricants, synthetic oil-based marine lubricants and bio-oil-based marine lubricants according to different base oils. Among them, mineral oil is extracted from natural petroleum. Its composition is stable, resistant to high temperature, high pressure and chemical corrosion. It has a low price and good anti-wear properties. It is currently the most widely used type of lubricant, such as stern tubes, The demand for mineral oil-based marine lubricants in products such as engines, turbines and compressors is very high. Therefore, mineral oil-based marine lubricants have become the most demanded marine lubricant sub-type.

(3) The Asia-Pacific region has the largest demand

At present, the Asia-Pacific region is the world’s largest marine lubricant demand region, followed by Europe. On the one hand, the shipbuilding and ship repairing industry in the Asia-Pacific region is developed. Countries such as China, South Korea and Japan occupy almost most of the global shipbuilding and ship repairing business market. A large amount of marine lubricants are required in the shipbuilding and ship repairing process; on the other hand, , there is a huge demand for economic and trade exchanges in the Asia-Pacific region. Countries such as China, South Korea and Japan have large-scale fleets. In particular, China’s waterborne cargo is very large. There are a lot of large and small ships plying China’s coasts and inland rivers every year. A large number of The operation of ships requires a large amount of marine lubricants.