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A marine lubrication system is a vital part of vessels engine system which deliver appropriate amount of lubricant for the smooth and efficient operation of the engine. The system consists of a pump, cooler, cylinder lubrication box, filter and cylinder lubrication oil service tank. It helps in maintaining the temperature of the engine, thickness of oil film and reduces downtime caused by improper lubrication. This system also helps in reducing the corrosion of the engine, cut down energy consumption, increase the safety of workers, controls the amount of lubricant dispensed and thus increase the lifespan of the engine. Therefore, marine lubrication system is utilized in various sea vessels such as inflatable boats, drill ships, cargo ships and container ships.
The market for marine lubrication system is expected to reach rise at a CAGR of 2.1 percent during the forecast period. Increasing growth of shipbuilding industry is one of the major factors driving the growth of marine lubrication system market.
Marine lubricant is an integral part of marine supply chain. Rising cost of fuel has prompted shipping industries to operate engines at maximum level by slow steaming to save fuel. However, marine engines are not able to operate at reduce rate continuously and this has raised the possibility of corrosion in the engine. This factor contributes towards the increasing demand of marine lubricants to ensure proper functioning of the engine and thereby, boost the growth of the marine lubrication system market. Also, rise in disposable income has led to surge in demand of sea tourism and increasing water sport activities, which in turn fuels the growth of marine lubricants market. Additionally, growing production of natural gas and crude oil as well as surge in off shore exploration activities propel the demand of marine lubricant. Moreover, increasing marine trade relation on account of multilateral agreement along with rising investment in marine business also drive the growth of the marine lubricant market. Furthermore, increasing R&D activities by manufacturers for the development of marine lubrication system is expected to propel the growth of the market during the forecast period.
Throughout the forecast period mineral oil segment is growing at the highest CAGR in marine lubrication market system. This is due to the rising demand of highly durable, efficient and environment friendly product. Also, stringent safety regulation imposed by the government to control the nitrogen emission and high sulphur rate of the ocean has driven the demand of mineral oil segment.
Based on product type, the engine oil segment dominates the market during the forecast period. Increasing demand from large ship for the refrigeration and air compressor is the factor boosting the growth of engine oil in the market. In addition, increasing number of cruise and luxury ship has linked towards the growing demand for better cooling system, which subsequently fuels the growth of the segment.
Bulk carrier ship holds the highest CAGR in the marine lubrication market during the forecast period. This is attributed to the high usage of lubrication in the system like lifeboat launch system, engine, shaft bearing and mooring winch. Also, the growth in the global trade is also expected to increase the use of bulk carriers and hence boost the consumption of marine lubrication system. However, oil tankers also accounts for the second largest share in the market due to the expansion of e-commerce business around the globe.
MARINE LUBRICATION SYSTEM MARKET SEGMENTATION:
By Oil Type
By Product Type:
By Ship Type:
Asia Pacific is likely to be the most profitable region during the forecast period. This is due to the presence of large shipbuilding companies in the region such as China Shipping Container Lines, Mitsui O.S.K lines and China Ocean Shipping Company. According to the report of United Nation Conference on Trade and Development, around 50% ships across the globe are owned by Asia Pacific which, in turn contributes towards the growth of marine lubrication system market. Also, increasing trade relation between developing nation such as Taiwan, China and India along with surge in number of naval vessels are expected to propel the growth of the market during the forecast period.
On the other hand, Europe holds the second largest share of the market after Asia–Pacific. This is attributed to the factors such as significant share in the global trade, presence of multiple numbers of ports and dry docks in the region. Germany and U.K is the prominent consumer of the marine lubrication system in this region.
The marine lubrication market in Middle East & Africa is driven by the increasing consumption of lubricants in oil tankers. However, turmoil in the political conditions of the regions such as sanction on Iran may hamper the market growth during the forecast period. However, GCC countries and Turkey holds more than half of the regional marine lubricant demand.
FEW KEY PLAYERS IN OXYTOCIN MARKET:
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