Asia-Pacific Marine Cylinder Lubricant Market - Forecast(2023 - 2028)

Report Code: CMR 1507 Report Format: PDF + Excel

Asia-Pacific Marine Cylinder Lubricant Market Overview

Asia-Pacific Marine Cylinder Lubricant Market size is forecasted to grow at a CAGR of 2.1% during 2022-2027. Marine cylinder lubricant is utilized to facilitate the operation of a two-stroke crosshead engine and ensures smooth operations. The increasing oceanic pollution due to improper engine function and growing demand for fuel-efficient engines are driving the growth of the Asia-Pacific marine cylinder lubricant market. A rise in seaborne trade is estimated to increase the high revenues for marine cylinder lubricants and an increase in the demand from the shipping industry, surges the demand for the Asia-Pacific marine cylinder lubricant market. Moreover, the rise in infrastructural activities has increased the demand for marine cylinder lubricant applications such as marine greases, hydraulic oil and hydrostatic lubrication, for the protection of marine equipment and engines and for their smooth functioning. Furthermore, evolving emission control technologies are anticipated to upsurge the growth of the Asia-Pacific marine cylinder lubricant industry in the forecast period. The global economic downturn caused by the COVID-19 pandemic resulted in a huge drop in demand for marine cylinder lubricants, in APAC, a reduction in ship movement was seen from South Asian countries and this lowered the demand for fuels and marine lubricants in the region, which had a significant impact on the growth of the Asia-Pacific marine cylinder lubricant market size.

Asia-Pacific Marine Cylinder Lubricant Market Report Coverage

The “Asia-Pacific Marine Cylinder Lubricant Market Report – Forecast (2022 - 2027)” by Industry ARC, covers an in-depth analysis of the following segments in the Asia-Pacific marine cylinder lubricant industry.

By Ship Type: Bulk Carrier, Oil Tankers, Container Ships, General Cargo and Others.
By Product Type: Bio-based Oil, Synthetic Oil, Mineral Oil and Others.
By Marine Channel: Recreational (Inflatable Boats, In Board Motorboats, Out Board Motorboats), Industrial (Drill Ships, Semi Submerged Ships).
By Application: Grease, Hydraulic Systems, Engine Oils, Gear Systems and Others.
By Geography: China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and the Rest of APAC.

Key Takeaways

  • India dominates the Asia-Pacific Marine Cylinder Lubricant market owing to the rising growth of the marine industry. For instance, according to Invest India, during January 2021, a total of 161 projects in the marine industry, for US$12 billion have been completed and 178 projects for INR 1,96,578 Crores (US$26,595 million) are under implementation.
  • Rapidly rising demand for bio-based marine cylinder lubricants in the marine industry to protect the environment from greenhouse gases has driven the growth of the Asia-Pacific marine cylinder lubricant market.
  • The increasing demand for new technologies in the marine sector, due to their usage in the reduction of emissions of toxic gases, has been a critical factor driving the growth of the Asia-Pacific marine cylinder lubricant market in the upcoming years.
  • However, the regulatory guidelines issued by the governing bodies for the protection of the environment can hinder the growth of the Asia-Pacific marine cylinder lubricant market.

Figure: India Marine Cylinder Lubricant Market Revenue, 2021-2027 (US$ Million)

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Asia-Pacific Marine Cylinder Lubricant Market Segment Analysis – by Product Type

The synthetic oil segment held the largest Asia-Pacific Marine Cylinder Lubricant Market share in 2021 and is growing at a CAGR of 2.3% during 2022-2027. Synthetic oils are utilized as a substitute for petroleum-based oils and are required to function in extreme temperatures. These oils have many advantages over conventional mineral-based marine cylinder lubricants such as reduced friction at start-up, extended oil life, stable viscosity for a wide range of temperatures, better viscosity index, high shear stability and chemical resistance. Since marine lubricants such as synthetic oils are thermally stable, therefore, they require viscosity index improver additives. Thus, the increasing demand for synthetic oils in the shipping industry due to their excellent characteristics is forecasted to drive its segmental growth.

Asia-Pacific Marine Cylinder Lubricant Market Segment Analysis – by Application

The engine oils segment held the largest Asia-Pacific Marine Cylinder Lubricant Market share in 2021 and is growing at a CAGR of 2.6% during 2022-2027. The engine oils are applied in the ship engines for better lubrication, effective cooling, and cleaner engine, to protect the engine from corrosion and other applications. The engines are classified into two types, propulsion engines and auxiliary engines. The engine oil used in these engines plays an important role in the service life and the operating conditions of the ship, preventing wear and tear of the engine parts. The marine industry is growing, for instance, according to the government of Canada, in 2020 the marine industry in Atlantic Canada, Halifax Shipyards won a contract of US$25 billion from the Department of National Defense, to build 21 combat ships over the next 30 years. Thus, the rising usage of marine cylinder lubricants in the growing marine industry will drive the Asia-Pacific marine cylinder lubricant market growth in the forecast period.

Asia-Pacific Marine Cylinder Lubricant Market Segment Analysis – by Country

India dominated the Asia-Pacific Marine Cylinder Lubricant Market share by 32% in 2021, due to being the key consumer and supplier of marine cylinder lubricant. Marine cylinder lubricants are applied such as in marine greases, hydraulic oil and hydrostatic lubrication, due to the characteristics such as durability, resistance to extreme temperature and high shear stability. The marine industry is growing, for instance, as per Union Budget 2020-2021, the total allocation for the Ministry of Shipping stood at Rs 1,800 crore (US$257.22 million). Moreover, the Indian government sanctioned financial assistance of US$20.13 million (Rs1.55 billion) for 47 ships under the Shipbuilding Financial Assistance Policy (SBFA). The combined contract value of these vessels stands at US$110.39 million (Rs8.5 billion). Thus, the marine industry is growing due to rising government investments in the sector. Therefore, the demand for marine cylinder lubricants to lubricate cylinder and engine parts will also substantially rise, which is proving to be a market booster for the Asia-Pacific marine cylinder lubricant market size in this country.

Asia-Pacific Marine Cylinder Lubricant Market Drivers

Increasing Demand for Bio-Based Marine Cylinder Lubricant:

The regulatory bodies, such as the International Convention for the Prevention of Pollution from Ships (MARPOL), the U.S. Environmental Protection Agency (EPA) and Safety of Life at Sea (SOLAS), have mandated the regulations to limit the emission of nitrogen oxide and sulfur oxide from ships to protect the environment from greenhouse gases, emitted by the use of mineral and synthetic oils. Bio-based oils are biodegradable and renewable and are primarily used in emission control areas (ECA), to reduce sulfur levels. The shipping companies are using bio-based marine cylinder lubricants in marine greases, hydraulic oil and hydrostatic lubrication, instead of using mineral oil-based marine cylinder lubricants, that do not affect the environment with the emission of toxic gases. This has increased the usage of environment-friendly bio-based marine cylinder lubricants, as they are partially biodegradable, non-bio-accumulative and non-toxic. The marine industry is growing, for instance, according to Lloyd’s Register, in 2030 China will play a key role as the emerging maritime superpower in shipping, by building 40 cruise ships, for the domestic and international market. Moreover, Maersk is launching a new dedicated New Zealand coastal service – “Maersk Coastal Connect”, to enable a more resilient New Zealand supply chain and improve vessel schedule reliability, increasing domestic connection and providing sustainable and flexible supply chain solutions for exporters, importers and domestic distributors. Thus, the growing marine industry will require more bio-based marine cylinder lubricants, for protecting the environment from greenhouse gases and in turn, is anticipated to upsurge the Asia-Pacific marine cylinder lubricant industry.

Emerging Emission Subsiding Technologies:

The increasing emissions of toxic gases from ships have made the government pass new regulations, creating new technologies in the marine industry such as low sulfur fuel, exhaust gas scrubbers, slow steaming, exhaust gas recirculation, selective catalytic reduction, blending-on-board and air lubrication. The rising harmful nitrogen and sulfur oxide emissions into the water bodies have forced shipping companies to embrace advanced technologies to follow the new regulations. For instance, according to International Trade Administration (ITA), in Japan, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT)-funded group offered a “Development of Zero Emission Vessels” project for the marine industry, utilizing Green Innovation Funds (over US$2 billion) awarded through 2030 by the New Energy and Industrial Technology Development Organization (NEDO). The depletion in harmful emissions from ships will lead to better durability and performance of marine lubricants, creating longer service life for marine equipment. Moreover, the marine industry is also growing, for instance, according to the United Nations Conference on Trade and Development (UNCTD), China had 4,504 merchant ships in 2019, which reached about 4,603 merchant ships in 2020, with a growth rate of about 2.2%. Thus, the rising marine industry will drive the demand for newer technologies and technological advancements, which are driving the Asia-Pacific marine cylinder lubricants market growth.

Asia-Pacific Marine Cylinder Lubricant Market Challenges

Regulatory Guidelines Imposed by Governing Bodies:

The various regulatory guidelines passed by the governing bodies such as Environmental Protection Agency (EPA) issued rules and regulations for pre-treatment of pollutants by industries in their wastes, for protecting the wastewater treatment plants. The industries dispose of marine lubricants and other pollutants into the sewer lines locally, which leads to the discharge of pollutants into the local waterbodies causing water pollution. The Environment Protection Act of India necessitates the treatment of lubricants and other pollutants, due to which the producers are obliged to invest in manufacturing environment-friendly products. Thus, the several regulatory guidelines issued by the different governing bodies for the increasing concern for the protection of the environment may hamper the growth of the Asia-Pacific marine cylinder lubricant market.

Asia-Pacific Marine Cylinder Lubricant Market Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies players adopt in the Asia-Pacific marine cylinder lubricant markets. The top 10 companies in the Asia-Pacific marine cylinder lubricant market are:

  1. BP Plc.
  2. Chevron Corporation
  3. ExxonMobil Corporation
  4. Royal Dutch Shell Plc.
  5. Total Energies SE
  6. Valvoline
  7. Petronas
  8. Lukoil Marine Lubricants
  9. Idemitsu Kosan Co. Ltd.
  10. China Petrochemical Corporation

Recent Developments

  • In April 2022, Shell Marine announced that it received a full No Objection Letter (NOL) from MAN Energy Solutions (MAN ES) for Shell Alexia 40 XC, its Category II (CAT II) 40BN cylinder oil.
  • In June 2021, BP Plc. set up a digital hub in Pune, India, this expansion will help them grow their digital expertise on their marine lubricants through its downstream business segment and meet the changing demands by providing sustainable solutions.
  • In May 2019, Royal Dutch Shell Plc. opened its first lubricant laboratory in India. The laboratory serves as a service provider for the growing demand for innovative lubricant products.

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1. Asia-Pacific Marine Cylinder Lubricant Market - Market Overview
    1.1 Definitions and Scope
2. Asia-Pacific Marine Cylinder Lubricant Market - Executive Summary
    2.1 Key Trends by Ship Type
    2.2 Key Trends by Product Type
    2.3 Key Trends by Marine Channel
    2.4 Key Trends by Application
    2.5 Key Trends by Geography
3. Asia-Pacific Marine Cylinder Lubricant Market – Comparative analysis
    3.1 Market Share Analysis - Major Companies
    3.2 Product Benchmarking - Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Asia-Pacific Marine Cylinder Lubricant Market - Startup Companies Scenario Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Asia-Pacific Marine Cylinder Lubricant Market – Industry Market Entry Scenario PremiumPremium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Asia-Pacific Marine Cylinder Lubricant Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Asia-Pacific Marine Cylinder Lubricant Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Asia-Pacific Marine Cylinder Lubricant Market – By Ship Type (Market Size - US$ Million/Billion)
    8.1 Bulk Carrier
    8.2 Oil Tankers
    8.3 Container Ships
    8.4 General Cargo
    8.5 Others
9. Asia-Pacific Marine Cylinder Lubricant Market – By Product Type (Market Size - US$ Million/Billion)
    9.1 Bio-based
    9.2 Synthetic Oil
    9.3 Mineral Oil
    9.4 Others
10. Asia-Pacific Marine Cylinder Lubricant Market – By Marine Channel (Market Size - US$ Million/Billion)
    10.1 Recreational
        10.1.1 Inflatable Boats
        10.1.2 In Board Motorboats
        10.1.3 OutBoard Motorboats
    10.2 Industrial
        10.2.1 Drill Ships
        10.2.2 Semi-Submerged Ships
11. Asia-Pacific Marine Cylinder Lubricant Market - By Application (Market Size - US$ Million/Billion)
    11.1 Grease
    11.2 Hydraulic Systems
    11.3 Engine Oils
    11.4 Gear Systems
    11.5 Others
12. Asia-Pacific Marine Cylinder Lubricant Market - By Geography (Market Size - US$ Million/Billion)
    12.1 North America
        12.1.1 the USA
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 the UK
        12.2.2 Germany
        12.2.3 France
        12.2.4 Italy
        12.2.5 the Netherlands
        12.2.6 Spain
        12.2.7 Belgium
        12.2.8 Rest of Europe
    12.3 Asia-Pacific
        12.3.1 China
        12.3.2 Japan
        12.3.3 India
        12.3.4 South Korea
        12.3.5 Australia and New Zealand
        12.3.6 Indonesia
        12.3.7 Taiwan
        12.3.8 Malaysia
        12.3.9 Rest of APAC
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Colombia
        12.4.4 Chile
        12.4.5 Rest of South America
    12.5 Rest of the World
        12.5.1 the Middle East
            12.5.1.1 Saudi Arabia
            12.5.1.2 UAE
            12.5.1.3 Israel
            12.5.1.4 Rest of the Middle East
        12.5.2 Africa
            12.5.2.1 South Africa
            12.5.2.2 Nigeria
            12.5.2.3 Rest of Africa
13. Asia-Pacific Marine Cylinder Lubricant Market – Entropy
    13.1 New Product Launches
    13.2 M&As, Collaborations, JVs and Partnerships
14. Asia-Pacific Marine Cylinder Lubricant Market – Industry/Segment Competition Landscape Premium
    14.1 Company Benchmarking Matrix – Major Companies
    14.2 Market Share at Global Level - Major companies
    14.3 Market Share at Country Level - Major companies
    14.4 Market Share by Key Geography - Major companies
    14.5 Market Share by Key Application - Major companies
    14.6 Market Share by Key Product - Major companies
15. Asia-Pacific Marine Cylinder Lubricant Market – Key Company List by Country Premium Premium
16. Asia-Pacific Marine Cylinder Lubricant Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10 and more
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