Marine lubrication is a complex process because of the sheer numbers of machines and components that run a large ship or vessel. From rust-prevention lubricants to gear oils to hydraulic oils to engine cylinder oils to compressor oils, a myriad of marine lubricants are required. All of these products collectively constitute the global marine lubricants market – a market that is expected to stand at 2,902.3 kilo tons in 2022. According to Transparency Market Research, the global marine lubricants market is expected to grow modestly but steadily at a compounded annual growth rate of 3.63% between 2014 and 2022.
The shipbuilding industry has not disappointed in the past few years, and this aspect has propelled the growth of the global marine lubricants market as well. All the same, the market has had to surmount several regulatory changes, such as the switchover to the use of Environmentally Acceptable Lubricants (EAL), which required several leading manufacturers to reformulate some of their best-selling marine lubricants.
Browse Market Research Report of Marine Lubricants Market:
What are EALs and How Will They Impact the Marine Lubricants Market?
In 2013, the United States’ Environment Protection Agency (EPA) mandated the use of environmentally acceptable lubricant (EAL) under its 2013 Vessel General Permit (VGP). This change was made applicable to all vessels – longer than 79 feet – entering U.S. waters. The website of the EPA states that “All vessels covered under the VGP must use EALs in all oil-to-sea interfaces, unless technically infeasible.”
This change proved to be a massive opportunity for companies in the marine lubricants market – it also benefited several niche companies that were struggling to make their biodegradable marine lubricants commercially successful.
Some of the reasons why shipping giants are choosing bio-based and biodegradable marine lubricants are:
- The performance of EALs is at par – sometimes even better – than that of conventional lubricants
- The use of EALs helps ensure better compliance with numerous environmental management programs as well as ISO guidelines
- The use of bio-based and biodegradable marine lubricants is seen as a great way for large shipping corporations to establish their green credentials
- In the case of accidental leakage of biodegradable lubricants into the water, there have been certain cases where authorities have imposed lower fines
Improved Chemistry Brings With it Innovative Marine Lubrication Products
Going forward, improved chemistry is expected to help market players launch new and innovative marine lubricants in the market. Capacity additions are an equally important part of the growth strategy. Total, for instance, recently commenced operations at its new lubricants oil blending plant in Singapore. The new plant boasts an impressive capacity of 310,000 metric tons – the new plant will help Total reach out to more customers in the Asia Pacific region. Similarly, Vickers Oils, which claims to be the first company in the world to commercially market biodegradable lubricants in 2002, has expanded its product portfolio of EAL lubricants.
Browse Press Release of Marine Lubricants Market:
The demand for marine lubricants is expected to show strong growth in the Asia Pacific region, and market participants are gearing up to meet this demand with broader product portfolios and new plant development. The efforts of market players will largely be focused on formulating safe synthetic and bio-based lubricants in the next few years.
