Indonesia Marine Lubricants Market Size By Oil Type(mineral oil, synthetic oil, biobased oil), By Product(diesel engine oil, hydraulic system oils, compressor oil), By lubricant Type(marine cylinder lubricants, trunk piston engine oils) And Forecast
Published on: 2024-08-03 | No of Pages : 320 | Industry : latest updates trending Report
Publisher : MIR | Format : PDF&Excel
Indonesia Marine Lubricants Market Size By Oil Type(mineral oil, synthetic oil, biobased oil), By Product(diesel engine oil, hydraulic system oils, compressor oil), By lubricant Type(marine cylinder lubricants, trunk piston engine oils) And Forecast
Indonesia Marine Lubricants Market Size And Forecast
Indonesia Marine Lubricants Market size was valued at USD 289.6 Million in 2024 and is projected to reach USD 414.05 Million by 2031, growing at a CAGR of 4.57% from 2024 to 2031.
The Indonesian government’s focus on developing the country’s maritime industry, through the creation of port infrastructure and investment in the shipping sector, is expected to further increase the demand for marine lubricants. The increasing number of new ships, as well as the aging of existing ships, will also drive the demand for marine lubricants in Indonesia. The Indonesian maritime industry is a growing sector, providing employment and supporting local communities. The government has invested in the development of the industry, with several new ports and shipyard facilities being built in recent years. The Indonesia report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
What is Marine Lubricants?
Marine lubricants are petrochemical-based goods made mostly from crude oil; the price of these resources is affected by market volatility. Price volatility makes it challenging for marine lubricant manufacturers to produce new products, which raises their operating costs.Oceanic or marine ships feature a variety of engine types, each of which has unique requirements for lubricants. Ships are equipped with one or two powerful propulsion engines, three or more auxiliary engines, emergency engines, and several low-power engines for lifeboats, depending on their capability and purpose. The high sulfur content of the fuels, the unique working conditions in humid and salty environments, and the unique operating characteristics at constant load and speed must all be considered when formulating sufficient lubricating oils for marine engines.Furthermore, by unintentionally introducing cooling water into the oiling circuit, the crankcase lubricating oils for marine engines that are cooled with seawater may develop emulsions. These lubricants, therefore, need quick desemulsioning abilities, which are not necessary for regular engine oils.
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Indonesia Marine Lubricants Market Overview
Indonesia is a major player in the Asia-Pacific region’s maritime industry, with a growing fleet of vessels and a significant number of ports and shipping lanes. This has created a significant demand for marine lubricants in the country. The marine lubricants market in Indonesia is expected to grow at a steady pace in the coming years, driven by factors such as the increasing demand for shipping services, the need for efficient and reliable ship operations, and the government’s focus on sustainable shipping practices.
The Indonesian government has taken several initiatives to support the growth of the maritime industry, including investing in port infrastructure, improving port facilities, and promoting maritime tourism. The country’s maritime sector contributes significantly to its economy, and the government’s efforts to improve the sector’s competitiveness are expected to drive the demand for marine lubricants. The increasing number of vessels and the need for maintenance and repairs of existing vessels are also expected to drive the demand for marine lubricants in Indonesia.The shipping industry in Indonesia is undergoing a transition towards more energy-efficient vessels, and this is expected to drive the demand for high-quality marine lubricants. The use of more fuel-efficient vessels is expected to reduce the cost of shipping and increase efficiency, thereby boosting the growth of the marine lubricants market in Indonesia. The adoption of more environmentally friendly shipping practices, such as reducing emissions and increasing the use of renewable energy sources, is expected to further drive the demand for marine lubricants in the country.
Indonesia Marine Lubricants Market Segmentation Analysis
The Indonesian marine lubricants market is classified into oil type, product, and lubricant type.
Indonesia Marine Lubricants Market, By Oil Type
• Mineral Oil• Synthetic Oil• Bio-Based Oil• Grease
To Get Summarized Market Report By Oil Type-
The oil type segment of Indonesia’s marine lubricants market is classified into four typesmineral oil, synthetic oil, biobased oil, and grease. Based on oil type, mineral oil is majorly preferred as compatible with various types of materials and seals used in marine engines and equipment, reducing the risk of corrosion and damage. Furthermore, mineral oil provides good lubrication performance, especially in high-temperature and high-load conditions, which are common in marine engines.
Indonesia Marine Lubricants Market, By Product
• Diesel Engine Oil• Hydraulic Systems Oils• Compressor Oil• Others
To Get Summarized Market Report By Product-
The product segment of the Indonesian marine lubricants market is classified into four typesdiesel engine oil, hydraulic system oils, compressor oil, and others. On the basis of product type, diesel engine oil holds the largest market share as they are designed to withstand extreme heat and pressure, fight against deposits, and shield the moving elements of the engine from wear. On the other hand, hydraulic system oil is designed to lubricate and protect hydraulic pumps and actuators in hydraulic systems. It is formulated with particular additives to withstand oxidation, offers anti-wear protection, and prevents deposits, and it has a different viscosity than diesel engine oil.
Indonesia Marine Lubricants Market, By Lubricant Type
• Marine Cylinder Lubricants• Trunk Piston Engine Oils• System Oils
To Get Summarized Market Report By lubricant type-
The lubricant type segment of the Indonesian marine lubricants market is classified into three typesmarine cylinder lubricants, trunk piston engine oils, and system oils. Based on lubrication type, marine cylinder lubricants holds the largest market share owing to extreme operating conditions encountered by marine diesel engines are specifically designed to resist the cylinder lubricants used in marine engines. High levels of contamination from salt water and other debris, as well as high temperatures and high pressure, are some examples of these circumstances. Marine cylinder lubricants are developed to have improved viscosity stability under a range of temperatures and have improved resistance to oxidation and corrosion.
Key Players
The major player in the Indonesia marine lubricants market is Shell Indonesia, EXXONMOBIL Indonesia, Chevron Corporation, Petronas Lubricants International, Pertamina, PT Castrol Indonesia, PT Gulf Oil Lubricants Indonesia, PT Idemitsu Lube Indonesia, PT Wiraswasta Gemilang Indonesia, and others.
Key Developments
• In November 2022, for marine boats, Chevron has unveiled a new ecologically acceptable lubricant (EAL). A variety of marine applications, including as rudder carrier bearings, slides, hinges, submersible pumps, and propeller caps, are acceptable for Clarity Synthetic EA Grease 0. Maintaining lubrication is crucial because rudders are what steer ships.
• In December 2022, Chevron New Energies (CNE), a part of Chevron U.S.A. Inc., and Svante jointly announced that Chevron is the lead investor in Svante’s Series E financing round, which garnered $318 million and will be used to quicken the production of Svante’s carbon capture technology.
• In February 2022, a Joint Study Agreement (JSA) has been signed by Pertamina Power Indonesia (Pertamina NRE), Keppel Infrastructure (Keppel New Energy Pte. Ltd.), and Chevron Corporation (Chevron New Energies) to investigate the development of specific green hydrogen and green ammonia projects using renewable energy, primarily in Sumatera, Indonesia.
• In September 2021, ExxonMobil successfully completed two commercial bio-based marine fuel oil bunkering operations at the port of Singapore. ExxonMobil’s marine biofuel was delivered to PAPUA, which was chartered by Papua New Guinea Liquefied Natural Gas Global Company LDC (PNG LNG), via ship-to-ship transfer as part of the two deliveries. The bio-based marine fuel oil was used on board PAPUA when it was travelling across the Asia-Pacific area.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2021-2031 |
| BASE YEAR | 2024 |
| FORECAST PERIOD | 2024-2031 |
| HISTORICAL PERIOD | 2021-2023 |
| UNIT | Value (USD Million) |
| KEY COMPANIES PROFILED | Shell Indonesia, EXXONMOBIL Indonesia, Chevron Corporation, Petronas Lubricants International, Pertamina, PT Castrol Indonesia, PT Gulf Oil Lubricants Indonesia, PT Idemitsu Lube Indonesia, PT Wiraswasta Gemilang Indonesia, and others. |
| SEGMENTS COVERED |
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| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
Research Methodology of Market Research
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking