BP is the leading supplier with 25 percent of the global market, Huot said, followed by ExxonMobil (23 percent), Shell (16 percent), Totals Lubmarine (10 percent) and Chevron (7 percent). She added that marine lubricants are a profitable business and identified 19 other firms or alliances that are pushing to increase sales.

Some newcomers have ambitious goals but lack strategy, she said, noting that the most important requirement for success in the marine market is to attain a global reach. To reach critical size, a global player should have the capability of federating local initiatives into a global network and to conciliate all parties interests to fill in supply gaps, she said.

Europe and Western Russia account for 1 million metric tons of marine lubricant demand, Huot said. This market is experiencing a trend of consolidation to resist competition from Asian shipping giants. Private equity investment is also growing in importance, she added.

The Middle East and India consumed 250,000 tons of marine lubes. This market will show strong growth in the next 5 years, due to the absence of taxes and growth in U.A.E.s shipping sector, said Huot.

Looking forward, Huot said that ship owners contemplate increasing complexity in lubricant management while also having difficulty in recruiting trained marine engineers. In the 2012 to 2015 timeframe, only older engines will be able to use universal cylinder oils, she explained. In 2015 to 2020, Huot predicted, ships will have to carry two cylinder oils: a 40 base number and a 100 base number to match the requirements of different regions, operating conditions and fuels.