Marine lubricants Market: Forthcoming Developments and...

Marine lubricants Market: Forthcoming Developments and Opportunities Insights 2028

Posted 2023-03-08 07:31:52

The growth of the market is governed by various factors such as growing marine trade and stringent government regulations

Marine Lubricants Market Size – USD 6.42 Billion in 2020, Growth - CAGR of 1.9%, Trends-Emergence of countless new opportunities for Bio based marine lubricants

The Marine Lubricants Market is expected to reach USD 7.45 Billion by 2028, according to a new report by Reports and Data. The Marine Lubricants Market is anticipated to show robust growth during the forecast period. The key factors driving the market are the increase in world trade, new shipbuilding abilities and dry-docking activities which tend to stimulate the market globally. The predominance of yacht and cruise ships for leisure time is also adding to the growth of the market.

The improvement in the shipping industries is growing very swiftly across the world that propels the growth of the marine lubricants market. Sea-borne navigation is an essential source of transportation. The growing transportation and Shipbuilding activity across Europe and Asia Pacific region is expected to increase the growth of marine lubricants market. Also, ongoing improvements in alternative technologies such as bio-based marine lubricants are anticipated to contribute to the growth of the market. However, economic difficulties in shipbuilding are hindering the growth of the market.

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Top Leading Players: Exxon Mobil Corporation, Royal Dutch Shell Plc., Aegean Marine Petroleum Network Inc., Chevron Corporation, BP PLC, LUKOIL Marine Lubricants DMCC, Idemitsu Kosan Co. Ltd., Sinopec Corporation, Total S.A., and Valvoline LLC.

Further key findings from the report suggest:

The Marine Lubricants Market is estimated to reach USD 7.45 Billion by 2028, at a CAGR of 1.9% during the forecast period.
Significant oil & gas exploring companies have been involved in multiple drilling projects to find new reserves for hydrocarbons. Rise in offshore drilling activities to meet the growing demand for crude oil & its refined products from chemical manufacturers and refineries should promote product demand.
The bio based oil accounts for the largest share of 36.7% of the market in 2018.
Rising consumption in passenger ships, commercial vessels, cargo, yachts, Floating Production Storage and Offloading (FPSO), and traditional offshore drilling rigs are anticipated to bring lucrative opportunities for the market.
The compression oil application segment is anticipated to grow at the highest rate of 2.5% during the forecast period.
The bulk carrier ship type is anticipated to grow at the highest rate of 2.0% during the forecast period.
APAC accounts for the largest share of 31.3% of the market in 2018. The growing commercial investments in the developing countries of the APAC region are anticipated to benefit from the growth of the market in the upcoming years.
Various players are developing strategies to mark their presence in the industry.
Shell announced in April 2019 that it would provide innovative marine lubricant for engines that run on bunker fuels with a sulfur content of less than 0.5pc. The announcement was made keeping in view the International Maritime Organization 0.5pc sulfur cap which is expected to come into force in Jan 2020.
R&D initiatives by companies to improve advanced products that have a broad service base are anticipated to create tremendous growth possibilities for industry participants.

Marine Lubricants Market Growth:

The Marine Lubricants Market is expected to grow in the coming years due to several factors, including:

Growing demand from the shipping industry: The shipping industry is the largest consumer of marine lubricants. With the growth of international trade and commerce, the demand for marine lubricants is expected to increase.
Increasing focus on fuel efficiency: Marine lubricants are used to improve the efficiency of marine engines, thereby reducing fuel consumption and emissions. With the increasing focus on reducing emissions and improving fuel efficiency, the demand for marine lubricants is expected to increase.
Rising demand for low-sulfur fuels: The International Maritime Organization (IMO) has implemented regulations mandating the use of low-sulfur fuels in the shipping industry to reduce sulfur emissions. Marine lubricants are used to ensure the compatibility of low-sulfur fuels with marine engines, thereby driving the growth of the marine lubricants market.
Advancements in technology: Advancements in marine lubricant technology have led to the development of new lubricants that offer improved performance and protection. This has resulted in increased demand for marine lubricants in various applications.
Increasing investments in research and development: Various companies and research institutions are investing heavily in the research and development of new and improved marine lubricants. This is expected to result in the development of new lubricants with advanced properties and capabilities, thereby driving the growth of the marine lubricants market.

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Market Segmentation:

The report is written with the aid of industry analysts, market segmentation, and data collection in order to assist readers in making profitable business decisions. The report includes a comprehensive database of technical and product advances. It also provides information on growth rates and market value, as well as a thorough examination of niche market segments. The report provides strategic advice to newcomers and existing businesses about how to make profitable and well-informed business decisions.

The global Marine Lubricants market is segmented into:

Product Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2018-2028)

Bio-based
Synthetic
Mineral Oil
Grease

Ship Type Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2018-2028)

Bulk Carrier
Tanker
Container Ship
Others

Application Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2018-2028)

Engine Oil
Compressor Oil
Hydraulic Oil
Gear Oil
Others

Regional Outlook:

North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key Questions Addressed in the Report:

What are the dominating factors that are influencing the growth of the industry?
In the forecast period, which market segment is expected to rise the most?
What are the risks and challenges that the industry is facing?
In the coming years, which area is projected to dominate the market?
Who are the major players in the market?
What kind of strategic business plans have they made?

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