The global marine lubricants market size was valued at USD 5.7 billion in 2019 and is anticipated to grow at a CAGR of 2.4% during the forecast period. Marine lubricants are biodegradable oil which gives utmost safety to the marine equipment thereby enhancing the efficiency of the engines. Marine lubricants are kind of oils that are utilized for the reduction of heat and fiction among the mechanical Product s which are in contact with one another.
Marine lubricants aids to minimize energy usage, offer high efficacy, and lower operating cost thus enhances lifespan of equipment. Increment in marine business because of less maintenance and transportation cost coupled with existence of numerous shipping industries would propel the marine lubricants market. Additionally, increasing tourism sector globally is accelerating the various activities such as water sports games, fishing, sailing, and boat racing. These elements will escalate the growth of global marine lubricants market.
Key Factors Impacting the Growth of Marine lubricants Market:
- Expansion in ship building and fleet market
- Development of infrastructure to strengthen global shipping industry
- Rising tourism sector
- Increasing marine trade
The marine lubricants market segmentation is based on oil type, product type, ship type, and region. Many leading shipping enterprises requirements are changing which encouraging to invest in the research and development activities in the worldwide marine sector. This is accelerating the development of different products to provide enhanced oil life, low maintenance cost, and high equipment operating performance.
Based on product type, hydraulic oil is predicted to project a fastest CAGR throughout the estimate duration. It is utilized to expand lifespan of pump under extreme condition, reliable air filter, and cleanliness. Strict government laws related environment to reduce toxicity level for aquatic life, which is encouraging various ventures to develop eco-friendly technology.
Based on the region, Asia Pacific is expected to holds a prominent position in the global marine lubricant market. This region is dominating due to existence of enormous number of ports, growing trade with US and other developed nations, and quick expansion of ship building sector are major factors positively impacting the growth of market. The marine sector in India, Singapore, and China are predicted to tread along a healthy growth during the estimate timeframe. Moreover, many enterprises are setting up their manufacturing plant in Asia Pacific, due to availability of economical raw material and labor in the province. In terms of volume, North America is anticipated to hold highest market volume during the estimate timeframe. The industry is witnessing a renaissance and has a vital contribution in the national, economical, and homeland security of the US. Additionally, with the growing trade of crude products, chemicals, and refining petroleum are boosting the development of shipbuilding sector in the region.
The report analyzes factors affecting the marine lubricants market from both demand and supply side and further analyses market dynamics affecting the market during the forecast year such as driver, restrain, opportunities and future trends. The report also provides comprehensive Porter’s model analysis on the marine lubricants market for all six regions namely; North America, Western Europe, Eastern Europe, Asia Pacific, Middle East and the Rest of the world.
Leading players are funding in research and development of metal coil to meet the requirement of the market as emerging nations are at fastest developing market for metal coil lamination. Key market players are also adopting inorganic development strategies like as acquisition of local brands. Similarly, other business models such as joint venture and market entry strategies are helping prominent vendors to make their presence felt in the marine lubricants market and increase their product portfolio. The key leading players in the market include BP plc, Exxon Mobil Corporation, Dutch Shell plc, Sinopec Corporation, PJSC Lukoil, Chevron Corporation, Total S.A., and Idemitsu Kosan Co., Ltd.
This report also includes the profiles of key marine lubricants market companies along with their SWOT analysis and market strategies. In addition, these competitive landscapes provide a detailed description of each company including future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launch, new product developments, and other latest industrial developments.
Key Developments in Marine lubricants Market:
- In July 2018, Cepsa and Global Energy Pvt. Ltd. has signed partnership to manufacture and market Cepsa branded marine and power generation lubricants in India.
- In October 2019, scientists have discovered a novel method for upcycling single use plastics into better quality liquid products, like lubricants, and motor oil.
What Does This Report Provide?
This report provides a detailed understanding of the global marine lubricants market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.
- Engine Oil
- Hydraulic Oil
- Compressor Oil
- North America
- By Country (US, Canada, Mexico)
- By Product
- By Country (Germany, Russia UK, France, Italy, Spain, Rest of Western Europe)
- By Product
- Asia Pacific
- By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
- By Product
- Middle East & Africa
- By Country (UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa)
- By Product
- South America
- By Country (Brazil, Argentina, Colombia, Rest of South America)
- By Product
Reasons to Buy This Report:
- Market size estimation of the marine lubricants market on a regional and global basis
- Unique research Usage for market size estimation and forecast
- Profiling of major companies operating in the market with key developments
- Broad scope to cover all the possible segments helping every stakeholder in the market
We provide customization of the study to meet specific requirements:
- By Segment
- By Sub-segment
- By Region/Country
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