The global marine lubricant market is expected to reach US$ 94 billion by 2025, with an average annual growth of 3.9% during the forecast period.
Marine lubricants are widely used in the marine industry to protect engines and equipment and improve their efficiency. These are essential, high-performance engine additives and are specifically designed for optimal performance in marine operations.
Several players are developing strategies to represent their presence in the industry. Shell announced in April 2019 that it would supply innovative marine lubricants to engines that run on bunker fuel with a sulphur content below 0.5pc. The announcement was made taking into account the sulphur limit of 0.5pc of the International Maritime Organization, which is expected to enter into force in January 2020.
Market Drivers and Restraints:
The global marine lubricants market is increasing in size and evaluation as the need to improve the output efficiency of the mechanical parts increases. The growth of international trade, the elimination of trade barriers, is the main reason to encourage developing countries to focus more on improving infrastructure, such as roads, airports and ports, which play a decisive role in economic development. Along with the ability to handle bulk shipments, product storage has placed the transportation industry in a very favorable position.
Together with the reduction of supplies, volatility in oil prices is expected to slow down market growth during the forecast period. The excess construction converged with the slowdown in economic growth, and boat rafts with a limited number of loads prevent the market from rising.
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Report is segmented as:
The marine lubricants market is broken down by type of oil, type of product, type of vessel and region. Based on the type of oil, the market is divided into synthetic, mineral oil, biobased and fat. By type of product, the market is divided into hydraulic oil, motor oil and compressor oil. By type of ship, the market is divided into oil tankers, bulk carriers, container ships, etc.
The Asia-Pacific region dominated the world marine lubricants market. As demand from most industries and goods increased, recent import and export trends were recorded. Demand for basic raw materials, including crude oil and natural gas, increased exceptionally during this period. According to the Paris Climate Pact, the main developing countries in Asia Pacific are reducing daily use of coal and switching to natural gas, primarily for power generation and cooking. Natural gas is imported to the Asia-Pacific region because production is not enough to meet demand. Therefore, the increase in marine activity is expected to lead the marine lubricant market during the forecast period in this region.
Key market players:
The main players in the market include BP PLC, Royal Dutch Shell PLC, Lukoil, Chevron Corporation and ExxonMobil Corporation.
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Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.
The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.
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