Pune, India, May 08, 2023 (GLOBE NEWSWIRE) -- The global marine lubricants market size is anticipated to reach USD 9.47 billion by 2026 owing to the increasing need to protect engines from corrosion. This information is provided by a published report by Fortune Business Insights™. As per this report, the market value was USD 8.01 billion in 2018 and will rise at a CAGR of 2.13% during the forecast period, 2019 to 2026.
The report provides a 360-degree overview of the market, focusing on major growth parameters such as drivers, restraints, challenges, trends, and opportunities. It also offers the competitive landscape of the market and a list of leading players. Segmentation of the market based on factors such as product, ship type, and region is discussed in the report. Apart from this, key industry developments and other interesting insights are provided in the marine lube market report. The report is available for sale on the company website.
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List of Key Players Profiled in the Marine Lubricants Market Report:
- BP p.l.c.
- SINOPEC
- Repsol S.A.
- The PJSC Lukoil Oil Company
- Eni oil Products
- Exxon Mobil Corporation
- Croda International Plc
- AvinOil S.A.
- Total SA
- CEPSA
- Royal Dutch Shell Plc
- Gazprom Neft PJSC
- Chevron Corporation
- Others
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2019-2026 |
| Forecast CAGR | 2.13% |
| 2026 Value Projection | USD 9.47 Billion |
| Market Size in 2018 | USD 8.01 Billion |
| Historical Data | 2015-2017 |
| No. of Pages | 135 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors, and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Marine Lubricants Market Growth Drivers | 0.5 mm to Lead as it Provides Optimum Performance |
| Increasing Demand from Various End-use Industries to Propel the Product Demand |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/marine-lubricants-market-100423
Drivers –
Rising Focus on Enhancing the Operability of Ship Engines Will Drive Market
The rise in fuel prices has propelled shipping companies to operate engines at maximum levels by slow steaming and saving fuel. However, marine engines are incapable of operating at reduced rates continuously and this raises the possibility of corrosion in the engine and its associated strained components. For ensuring the proper and safe functioning of engines, marine lubricants are a necessity. The above factor stands as a major driver for the marine lubricants market growth. Additionally, the rise in trade relations between nations and the expansion of e-commerce overseas are also helping the market gain impetus.
Furthermore, analysts at Fortune Business Insights™ say “Focus on keeping machines and marine vessels free from corrosion will help the market gain traction in the forecast period. This, coupled with the advent of bio-based lubricants in the market, will create lucrative growth opportunities for the market in the long run.”
Regional Analysis –
Increasing Trade Relations between Developing Nations to Help Asia Pacific Continue Dominance in the Market
Asia Pacific holds the majority portion of the marine lubricants market share on account of the presence of large ship fleet companies in the region. These include China Shipping Container Lines, China Ocean Shipping Company, and Mitsui O.S.K. Lines, among others. As per the report by The United Nations Conference on Trade and Development (UNCTAD), around 50% of the ships across the world are owned by Asia Pacific Nations. Additionally, the presence of dry docks in this region is high and this also adds to the regional market growth. Furthermore, increasing trade relations between emerging nations such as Taiwan, China, and India, coupled with the rise in the number of naval vessels, will help augment the regional market in the forecast period.
On the other side, the market in North America held a single-digit share earning revenue of USD 3.41 Billion in 2018. This was due to the presence of a few ship owners in the region. However, with a steady increase in trade, this region will witness moderate growth in the foreseeable future.
Competitive Landscape –
Companies Engage in Contracts and Agreements to Stay Ahead of Competition
An estimate of 85% and more of marine lubricants worldwide are sold through supply agreements and contracts instead of being sold at stock price rates. Therefore, to strengthen their network across different ports for worldwide supply, manufacturers are emphasizing on entering into long-term contracts and agreements with shipping companies. For instance, a framework agreement was signed between CCCC Dredging (Group) Co. Ltd. and Shell for supplying marine lubricants and technical services via 700 ports and more in 61 nations across the globe.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Trends
- Overview of Global Marine Lubricants Production
- Global Marine Lubricants Market Analysis, Insights, and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights, and Forecast – By Product
- Marine Cylinder oil
- Piston Engine Oil
- System Oil
- Other
- Market Analysis, Insights, and Forecast – By Ship type
- Bulk Carrier
- Oil Tankers
- General Cargo
- Container Ships
- Others
- Market Analysis, Insights, and Forecast – By Region
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
TOC Continued...!
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Key Industry Development in Marine Lubricants Market Include:
June 2019 – The subsidiary of PJSC Lukoil Company and manufacturer of marine lubes, namely Lukoil Marine Lubricants renewed its contract for supplying marine lubes to 24 ships belonging to the Kuwait Oil Tanker Company (KOTC).
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