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Marine Lubricants Market Top Key Industry Players: ExxonMobil, Shell, Valvoline Inc., Lubricon, Castrol, LUKOIL, Gulf Oil and Indian Oil
Global Market Insights
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Marine lubricants market from transport ship based channels should exceed USD 1.6 billion by 2024. Increase in demand for bulk commodities and consumer goods coupled with rise in foreign trade activities through sea route and development of infrastructure & ports may positively influence market growth.
Global marine lubricants market size may witness consumption of over 3.4 million tons by 2024. Size of global marine cargo fleet is expected to grow owing to increased interaction between economies in through international trade by marine route. Rise in marine trade frequency can be advantageous due to large shipment transportability, ability to cover huge distances and lowering cost of transportation & maintenance.
Marine lubricants market size from drill ships may witness gains at over 3.5%. Major oil & gas exploring companies have engaged in multiple drilling projects to discover new reserves for hydrocarbon. Increase in offshore drilling activities to meet growing demand of crude oil & its refined products from chemical industries and refineries should favor product demand.
Mineral oil based marine lubricants market may surpass USD 4.5 billion in sales by 2024 owing to its rising demand from various applications such as stern tubes, turbines and engines. These products offer lubrication in emulsion & neat form and provides superior level performance even when water access occurs.
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Marine Lubricants Market, By Product
• Mineral Oil
• Synthetic Oil
• Bio-based Marine Lubricants
Marine Lubricants Market, By Application
• Engine Oil
• Hydraulic Oil
• Grease Oil
• Others
Marine Lubricants Market, By Marine Channel
• Recreational
o Inflatable Boats
o In board Motor Boats
o Out board Motor Boats
o Others
• Industrial
o Drill Ships
o Semi-submerged Ships
• Transport
o Tankers
o Cargo Ships
o Container Ships
o Passenger Ships
o Others
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Asia Pacific, driven by South Korea, China, Japan and India marine lubricants market may witness significant gains at over 4% by the end of the projected period. Increasing seaborne activities along with growth in number of shipping harbors for various bilateral treaties may spur regional industry growth.
Europe, led by France, UK and Germany marine lubricants market may surpass USD 2.5 billion by 2024. Growth in offshore drilling activities and increase in sea trade as per bilateral agreements between countries may stimulate regional demand. Increasing consumer awareness regarding ecofriendly products along with rise in shipping tourism may further complement business growth.
Global marine lubricants market share is consolidated and highly capital intensive with industry participants including ExxonMobil, Shell, Valvoline Inc., Lubricon, Castrol, LUKOIL, Gulf Oil and Indian Oil. Mergers & acquisitions between industry participants may take place which can lead to further market consolidation and enhances company product portfolio & regional presence.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Corporate Sales, USA
Global Market Insights, Inc.
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