Marine Lubricants Market Market New Growth and Opportunity By Key Players 2024: Castrol, Shell, Total, Gulf Oil, Indian Oil Corporation Limited, Valvoline Inc., Chevron, LUKOIL, ExxonMobil, PETRONAS Lubricants International
For the record, the regional shipbuilding industry reached approximately USD 32 billion (212.5 billion yuan) in 2017, with a net profit of almost 1.1 billion yuan over the span of first nine months of the year. These statistics quite coherently justify the growth potential of marine lubricants industry in the region. If experts are to be relied on, China marine lubricants market is forecast to traverse a profitable roadmap in the years ahead, with an estimated CAGR of 4% over 2017-2024.
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With Germany at the forefront, Europe is claimed to be another strong contender in global marine lubricants industry. Compliance with bilateral trading agreements that are being signed among the countries under its veil is expected to increase foreign trade demand in Europe, which by extension will impel Europe marine lubricants industry.
Increasing demand for recreational boating activities in Germany including sailing, campaigning, boat racing, and water sport games is expected to complement the business growth. In fact, as per estimates, Germany marine lubricants market share from recreational activities alone would record a volume coverage of 18 kilotons by 2024. Overall Europe industry is slated to record a y-o-y growth of 3% over 2017-2024.
Industry impact forces
1. Growth drivers
• Ship building and fleet market expansion in Asia Pacific region
• Increasing bio based lubricants demand in Europe and North America
2. Industry pitfalls & challenges
• Strict norms for synthetic lubricants
Endorsed with a deluge of business benefactors, marine lubricants market is set to garner remarkable proceeds from a plethora of investments underlining the competitive landscape. As per a recent new snippet, Royal Dutch Shell, the renowned energy giant, has recently ramped up its investment in the business sphere with the opening of a massive lubricant plant at Tuas, in Western Singapore.
Reportedly, the integrated lubricant & grease production facility would be able to produce approximately 390 kilotonnes or 430 million litres of greases and lubricants annually, which, as claimed by the experts, is enough to bring a transformation in the engine oil of more than 12000 cars, every year. Allegedly, with the launch of its third largest lubricant production plant globally, the Netherland based oil giant is planning to toehold their position in Singapore marine lubricants industry.
Marine Lubricants Market, By Product
• Mineral Oil
• Synthetic Oil
• Bio-based Marine Lubricants
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Synforce Advanced Lubrication Technologies
2. Valvoline Inc.
8. Sinopec Argentina Exploration and Production, Inc.
11. JX Nippon Oil & Energy Europe
13. Quepet Lubricants
14. AEGEAN MARINE PETROLEUM S.A.
15. Gulf Oil
16. Idemitsu Kosan Co., Ltd in HCMC
17. Indian Oil Corporation Limited
18. PETRONAS Lubricants International
19. FUCHS PETROLUB Group
20. Stanley Group
Mineral oil based marine lubricants market size should witness gains at over 3%. Increasing scope in application for engines, stern tubes and turbines should drive product demand. They provide a cost-effective solution and enhance performance & provide smooth movements for assembly parts of the ships.
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Stringent government norms towards nitrogen and sulfur emission reduction might hinder industry growth. This could be overcome by developing bio marine lubricants which emits lower emission concentration owing to high boiling point of esters. This factor helps in reducing overall operational cost during the lifecycle owing to less maintenance, disposable requirements and storage.
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.
Browse key industry insights report, “Marine Lubricants Market” in detail along with the table of contents:
Marine Lubricants Market size is set to exceed USD 5.9 billion by 2024; according to a new research report by Global Market Insights, Inc. 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, By Application
• Engine Oil
• Hydraulic Oil
• Grease Oil
Marine lubricants market size from transport ships which include cargo ships, tankers, container ships & passenger ships should witness significant gains at over 3.5%. Positive indicators towards growth in shipbuilding industry should drive product demand. Global sea trade was sized to be over 9.5 billion tons in 2016 and is anticipated to grow further due to strong trade ties between economies and growing demand for commodities.
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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