Press release
Marine Lubricants Market – How the Turbines and Engines Business Will Grow Till 2024? | Foremost Key Players Chevron, Shell, ExxonMobil, Castrol, LUKOIL, Valvoline Inc., Total, Gulf Oil, Indian Oil Corporation Limited, PETRONAS Lubricants International
Marine Lubricants Market
Marine Lubricants Market may surpass USD 6 billion by 2024; according to a new research report. Increasing sea borne trades across the globe along with growth in shipbuilding industry should drive marine lubricants industry size. According to WTO, sea borne freight accounted for over 30% of world transport in 2016.
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Biodegradable lubricants may register significant gains owing to stable viscosity, enhanced safety measures, and low emission rates. Favorable government schemes for adopting bio-based lubricants along with increasing tourism activities may stimulate industry growth. Lubricants with superior characteristics and quality will assist in upkeep and maintenance of water vessels, thus improving their shelf life. Increasing disposable income has led to significant increase in sea activities such as water sports and yachting, thereby increasing marine lubricants market demand.
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
Marine Lubricants Market, By Application
• Engine Oil
• Hydraulic Oil
• Grease Oil
Marine Lubricants industry, By Product
• Mineral Oil
• Synthetic Oil
• Bio-based Marine Lubricants
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.
Regulatory standards towards nitrogen and sulfur emission reduction into sea may stimulate marine lubricants industry growth. Increase in crude oil demand from refiners has resulted into higher offshore drilling projects, thereby increasing product demand. Increasing demand for engine oils including cylinder oils, trunk piston oils and system oils will spur the business.
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Marine lubricants market from hydraulic oil applications may exceed USD 1.3 billion by 2024. These products have various applications in offshore drilling projects and marine related services. Hydraulic oil offers, low compressibility, resistance to cavitation, water emulsifying ability and high film strength which provides excellent protection and equipment reliability in corrosive environment, thereby complementing industry growth.
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.
3. Lubricon
4. Bailey's
5. Shell
6. Chevron
7. ExxonMobil
8. Sinopec Argentina Exploration and Production, Inc.
9. Castrol
10. LUKOIL
11. JX Nippon Oil & Energy Europe
12. Total
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
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.
Asia Pacific, driven by South Korea, China, Japan and India marine lubricants industry 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.
Browse key industry insights report, “Marine Lubricants Market” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/marine-lubricants-market
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 industry share is consolidated with prominent players including ExxonMobil, BP Marine, RDS, Chevron, Total, Quepet, Castrol, JX Nippon, Lukoil and Sinopec.
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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