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What's Driving The Marine Lubricants Market Size? | Shell, Chevron, ExxonMobil, Castrol, LUKOIL, Total, Valvoline Inc., Gulf Oil, Indian Oil Corporation Limited, PETRONAS Lubricants International
Marine Lubricants Market
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Increasing sea borne trades across the globe along with growth in shipbuilding industry should drive marine lubricants market size. According to WTO, sea borne freight accounted for over 30% of world transport in 2016.
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
By Application
• Engine Oil
• Hydraulic Oil
• Grease Oil
By Product
• Mineral Oil
• Synthetic Oil
• Bio-based Marine Lubricants
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 industry demand.
Mineral oil marine lubricants industry, having had a revenue of USD 6 billion in 2015 will generate notable revenue over the years ahead. Increasing usage of the product for marine applications such as turbines, engines, and stern tubes will fuel the industry growth. Market players are investing heavily into the development of cost-effective products over the coming six years. The key participants in marine lubricants market are Royal Dutch Shell, ExxonMobil, Quepet Lubricants, Chevron Corporation, Gulf Oil Corporation, LUKOIL, and Sinopec.
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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 market 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.
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
Bio based marine lubricants market may register growth at over 2% by the end of the forecast timeframe. They offer superior characteristics such as constant velocity, higher flashpoints and less vapor emissions and oil mist. Strict governmental norms & regulations and increasing environmental concerns with emphasis on biodegradable products may positively impact the business.
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.
Marine lubricants industry 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.
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
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 with prominent players including ExxonMobil, BP Marine, RDS, Chevron, Total, Quepet, Castrol, JX Nippon, Lukoil and Sinopec.
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Global Market Insights, Inc.
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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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