Press release
Marine Lubricants Market Trends, Industry Size With Top Players | Idemitsu Kosan Co.,Ltd., Indian Oil Corporation Ltd, China Petrochemical Corporation, AvinOil S.A., FUCHS, Gulf Oil International, H&R GROUP and Many More
Global Marine Lubricants Market
Global Marine Lubricants Market By Product (Mineral Oil, Synthetic Oil, Bio-based Oil), Lubricant Type (System Oil, Marine Cylinder Lubricant, Trunk Piston Engine Oil, Others), Application (Engine Oil, Hydraulic Oil, Turbine Oil, Gear Oil, HTFs, Compressor Oil, Grease, Others), Operation Type (Inland, Offshore), End Use (Oil and Gas, Cargo Ships, Tanker, Container, Others), Ship Type (Bulk Carrier, Tanker, Container, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
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Marine lubricants are extensively used in the shipping industry to safeguard and increase the performance of engines and equipment. These are the fuels that are mainly designed to lead to highest performance in operations. They have several unusual inherent features that increase the life of the engine and protect its parts at high temperatures, thereby enhancing the performance and efficiency of machinery, protecting it from mechanical wear and tear and reducing cold corrosion.
Market Drivers:
• Growth of shipping and shipbuilding activities in the Asia-Pacific region
• The growth and development of infrastructure, as well the availability of several alternative technologies drives the growth of marine lubricants market
• Growing demand of cargo fleets globally arouses the demand for marine lubricants.
• Increasing safety norms and rising environmental concerns of oceanic pollution which is a cause of improper engine function, thereby increases the demand of fuel efficient engines, driving the growth of this market
Global Marine Lubricants Market Key Competitors:
Few of the major competitors currently working in the marine lubricants are BP p.l.c., Chevron Corporation, Exxon Mobil Corporation, Royal Dutch Shell, Total, LUKOIL, AEGEAN MARINE PETROLEUM NETWORK INC, Idemitsu Kosan Co.,Ltd., Indian Oil Corporation Ltd, China Petrochemical Corporation, AvinOil S.A., FUCHS, Gulf Oil International, H&R GROUP, JXTG Nippon Oil & Energy Corporation, PETRONAS Lubricants International, Unimarine, World Fuel Services Corporation, Gazpromneft - Lubricants, Ltd and Valvoline LLC among others.
Key Developments in the Market:
• In April 2019, Shell Marin has launched a new marine lubricant, SHELL ALEXIA 40, which is a lubricant that not only enhances the efficiency and performance of ships, but also ensures the minimal emissions, thereby preserving the environment. Thus, this oil is a reliable option in terms of optimum performance, and also complies with the IMO 2020, which ensures that fuels have a sulphur content of less than 0.5%.
• In November 2017, GAZPROM NEFT, a global energy company, in order to expand its business throughout the globe has entered into the marine lubricants business, by launching its own brand for marine lubricants, named Gazpromneft Ocean brand, which would contain a wide range of 15 lubricant oils for different fuel types that are suitable for all kinds of vessels. With the introduction of new brand dealing in marine lubricants, the market is bound to grow exponentially in the forecasted period.
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Global Marine Lubricants Market Competitive Analysis:
Global marine lubricants market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of marine lubricants market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Table of Contents
1. Introduction
2. Market Segmentation
3. Market Overview
4. Executive Summary
5. Premium Insights
6. Global, By Component
7. Product Type
8. Delivery
9. Industry Type
10. Geography
10.1. Overview
10.2. North America
10.3. Europe
10.4. Asia-Pacific
10.5. South America
10.6. Middle East & Africa
11. Company Landscape
12. Company Profiles
13. Related Reports
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