Marine Lubricants Market Report 2024-2033 | Size, Growth, Demand, Trends

"The new report published by The Business Research Company, titled ""Marine Lubricants Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the marine lubricants market size has grown strongly in recent years. It will grow from $7.87 billion in 2023 to $8.65 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The marine lubricants market size is expected to see rapid growth in the next few years. It will grow to $12.92 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%.

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Increased Demand For Bio-Based Lubricants Fuels Growth Of Marine Lubricants Market
The increase in demand for bio-based lubricants is expected to propel the growth of the marine lubricants market. All lubricants that biodegrade quickly dissolve and are not hazardous to humans or aquatic habitats are referred to as bio-lubricants. They are also known as eco-friendly, biodegradable, or sustainable lubricants. Because of the biodegradability and low toxicity of bio-lubricants, as well as the benefit of fewer emissions from utilizing them, the marine industry is becoming a prominent area that uses them. For instance, according to American Oil Chemists' Society (AOCS), the global market for bio-lubricants is predicted to rise from $2 billion, which was indicated in the year 2020 to $2.4 billion, which is projected for the year 2025, as environmental rules and regulations in the marine industry improve. Therefore, a rise in demand for bio-lubricants drives the growth of the marine lubricants market.

Growing Trend Of Strategic Collaborations In The Marine Lubricant Market
Strategic collaborations between companies are a key trend gaining popularity in the marine lubricant market. Companies manufacturing marine lubricants are undergoing partnerships and collaborations to develop new technologies and products. For instance, in April 2021, Crown oil, a fuel, and lubricants distribution company located in Bury, Greater Manchester, England, and Valvoline, an American manufacturer and distributor of automotive oil, additives, and lubricants involved in a partnership. The deal enables Crown oil to offer a wide range of high-quality Valvoline products to the heavy-duty, agricultural, fleet, and marine sectors and allows Valvoline to explore the base oil market as they do not refine their base oils from crude oil. In another partnership, in August 2021, Wilh. Wilhelmsen Holding ASA, a Norwegian multinational maritime group, headquartered in Lysaker, Norway entered into a partnership with Klubler Lubricants, a leading manufacturer of specialty lubricants based in the US. The deal enables Wilhelmsen holdings to take over sales, logistics and consulting of Klüber Lubrication's maritime portfolio for its sea-going vessels.

The marine lubricants market covered in this report is segmented -

1) By Product Type: Engine oil, Hydraulic oil, Turbine oil, Gear oil,Greases, Other Products
2) By Oil Type: Mineral oil (Paraffinic Oil, Naphthenic Oil, Aromatic Oil), Synthetic Oil (PAO, PAG, Esters), Bio-based ( Plant Source, Animal Fats), Grease (Metallic Soap Thickener, Non-soap Thickener, Inorganic Thickener)
3) By Ship Type: Bulk Carriers (Handysize, Handymax, Panamax, Capesize), Tankers (Panamax, Aframax, Suezmax, Very Large Crude Carrier (VLCC), Ultra Large Crude Carrier (ULCC)), Container Ship, Other Ship Types (Reefers, Drill Ships, Passenger ships, Roll on Roll Off Ships, Service Ships)

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Major companies operating in the marine lubricants market report are BP plc, Royal Dutch Shell plc, Exxon Mobil Corporation, Chevron Corporation, China Petroleum & Chemical Corporation, PJSC Lukoil, Idemitsu Kosan Co. Ltd., Total S. A., Castrol Limited, Gulf Oil Marine Ltd., Synforce Lubricants., Valvoline LLC, PetroChina Company Limited, Eni S. p. A, Croda International PLC., Bailey's Marine Fuels, Quepet Lubricants, JX Nippon Oil & Energy Corporation, IKO Marine Lubricant Supply Co. Ltd, Repsol SA, Aegean Marine Petroleum Network Inc., Fuchs Lubricants Co., Indian Oil Corporation Ltd., Stanley Lubricants, Compañía Española de Petróleos S. A. U., Pennzoil Products Company, Quaker State Corporation, Petro-Canada Lubricants, Schaeffer's Specialized Lubricants, Lubrication Engineers Inc., AMSOIL INC., Bel-Ray Company LLC

Contents of the report:
1. Executive Summary
2. Marine Lubricants Market Report Structure
3. Marine Lubricants Market Trends And Strategies
4. Marine Lubricants Market - Macro Economic Scenario
5. Marine Lubricants Market Size And Growth
…..
27. Marine Lubricants Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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