Bharat Book Bureau Provides the Trending Market Research Report on “Marine Lubricants Market by Oil Type (Mineral Oil, Synthetic, Bio-based, and Grease), Product Type (Engine oil, Hydraulic fluid, Compressor oil), Ship Type (Bulk Carrier, Tanker, Container) and Region - Global Forecast to 2026”under Chemical and Materials Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence and Market reports.
The Marine Lubricants Market size is estimated to be USD 6.2 billion in 2021 and is expected to reach USD 6.7 billion by 2026, at a CAGR of 1.5% during the forecast period. The marine lubricants market is mainly driven by the emerging emission abatement technologies, growth in maritime tourism and the infrastructural developments that are strengthening the shipping industry. The impact of Covid-19, and shift towards synthetic-based lubricants are the key restraints in the marine lubricants market. However, the growing demand for bio-based marine lubricants offers opportunities to the marine lubricants manufacturers.
“Infrastructural developments strengthening the shipping industry is one of the factors driving the growth of the market”
According to the International Chamber of Shipping (ICS), a principal global trade association for the shipping industry, it is estimated that around 90% of the global trade is carried out by the shipping industry. This is supported by the ship manufacturers and government bodies that help increase marine trade by increasing the size of ships, develop new terminals, and create bigger straits along with the expansion of the existing ones such as Panama and Suez Canals. Both these canals are the two most important strategic waterways that are part of more than 100 trade routes. In addition, the large shipping companies are expanding their network by acquiring new ports in various regions. The increasing size and load carrying capacity of vessels have led to rising trade volumes with focus on the development of more durable and sturdier marine crafts. The demand for ultra large container ships (ULCS) is increasing and is expected to reduce the slot-costs. This is favored by shipping companies, as these large ships will help them catch up with the prime movers.
The use of marine lubricants has increased with these strategic developments, as larger ships require the use of more lubricants in every mechanical part, ranging from engines to gears and wire ropes. These lubricants are directly responsible for increasing the life of mechanical components in ships.
“Mineral oil is estimated to be the largest oil type in the marine lubricants market in 2020”
Mineral oil marine lubricants are made from dewaxed paraffin-based crude oil mixed with a certain set of additives as per the specific application. Mineral oil lubricants are available in light and heavy grades, depending on the usage and requirement. They are produced in large quantities because of its high demand in different marine applications such as engines, turbines, stern tubes, and compressors. The mineral oil marine lubricants segment is projected to register the lowest CAGR in terms of value, between 2021 and 2026, as they are being replaced by less toxic marine lubricants such as synthetic and bio-based lubricants. Mineral oil based lubricants are being replaced by these less toxic lubricants due to stringent governmental norms for environment protection. In spite of the gradual shift from mineral oil lubricants to synthetic and bio-based lubricants, bulk lubricant applications such as marine 2-stroke and 4-stroke engines, propulsion units, and stern tubes will continue to utilize large volumes of mineral oil lubricants because of its low cost.
“Engine oil was the largest product type for marine lubricants market in 2020”
The engine is the key component of a ship/vessel operating in the sea and is classified into two types, propulsion engines and auxiliary engines. Propulsion engines move the vessel through water by igniting fuel inside the cylinder unit of the engine. Auxiliary engines are all the other engines used in a ship for driving the electric generators, fans, pumps, and other equipment on a vessel. Lubricants used in these engines play a vital role in the service life as well as the operating conditions of the ship. The lubrication system fosters the supply of lubricating oil to various parts in the engine.
Global engine oil consumption is expected to increase during the forecast period, and the quantity of additives added is expected to increase to meet stringent environmental norms. This is expected to drive the growth of the market between 2021 and 2026.
“Bulk Carriers was the largest ship type for marine lubricants market in 2020”
Bulk carriers accounted for the largest share by value of the overall marine lubricants market in 2020. The improving economic condition of countries in various regions is fueling the high demand for efficient and bigger ships to accommodate the rising cargo demand. Marine engines are getting bigger and efficient. The expanding Suez and Panama Canals have further increased the inflow of bigger ships and, hence, larger cargo.
“Asia Pacific is estimated to be the largest marine lubricants market in 2020, in terms of value”
APAC is the largest marine lubricants market, globally. China, Singapore, Hong Kong, South Korea, Japan, Taiwan, Malaysia, and the Rest of APAC are considered in the APAC region. The region accounted for a share of the global market, in terms of value, in 2020. The high economic growth of the emerging economies and the increasing disposable income of the people in the region make APAC an attractive marine lubricants market. The increasing trade activities and rising infrastructural developments in the shipping industry (in the form of increasing ports network) are primarily responsible for the high demand for marine lubricants. The ports of China and Singapore are the major markets for marine lubricants.
In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees are as follows:
•By Company Type: Tier 1 - 30%, Tier 2 - 43%, and Tier 3 - 27%
•By Designation: C-Level - 21%, Director Level - 23%, and Others - 56%
•By Region: North America - 41%, Europe - 30%, APAC - 18%, Middle East & Africa - 7%, and South America - 4%
The key market players profiled in the report include BP Plc. (UK), Chevron Corporation (US), ExxonMobil Corporation (US), Royal Dutch Shell Plc (Netherlands), TotalEnergies SE(France), Valvoline(US), Petronas (Malaysia), Lukoil (Russia), Idemitsu Kosan Co. Ltd (Japan), China Petrochemical Corporation (China), JX Nippon oil & Energy Corporation (Japan), Gulf Oil Corporation Ltd. (US), ENOC (Emirates National Oil Company) (UAE), ENI SPA (Italy), Indian Oil Corporation (India), PetroChina Company Limited (China), SK INC. (South Korea), CEPSA(Spain), Gazrprom Neft (Russia ), ADDINOL Lube Oil GmbH (Germany), Bel-Ray Company LLC (US), Morris Lubricants (UK), Penrite Oil (Australia), Liqui Molly GmbH (Germany), and Dyade Lubricants (Netherland).
Research Coverage
This report segments the market for marine lubricants on the basis of type, application, sector and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisitions associated with the market for marine lubricants.
Reasons to buy this report
This research report is focused on various levels of analysis — industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the marine lubricants market; high-growth regions; and market drivers, restraints, opportunities and challenges
The report provides insights on the following pointers:
•Market Penetration: Comprehensive information on marine lubricants offered by top players in the global marine lubricants market
•Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities in the marine lubricants market
•Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for marine lubricants across regions
•Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global marine lubricants market
•Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the marine lubricants market
•Impact of COVID-19 on marine lubricants market
Browse our full report with Table of Content : https://www.bharatbook.com/report/1339160/marine-lubricants-market-by-oil-type-mineral-oil-synthetic-bio-based-and-grease-product-type-engine-oil-hydraulic-fluid-compressor-oil-ship-type-bulk-carrier-tanker-container-and-region-global-forecast-to
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