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.
Global Marine Lubricants Market is expected to rise to an estimated value of USD 7.67 billion by 2026, registering a steady CAGR in the forecast period of 2019-2026.
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Key Market 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.
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.
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
The insufficient distribution of bright stock material has led to the discovery of alternatives, which would negatively impact the growth of this market
The content of Sulphur and nitrogen in marine lubricants threatens the life of aquatic animals. This environmental threat hinders the growth of this market
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Segmentation: Marine Lubricants Market
By Product (Mineral Oil, Synthetic Oil, Bio-based Oil)
By Lubricant Type (System Oil, Marine Cylinder Lubricant, Trunk Piston Engine Oil, Others)
By Application (Engine Oil, Hydraulic Oil, Turbine Oil, Gear Oil, HTFs, Compressor Oil, Grease, Others)
By Operation Type (Inland, Offshore), End Use (Oil and Gas, Cargo Ships, Tanker, Container, Others)
By Ship Type (Bulk Carrier, Tanker, Container, Others)
By Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
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The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period
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The latest developments, market shares, and strategies that are employed by the major market players
Key Insights in the report:
Complete and distinct analysis of the market drivers and restraints
Key market players involved in this industry
Detailed analysis of the market segmentation
Competitive analysis of the key players involved
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