A rise in the demand for seaborne transportation of good and services is likely to propel the global marine lubricants market. According to an upcoming report by Fortune Business Insights, titled “Marine Lubricants Market Size, Share and Global Trend by Type (Mineral Oil, Synthetic Oil, Bio-based Oil), by Application (Engine Oil, Hydraulic Oil, Gear Oil, and others), by Ship Type (Bulk Carriers, Tankers, Container Ship, and Others), and Geography Forecast till 2026,” an increasing rate of international trade between several countries around the world and a rise in the offshore exploration activities are two of the major drivers of the marine lubricants market growth. Also, the rates of new ship construction have increased, which is likely to propel the market.
For more information in the analysis of this report, visit https://www.fortunebusinessinsights.com/industry-reports/marine-lubricants-market-100423
Key Market Driver – Increasing demand for marine transport and expansion in the shipbuilding industry
Key Market Restraint – Strict environmental norms
Expansion of Shipbuilding Sector and Large Trade Flow to Favor Growth in the Asia Pacific
The global marine lubricants market is geographically segmented into Asia Pacific, the Middle East and Africa, North America, Latin America, and Europe. Amongst these, Asia Pacific has the potential to hold a major portion of the marine lubricants market during the forecast period. This is likely to occur due to the participation of emerging countries, namely, India, Indonesia, Hong-Kong, and China. These countries have been expanding their shipbuilding sector with the help of other neighboring nations and also possess a large trade flow. All these factors are expected to boost the marine lubricants market growth in Asia Pacific. In Latin America and Africa, numerous countries have been planning for FPSOs. These FPSO works will begin in the coming years. This is anticipated to be a very good opportunity for the growth of the global market in these two regions. Countries, such as the U.K. and Norway in Europe have recently increased their offshore exploration activities for natural gas and crude oil. For this, they have converted the storage vessels into ships. This will in turn, aid in the growth of the global marine lubricant market in this region.
Shell, Lukoil, and Prominent Market Players Aim to Increase Sales Through Innovative Product Launch and Strategic Collaborations
Shell, an oil and gas company headquartered in the Netherlands, announced in April 2019 that it will offer its latest marine lubricant for engines that often run on bunker fuels with a sulphur content that is less than 0.5pc. This new product is available in Singapore since 1 June and from 1 January 2020, it will be made available in China, Netherlands, the U.S., and U.A.E. Total Lubemarine and ExxonMobil have also formulated 40 BN marine lubricants compatible with 0.5pc and 0.1pc sulphur fuels. Lukoil, a multinational energy corporation, based in Russia, announced that it has entered into a partnership with Al Mustaqbil Al Zahir Cars Trading (AMAZ) in April 2019. The partnership will aid in the distribution of its wide range of marine lubricant products in the U.A.E. In April 2019, Shell Marine, unveiled Alexia 40 lubricant in April 2019. It is a new two-stroke engine cylinder that is particularly used to optimize performance and equipment conditions as charterers and ship owners prepare for the 0.50% global sulphur limit that has been set by the IMO and will begin in 2020.
Request a Sample Copy of the Global Market Research Report https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/marine-lubricants-market-100423
Key Industry Developments
- In April 2019, Shell has announced that it will provide new marine lubricant for engines that run on bunker fuels with sulphur content of less than 0.5pc. This was announced keeping in sight the International Maritime Organization 0.5pc sulphur cap which comes into force in Jan 2020.
- In April 2019, Lukoil a leading lubricant brand in Russia and Europe has partnered with AL MUSTAQBIL AL ZAHIR CARS TRADING (AMAZ) to distribute their extensive range of marine lubricants in the United Arab Emirates.
- In April 2019, Shell Marine introduced Alexia 40, which is a new two-stroke engine cylinder oil specifically for use with engines running on 0.5%sulphur content.
Fortune Business Insights has profiled some of the prominent companies operating in the global marine lubricants market. Some of them are Chevron, Total SA, Polar Industrial Lubricants LLC, Royal Dutch Shell Plc, BP Plc, Huskey Speciality Lubricants, Marin Companies, Unimarine, Kimbro Oil Company, Asian Lubricants Pte Ltd, Everlube Products, Idemister Kosan Co Ltd., ExxonMobil Corporation, Sinopec Corporation, Motosel USA, PJSC Lukoil, and other prominent market players.
Key Segmental Overview:
1. By Type
- Mineral Oil
- Synthetic Oil
- Bio-based Oil
2. By Application
- Engine Oil
- Hydraulic Oil
- Gear Oil
- Turbine Oil
- Heat Transfer Fluids
- Compressor Oil
- Grease Oil
3. By Ship Type
- Bulk Carriers
- Container Ship
4. By Geography
- North America (US and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (GCC, South Africa, and Rest of the Middle East & Africa)
Request for customization https://www.fortunebusinessinsights.com/enquiry/customization/marine-lubricants-market-100423
The information used is derived from various primary and secondary sources. It also throws light on some of the major players operating in the market. The report studies profiles of these leading companies and their share in the market. It provides insights on some of the strategies adopted by these companies to survive the competition and maintain their stronghold.
Major Table of Content For Marine Lubricants Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Marine Lubricants Market Analysis, Insights and Forecast, 2026
- North America Marine Lubricants Market Analysis, Insights and Forecast, 2026
- Europe Marine Lubricants Market Analysis, Insights and Forecast, 2026
- Asia Pacific Marine Lubricants Market Analysis, Insights and Forecast, 2026
- Middle East and Africa Marine Lubricants Market Analysis, Insights and Forecast, 2026
- Latin America Marine Lubricants Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
View Related Reports:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune – 411045, Maharashtra, India.
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: [email protected]