Marine Lubricants Market is projected to grow from USD $ XX billion in 2017 to USD $ XX billion by 2026, at a CAGR of XX% between 2017 and 2026. Globally, over 80% of trade is done through seaways as it is the most cost effective medium as compared to airways and roadways. Increase in the offshore drilling activity to meet growing requirement of crude & petroleum based product from refineries & chemical industries will drive marine lubricants market size. Various oil & gas manufacturers engaged in drilling projects to find offshore deep water hydrocarbons and retrofitting of old ships to keep them operational coupled with the having marine trade will drive the demand for marine lubricants.
Marine Lubricants Market is segmented into Mineral Oil, Synthetic, Bio-based, Grease in terms of source. Synthetic based marine lubricants market size will witness rapid growth during a forecast period as it offers benefits like better tolerance at extreme temperatures, low friction, wear & tear resistance, thermal stability, and good carrying load capacity beneficial for large shipping and commodity transport application. Marine Lubricants Market segmented into Engine oil, Hydraulic oil, Turbine oil, Gear oil, Heat Transfer Fluids (HTFs), Compressor oil, Grease in terms of their application Engine oil has anticipated to have greater growth followed by grease and the rest. Engine oil are highly effective for four stroke and two stroke engines of large size ships such as cargo & cruise. Grease are effective solutions possessing high load carrying properties and water splash pressure and high corrosion resistance. They can also increase the machinery output by raising overall efficiency of the engines and component parts. Marine Lubricants Market is segmented into Bulk Carrier, Tanker, Container Ship, Others. Transport ships will probably gain owing to growth in demand for consumer goods and bulk commodities. Growth in foreign trade activities favouring from various bilateral treaties along ports & infrastructure development and better navigation facilities may act as a major contributing factor for demand. Tankers are important segment for transportation ships and may witness significant gains over a forecast. Tankers are merchant vessels which are required to transport chemicals, gasses and liquids in bulk. Increasing strokes products demand in bulk quantities owing to rapid industrialization and growth in energy needs should stimulate marine lubricants demand for tanker ships. In terms of geography marine lubricants market is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. Asia Pacific is projected to account for a major share of the global marine lubricants market in the forecast period. This region is estimated to continue its dominance in the forecast. In addition to this, the increasing contribution from China and the presence of a large number of ports in the region are some of the major factors that are predicted to accelerate the growth of the Asia Pacific. Moreover Europe is to witness a measurable growth in a forecast contributing from Russia, Germany, and the U.K. ExxonMobil Corp., Total S.A. ,BP plc ,Royal Dutch Shell plc ,Chevron Corporation, Sinopec Corporation, PJSC Lukoil, Exxon Mobil Corporation, Idemitsm Kosan Co. Ltd., Gulf Oil Marine Ltd., LUKOIL Marine Lubricants DMCC, China Petrochemical Corp., JXTG Nippon Oil & Energy Corp., Idemitsu Kosan Co. Ltd., Total Group, Royal Dutch Shell Plc, PETRONAS, QUEPET Lubricants, FUCHS, Chevron Corp., and BP Plc. Are the keyplayers focusing on the enhancement of the production infrastructure in order to retain their leading position across the globe.
The Scope Of the Marine Lubricants Market:
Marine Lubricants Market by Oil Type:
• Mineral Oil • Synthetic • Bio-based • Grease
Marine Lubricants Market By Application Type :
• Engine oil • Hydraulic oil • Turbine oil • Gear oil • Heat Transfer Fluids (HTFs) • Compressor oil • Grease
Marine Lubricants Market By Ship Type:
• Bulk Carrier • Tanker • Container Ship • Others
Marine Lubricants Market By Region:
• Asia Pacific • Europe • North America • Middle East & Africa • Latin America
Key players analysed in the Marine Lubricants Market:
• Total S.A. • BP plc • Royal Dutch Shell plc • Chevron Corporation • Sinopec Corporation • PJSC Lukoil • Exxon Mobil Corporation • Idemitsm Kosan Co. Ltd. • Gulf Oil Marine Ltd. • LUKOIL Marine Lubricants DMCC China Petrochemical Corp. • JXTG Nippon Oil & Energy Corp. • PETRONAS • QUEPET Lubricants • FUCHS
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