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| Marine Lubricants Market |
The Marine Lubricants market is estimated to be valued at US$ 11,185.6 Mn in 2022 and is expected to exhibit a CAGR of 6.1% over the forecast period 2022 to 2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Marine lubricants are used for smooth operation of marine engines, equipment,
and machineries present on ships and vessels. They are basically oil products
especially formulated to protect and enhance the performance of machineries
used in marine applications under severe conditions like high pressure, high
temperature, moisture exposure, and corrosion. The key types of marine
lubricants include engine oil, hydraulic oil, compressor oil, grease, and other
specialty oils.
Market Dynamics:
Growing international seaborne trade is a major factor expected to drive the
growth of the global marine lubricants market over the forecast period.
International seaborne trade activity has grown significantly in the past few
decades due to rising globalization and trade liberalization. According to data
from United Nations Conference on Trade and Development (UNCTAD), the total
seaborne trade volumes grew from 7.8 billion tons in 2012 to 10.7 billion tons
in 2019. Increasing marine trade has led to a surge in demand for ships and
vessels, thereby boosting consumption of marine lubricants globally.
Another key factor propelling the market growth includes stringent emission
regulations imposed on marine industry. Growing awareness regarding reduction
of greenhouse gas emissions from marine vessels has compelled ship operators to
use advanced lubricants compatible with latest emission control systems such as
scrubbers and SCR catalysts. Regulatory bodies including International Maritime
Organization (IMO) have implemented several emission norms such as MARPOL Annex
VI and Energy Efficiency Design Index (EEDI) to minimize pollutants from
international shipping. This has subsequently driven adoption of low viscosity
and low sulfur marine lubricants optimized for cleaner operations.
SWOT Analysis (Strength: explain in three sentence explanation; Weakness:
explain two weakness in three sentence long explanation; Opportunity: explain
two opportunity in three sentence long explanation; Threats: explain two
threats two sentence explanation).
Strength: Marine lubricants are specially formulated lubricants to withstand
extreme marine conditions which helps to reduce friction and abrasion. They
have improved thermal stability and oxidation resistance capabilities. This
helps extend the engine life and reduce maintenance costs of marine vessels.
Weakness: Stringent environmental regulations related to disposal of used
marine lubricants poses compliance challenges. Supply chain disruptions and
volatility in raw material prices increases the cost of the marine lubricants.
Opportunity: Growth in international seaborne trade and naval defense budget of
countries offers new revenue opportunities for marine lubricant manufacturers.
Expanding offshore oil & gas exploration and production activities demand
specialized lubricants for marine equipment and machinery.
Threats: Shift towards alternative fuels like LNG in marine sector can reduce
demand for conventional lubricants. Intense competition among existing players
limits the pricing flexibility of marine lubricants.
Key Takeaways
The global Marine
Lubricants Market Share is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period,
due to increasing international seaborne trade volumes. Growth in world
merchandise trade and flourishing ship building industry favors the market
expansion.
Regional analysis: Asia Pacific dominates the global market and is expected to
maintain its lead during the forecast period. Presence of largest shipbuilding
nations like China and ship owning countries like Japan and South Korea drives
the regional market growth. Growing seaborne trade between developing economies
in the region augment the demand for marine lubricants.
Key players operating in the Marine Lubricants market include Lubmarine (Total
Group), Royal Dutch Shell Plc, BP Marine, Chevron, ExxonMobil Corporation,
Sinopec Corporation, Castrol, Gulf Marine and Industrial Supplies Inc., Lukoil
Marine Lubricants, Quepet Lubricants, JX Nippon Oil & Energy Corporation,
Idemitsu Kosan Co., Ltd., and IKO Marine Lubricant Supply Co. Ltd. The leading
companies are investing in R&D to develop eco-friendly and fuel efficiency
marine lubricants to strengthen their market position.
Read More,
https://www.trendingwebwire.com/marine-lubricants-market-trends-size-and-share-analysis/
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