The growth of the market is governed by various factors such as the growth of maritime commerce and strict government regulations.
NEW YORK CITY, NY, UNITED STATES, December 27, 2021 /EINPresswire.com/ – According to a new report from Reports and Data, the Marine lubricants market is expected to reach USD 7.45 billion by 2028. The marine lubricants market is expected to show robust growth during the forecast period. The major factors driving the market are increasing global trade, new shipbuilding capabilities, and dry docking activities which tend to drive the market globally. The predominance of yachts and recreational cruise ships is also contributing to the growth of the market.
The improvement of shipping industries is developing very rapidly across the world which is propelling the growth of marine lubricants market. Maritime navigation is an essential source of transport. The growing transportation and shipbuilding activity in Europe and the Asia-Pacific region is expected to increase the growth of the marine lubricants market. In addition, continuous improvements in alternative technologies such as bio-based marine lubricants are expected to contribute to the growth of the market. However, the economic difficulties of shipbuilding are holding back the growth of the market.
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Overview of the marine lubricants industry
The revenue growth of the global materials and chemicals industry can be mainly attributed to the growing demand for essential consumer goods including soaps, detergents and beauty and personal care products in the world, the preference growth for sustainable and environmentally friendly raw materials and the increasing use of chemicals and advanced chemicals. raw materials in sectors such as agriculture, agribusiness, building and construction, automotive, packaging and manufacturing. Rising pollution levels, heightened environmental awareness, increasing use of chemicals and technologically advanced materials, and increasing demand for organic materials are other major factors driving the growth of this industry. industry.
Europe is expected to grow at the highest rate of 2.7% during the forecast period. The presence of major players in the marine lubricants market such as ExxonMobil, Shell, Total SA and many others in the European region is accelerating the growth of marine lubricants in this region.
Major players in the marine lubricants market include Exxon Mobil Corporation, Royal Dutch Shell Plc., Aegean Marine Petroleum Network Inc., Chevron Corporation, BP PLC, LUKOIL Marine Lubricants DMCC, Idemitsu Kosan Co. Ltd., Sinopec Corporation, Total SA, and Valvoline LLC.
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Other key findings from the report suggest
The marine lubricants market is expected to reach $ 7.45 billion by 2028, at a CAGR of 1.9% during the forecast period.
Major oil and gas exploration companies have been involved in several drilling projects to find new hydrocarbon reserves. An increase in offshore drilling activity to meet growing demand for crude oil and its refined products from chemical manufacturers and refineries is expected to boost product demand.
Bio-based oil represents the largest 36.7% market share in 2018.
Bulk carrier type is expected to grow at the highest rate of 2.0% during the forecast period.
APAC accounts for the largest share of 31.3% of the market in 2018. The growing business investments in developing countries of the APAC region are expected to benefit from the market growth in the coming years.
Various players are developing strategies to mark their presence in the industry.
The increased consumption of passenger ships, commercial vessels, freight, yachts, production floating storage and offloading (FPSO) and traditional offshore drilling rigs is expected to bring lucrative opportunities to the market.
Compression oil applications segment is expected to grow at the highest rate of 2.5% during the forecast period.
Shell announced in April 2019 that it would provide an innovative marine lubricant for engines running on bunker fuels with a sulfur content of less than 0.5 pc. The announcement was made taking into account the 0.5 pc sulfur cap from the International Maritime Organization which is expected to come into force in January 2020.
R&D initiatives by companies to improve advanced products that have a broad service base are expected to create enormous growth opportunities for industry participants.
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For the purpose of this study, reports and data segmented the market on the basis of product, vessel type, application, and region:
Product Outlook (Volume, Kilotons; and Revenue, USD Million; 2018-2028)
Vessel Type Outlook (Volume, Kilotons; and Revenue, USD Million; 2018-2028)
Application Outlook (Volume, Kilotons; and Revenue, USD Million; 2018-2028)
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Regional Outlook (Volume, Kilotonnes; and Revenue, USD Million; 2018-2028)
Middle East and Africa
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