The Marine Lubricants Market will reach a value of USD 7.45 Billion by 2028, with strong growth expected during the forecast period. The market is being driven by several key factors, such as an increase in world trade, new shipbuilding abilities, dry-docking activities, and a growing demand for leisure yachts and cruise ships. However, the market's growth is being hindered by economic difficulties in the shipbuilding industry.
Europe is expected to experience the highest growth rate of 2.7% during the forecast period, due in part to the presence of significant players in the region such as ExxonMobil, Shell, and Total S.A. Other key findings from the report include a rise in offshore drilling activities and a growing demand for bio-based marine lubricants. The compression oil application segment is expected to grow the fastest, along with the bulk carrier ship type.
The Marine Lubricants Market is primarily dominated by major players such as ExxonMobil, Royal Dutch Shell, Chevron Corporation, and BP PLC, among others. To cater to the changing market requirements, players are investing in RD initiatives to develop advanced products that have a broad service base.
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The notable innovation of Marine Lubricants Market:
For instance, companies are developing bio-based marine lubricants as an alternative to conventional mineral oil-based lubricants. This development is expected to contribute to the growth of the market as there is an increasing demand for environmentally sustainable products.
In addition, some players in the market are also focusing on improving the performance and durability of their products. For example, Shell has announced that it will provide innovative marine lubricants for engines that run on bunker fuels with a sulfur content of less than 0.5pc, keeping in view the International Maritime Organization's 0.5pc sulfur cap. Other companies are also investing in research and development to create advanced products with a broad service base.
Overall, the market is witnessing various innovations aimed at improving the sustainability, efficiency, and performance of marine lubricants. These innovations are expected to create tremendous growth opportunities for industry players in the future.
The Marine Lubricants Market is highly competitive, with several major players:
- 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 S.A.
- Valvoline LLC
The key driving factors for the growth of the Marine Lubricants Market:
- Increase in world trade and shipping activities.
- Growth in shipbuilding and dry-docking activities.
- Rising demand for yacht and cruise ships for leisure time.
- Ongoing improvements in alternative technologies such as bio-based marine lubricants.
- Rise in offshore drilling activities to meet the growing demand for crude oil its refined products.
- Rising consumption in passenger ships, commercial vessels, cargo, yachts, Floating Production Storage and Offloading (FPSO), and traditional offshore drilling rigs.
- Development of innovative marine lubricants to meet the International Maritime Organization's sulfur cap regulations.
- Growing commercial investments in developing countries of the Asia Pacific region.
- Presence of significant players in the marine lubricants market, accelerating growth in Europe.
- Strategies by various players to mark their presence in the industry.
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