The global marine lubricants market is anticipated to grow at a CAGR of 1.2% during the forecast period. The rising cost of fuels and the implementation of stringent regulations by the IMO (International Maritime Organization) is likely to increase the consumption of global marine lubricants. Moreover, with augmented fuel prices, shippers are likely to operate engines at slow streaming levels to save fuel. This could advance corrosion concerns in engines and strain the components and systems, as the engines are not capable of operating continuously at reduced rates. Therefore, to ensure the proper safety and functioning of these engines, the demand for marine lubricants increases. Thus, driving the global marine lubricants market.
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Moreover, rising in seaborne international trade increases the demand for ships for transporting goods such as industrial products, consumer goods, oils, and agricultural goods globally. According to International Trade Administration in 2018, the total export through maritime is 868 million tons. To cater to the demand for ships, key players are manufacturing and delivering more ships in the market. For instance, in 2021, according to United Nations Conference on Trade and Development, total ships delivered including bulk carriers, oil tankers, container ships, and others are 2.07 billion globally in 2020-21.
913 0 million bulk carriers are delivered in 2021 compared to 879 7 million are delivered in 2020. The demand for ships is increased, which increases the demand for marine lubricants across the globe.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
Segment Covered-
- By Oil Type
- By Product Type
- By Ship Type
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- including Chevron Corp, China Petrochemical Corp., COMPAÑÍA ESPAÑOLA DE PETRÓLEOS, S.A., Croda International Plc, Exxon Mobil Corp, Idemitsu Kosan Co., Ltd., Indian Oil Corp. and others.
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Marine Lubricants Market Report Segment
By Oil Type
- Mineral Oil
- Synthetic Oil
- Bio-Based Oil
By Product Type
- Engine Oil
- Hydraulic Fluid
- Compressor Oil
- Others
By Ship Type
- Bulk Carriers
- Tankers
- Container Ships
- Others
Marine Lubricants Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- BP p.l.c
- Chevron Corp
- China Petrochemical Corp.
- COMPAÑÍA ESPAÑOLA DE PETRÓLEOS, S.A.
- Croda International Plc
- Exxon Mobil Corp
- Idemitsu Kosan Co., Ltd.
- Indian Oil Corp.
- JX Nippon Oil and Energy Corp.
- Repsol S.A
- Royal Dutch Shell Plc
- SINOPEC International Petroleum Exploration and Production Corp.
- The PJSC Lukoil Oil Co.
- TotalEnergies SE
- Valvoline Cummins Pvt Ltd
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