Marine Lubricants Market Analysis, Growth Drivers, Trends, and Forecast To 2025
Global Marine Lubricants Market to reach USD 7.6 billion by 2025.
Global Marine Lubricants Market valued approximately USD 6.2 billion in 2017 is anticipated to grow with a healthy growth rate of more than 2.64% over the forecast period 2018-2025. Owing to the infrastructural developments in global shipping industry along with the evolution in technologies to reduce carbon emission are the major factors which are driving the growth in the Global Marine Lubricants Market. whereas, rising retardation in trade activities and increasing fleet of idle ships are likely to hamper the market growth over the forecast period 2018-2025.
The lubricating grease and oil that is utilized in the marine industry, are known as marine lubricants. These lubricants are used to improve efficiency and to protect the engines and other equipment. These are high-performance lubricants, which are designed to provide optimum operational performance. These lubricants offer various essential features like protecting the engine and other components at high temperatures, extending engine life, enhancing reliability and performance of machinery, protect from cold corrosion and mechanical wear. Changing needs from heavy shipping sectors are resulting in rising research and development activities in the marine oil sector. This is encouraging the development of new sources and products to offer enhanced oil life, reduced maintain and improved performance of the machine. The decrease in oil consumption and rising oil drain intermissions in the coastal or inland shipping sector has generated several issues associated with demand and supply. Therefore, major market players are counted in the development of a wide range of high-quality lubricating oils for different types of engines, integrating technological innovations for providing high performance and therefore aiding the market of marine lubricant.
The regional analysis of Global Marine Lubricants Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share. Whereas, owing to the countries such as China, Japan, and India, Asia Pacific region is anticipated to exhibit higher growth rate / CAGR over the forecast period 2018-2025.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
- Engine Oil
- Hydraulic Oil
- Ger Oil
- Turbine Oil
- North America
- Asia Pacific
- Latin America
- Rest of the World
Furthermore, years considered for the study are as follows:
- Historical year – 2015, 2016
- Base year – 2017
- Forecast period – 2018 to 2025
The industry is seeming to be fairly competitive. Some of the leading market players include Shell, Total, ExxonMobil, BP, Chevron, Sinopec, Quepet, JX Nippon, Lukoil, Gulf Oil and so on. Acquisitions and effective mergers are some of the strategies adopted by the key manufacturers. New product launches and continuous technological innovations are the key strategies adopted by the major players.
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Target Audience of the Global Marine Lubricants Market in Market Study:
- Key Consulting Companies & Advisors
- Large, medium-sized, and small enterprises
- Venture capitalists
- Value-Added Resellers (VARs)
- Third-party knowledge providers
- Investment bankers
Reasons for Buying this Report
- This report provides pin-point analysis for changing competitive dynamics
- It provides a forward looking perspective on different factors driving or restraining market growth
- It provides a six-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the key product segments and their future
- It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
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