Marine Lubricants Market To Receive Push Due To Rising Concerns Over Ocean Contamination And Demand For Fuel-Efficient Engines | Grand View Research, Inc.

Marine Lubricants Market To Receive Push Due To Rising Concerns Over Ocean Contamination And Demand For Fuel-Efficient Engines | Grand View Research, Inc.

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According to a report published by Grand View Research, the rising concerns over ocean contamination caused by excessive engine operation and the corresponding demand for fuel-efficient engines are expected to drive the market growth.

The global marine lubricants market size is expected to reach USD 9.32 billion by 2025, expanding at a CAGR of 3.9% during the forecast period. Growing concerns regarding oceanic pollution caused by improper engine function and subsequent demand for fuel-efficient engines are estimated to trigger the growth of the market.

Marine lubricants are widely utilized in the shipping industry to help protect engines and equipment as well as enhance efficiency. These are essential high-performance additives for engines, specially designed to enable optimal performance in marine operations. Growth in international trade, removal of trade barriers being the principal reason, is encouraging developing countries to concentrate more on the improvement of their infrastructure, such as roads, airports, and seaports, which play a vital role in the development of the economy. Product storage, along with the capacity to move large shipments, has placed the shipping industry in a very advantageous position.

Global shipping majors, just like other segments of the conventional transport industry, are increasingly getting integrated with emerging global logistics and supply chain activities, owing to both external and internal dynamics. These factors have aided industry participants in substantially consolidating their market position and supplementing their ocean freight income, subsequently stoking the demand for marine lubricants.

U.S. Marine lubricants market size, by product, 2014 - 2025 (USD Billion)

Marine Lubricants Market Report Highlights

  1. On the basis of product, the engine oil segment dominated in 2016, accounting for over 46% of the overall revenue. On the other hand, the hydraulic oils segment is expected to be the fastest-growing product with a CAGR of 3.8% during the forecast period.

  2. Asia Pacific is likely to remain the fastest-growing region with a 4.3% CAGR from 2017 to 2025. Some of the factors contributing to the growth of APAC are the increasing number of ports, surging trade activities with the U.S. and other developed economies, and the rapidly expanding shipbuilding sector.

  3. North America is projected to remain a prominent regional market, registering a CAGR of 2.4% during the forecast period. The growth of the region can be attributed to the rally of the marine sector.

  4. In April 2019, Shell Marine launched Shell Alexia 40, a new two-stroke engine cylinder oil specifically to be used with engines running on 0.5% sulphur content. Since the company believes that most of the world’s shipping fleet will aim to comply with IMO 2020 by switching to fuels with sulphur content below 0.5%.

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Marine Lubricants Market Segmentation

Grand View Research has segmented the global marine lubricants market on the basis of product and region:

Marine Lubricants Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)

  • Engine Oil

  • Hydraulic Oil

  • Gear Oil

  • Turbine Oil

  • Greases

  • Others

Marine Lubricants Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)

  • North America

    • The U.S.

    • Canada

  • Europe

    • Germany

    • The U.K.

    • Russia

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

  • Latin America

    • Mexico

    • Brazil

  • Middle East & Africa

    • Saudi Arabia

List of Key Players of Marine Lubricants Market

  • Royal Dutch Shell
  • ExxonMobil
  • Total SA
  • British Petroleum.

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