Feb 25,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Marine Lubricants Market.
It was estimated prior to this unanticipated outbreak that the Marine Lubricants Market was expected to grow at a CAGR of 1.9% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Marine Lubricants are used to reduce friction and heat generation between the surfaces when the surfaces move. These are also responsible for transmitting forces, transporting foreign particles, or heating or cooling the surfaces while they are moving. The increased emission of harmful nitrogen and sulfur oxide into the sea has drawn attention of the lubricant manufacturers to adopt quick measures to continue their operations in the market. Less emission will lead to better quality and durability of marine lubricants used in ships, prolonging the service life of the mechanical equipment’s. All the technological advancements in the marine industry play a crucial role in the growth of marine lubricants.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the oil type, the market is segmented as mineral oil, synthetic oil, bio-based, and grease. The mineral oil segment held the largest share of the market in 2019, and is expected to register a moderate CAGR during the forecast period. The low cost and easy availability of mineral oil from crude extracts and their easy applicability in almost every marine application is driving the growth of this segment.
Based on the product type, the market is segmented as engine oil, hydraulic fluid, compressor oil, and others. The engine oil segment is expected to dominate the market during the forecast period because of huge size of engine, high consumption, and smaller drain intervals; the engine requires large amount of fuels and lubricants which are the key factors driving the growth of the segment.
Based on the ship type, the market is segmented as bulk carriers, tankers, container ship, and others. The bulk carrier segment is expected to dominate the marine lubricants market during the forecast period.
In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing marine lubricants market during the forecast period, because of the presence of the busiest ports in the region. Increasing trade activities and rising infrastructural developments in the shipping industry (in the form of increasing ports network) are responsible for the high demand for marine lubricants in the region.
Some of the major marine lubricant manufacturers are-
Royal Dutch Shell plc
Exxon Mobil Corporation
Idemitsu Kosan Co., Ltd.