Maritime transport is one of the major pillars of international trade and the global economy, as nearly 80% of global trade by volume and more than 70% of global trade by value are carried by sea and are handled by ports across the globe. The huge volume of merchandise trade is carried out via sea as it is cheaper than rail and road transport. To tackle the growing seaborne trade, a large number of ocean-going vessels are the center of attraction. These vessels work as a bridge in international trade. Therefore, regular maintenance, oiling, and greasing of different parts of the vessels are required. Varieties of lubricants like engine oil, hydraulic fluid, gear oil, transmission fluid, grease, and compressor oil are used in vessels to reduce friction and heat, prevent damage, and prolong component life. As the global seaborne trade has increased over the years placing the requirement for a greater number of vessels. This, in turn, boosts the marine associated industries including lubricants. For instance, from 9.82 billion tons loaded in 2014, the global transport volume of seaborne trade increased to 11.07 billion tons loaded in 2019, however, in the light of COVID-19, the market falls back to 10.65 billion tons loaded in 2020.
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According to UnivDatos Market Insights (UMI)’ research report “Global Marine Lubricants Market”, the market is expected to showcase a growth of around 2% during the forecast period. The large and growing number of shipping vessels, improving marine tourism industry, and increasing investment to improve marine infrastructure are some of the key attributable factors to the growth of the market.
Based on the base oil, the market is categorized into mineral oil, synthetic oil, and bio-based oil. Among these, mineral oil accounted for a significant share in the market and is likely to maintain its strong position during the forecast period. Mineral oil is widely consumed owing to its higher efficiency and lower emission. Further, to comply with government regulations, the marine industry is taking steps to use better quality lubricants. As a result, companies are transitioning from group I mineral oil to group II mineral oil and not to synthetic or bio-based oil due to low cost and low number of changing requirements in work techniques, working with new base oil manufacturers, and changing equipment compared to synthetic oil.
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Based on type, the market is categorized into hydraulic fluid, engine oil, gear oil, transmission fluid, grease, compressor oil, and others. Of these, hydraulic fluid captured a significant share in the market and is likely to maintain a strong presence in the market during the forecast period. This can be attributed to the wide use of hydraulic systems in all kinds of marine vessels. Some of the application areas of hydraulic fluids are automation and control systems, valves operation, deck machinery, engine room, and stabilizers.
Asia-Pacific is expected to demonstrate robust growth during the forecast period
The Asia-Pacific with countries such as China, Japan, South Korea, and India, among others is expected to control the marine lubricants market during the forecast period. China, Japan, and South Korea are considered the major manufacturing hubs for the marine industry, providing ample growth opportunities for the associated manufacturer. Rising investments in shipbuilding and commercial freight transport in the key markets offer high-growth opportunities for the marine lubricants market in the region. The growth of international marine freight transport paired with the rising number of ships are the major factor driving the demand for lubricants in the regional countries. In addition, the region handles more than 70% by volume of the global cargo at the ports per year.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global marine lubricants market include Chevron Corporation, British Petroleum Plc., Exxon Mobil Corporation, PetroChina Company Limited, Royal Dutch Shell Plc., TotalEnergies SE, The Idemitsu Kosan Company Ltd., China Petroleum & Chemical Corporation, The PJSC Lukoil Oil Company, and Fuchs Petrolub SE. These companies are taking several strategic decisions to meet the growing demand and increase their market share.
“Global Marine Lubricants Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Market Segmentation:
- By Base Oil (Mineral Oil, Synthetic Oil, and Bio-Based Oil)
- By Type (Hydraulic Fluid, Engine Oil, Gear Oil, Transmission Fluid, Grease, Compressor Oil, and Others)
- By Vessel (Commercial Vessel, Offshore Support Vessel, and Others)
- By Region (North America (the United States, Canada, and Rest of North America), Europe (Germany, the United Kingdom, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and Rest of World)
- By Company (Chevron Corporation, British Petroleum Plc., Exxon Mobil Corporation, PetroChina Company Limited, Royal Dutch Shell Plc., TotalEnergies SE, The Idemitsu Kosan Company Ltd., China Petroleum & Chemical Corporation, The PJSC Lukoil Oil Company, and Fuchs Petrolub SE)
Key questions answered in the study:
- What are the current and future trends of the global marine lubricants industry?
- How the industry has been evolving in terms of base oil, type, and vessel?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the global marine lubricants industry?
- What are the customer orientation, purchase behavior, and expectations from the global marine lubricants suppliers across various region and countries?