Product Code: 61135
The marine lubricants market is expected to register a CAGR of approximately 2% during the forecast period (2019-2024).
- Rising demand for marine transport in Europe and Asia-Pacific is expected to drive the demand for the market, during the forecast period.
- Economic instabilities in shipbuilding economies is likely to hinder the market growth.
- Recovering shipbuilding and marine transport industry in the United States is projected to act as an opportunity for the market, in the future.
Key Market Trends
Marine Cylinder Lubricants - The Dominating Segment
- The marine cylinder lubricants occupy the largest share in the marine lubricants market.
- These lubricants find their application in vessels with either 2-stroke or 4-stroke engines, with 2-stroke engines occupying the majority of the share.
- For marine diesel engines operating on residual fuels containing sulfur, cylinder lubricants generally serve the following purposes:
- Form and maintain an oil film to prevent metal to metal contact between the cylinder liner and piston rings.
- Neutralize sulfuric acid in order to control corrosion.
- Clean the cylinder liner, and particularly the piston ring pack, to prevent malfunction and damage caused by combustion and neutralization residues.
- The ever tightening restrictions regarding the environment are pushing the marine cylinder lubricant manufacturers to develop new products continuously.
- With the growing naval trade globally, the merchant navy fleet is continuously increasing which will increase the consumption of marine cylinder lubricants; this will drive the marine lubricants market during the forecast period.
Asia-Pacific to Dominate the Market
The Asia-Pacific region dominated the global marine lubricants market. With rising demand for majority of the industries and commodities, increasing trend for imports and exports has been registered in the recent years. The demand for basic commodities and raw material, including crude oil and natural gas, has accounted for an exceptional rise over the period. In line with the Paris Climate Pact, the major developing nations of Asia-Pacific are cutting down their daily usage of coal and converting to natural gas, majorly for power generation and cooking purpose. Natural gas is imported in Asia-Pacific, as the production is not sufficient to cope up with the demand. Hence, increasing marine activities are expected to drive the market for marine lubricants over the forecast period.
The marine lubricants market is highly fragmented. Key players in the market include Royal Dutch Shell PLC, BP PLC, Chevron Corporation, Lukoil, and ExxonMobil Corporation, amongst others.
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Table of Contents
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Rising Demand for Marine Transport in Europe and Asia-Pacific
- 4.1.2 Growing Shipbuilding Activities in Asia-Pacific
- 4.2 Restraints
- 4.2.1 Economic Instabilities in Shipbuilding Economies
- 4.2.2 Other Restraints
- 4.3 Value Chain/Supply Chain Analysis
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
- 4.5 Regulatory Policy Analysis
5 MARKET SEGMENTATION
- 5.1 Lubricant Type
- 5.1.1 System Oil
- 5.1.2 Marine Cylinder Lubricant
- 5.1.3 Trunk Piston Engine Oil
- 5.1.4 Other Lubricant Types
- 5.2 Ship Type
- 5.2.1 Bulker
- 5.2.2 Tanker
- 5.2.3 Container
- 5.2.4 Other Ship Types
- 5.3 Geography
- 5.3.1 Asia-Pacific
- 188.8.131.52 China
- 184.108.40.206 India
- 220.127.116.11 Japan
- 18.104.22.168 South Korea
- 22.214.171.124 Philippines
- 126.96.36.199 Indonesia
- 188.8.131.52 Malaysia
- 184.108.40.206 Thailand
- 220.127.116.11 Vietnam
- 18.104.22.168 Rest of Asia-Pacific
- 5.3.2 North America
- 22.214.171.124 United States
- 126.96.36.199 Mexico
- 188.8.131.52 Canada
- 184.108.40.206 Rest of North America
- 5.3.3 Europe
- 220.127.116.11 Germany
- 18.104.22.168 United Kingdom
- 22.214.171.124 France
- 126.96.36.199 Italy
- 188.8.131.52 Russia
- 184.108.40.206 Turkey
- 220.127.116.11 Spain
- 18.104.22.168 Rest of Europe
- 5.3.4 South America
- 22.214.171.124 Brazil
- 126.96.36.199 Argentina
- 188.8.131.52 Chile
- 184.108.40.206 Colombia
- 220.127.116.11 Rest of South America
- 5.3.5 Middle East
- 18.104.22.168 Saudi Arabia
- 22.214.171.124 Iran
- 126.96.36.199 Iraq
- 188.8.131.52 United Arab Emirates
- 184.108.40.206 Kuwait
- 220.127.116.11 Rest of Middle East
- 5.3.6 Africa
- 18.104.22.168 Egypt
- 22.214.171.124 South Africa
- 126.96.36.199 Nigeria
- 188.8.131.52 Algeria
- 184.108.40.206 Morocco
- 220.127.116.11 Rest of Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis**
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 BP PLC
- 6.4.2 Chevron Corp.
- 6.4.3 China Petrochemical Corp. (SINOPEC Group)
- 6.4.4 ExxonMobil Corp.
- 6.4.5 Fuchs Petrolub SE
- 6.4.6 Gazpromneft - Lubricants Ltd
- 6.4.7 Gulf Oil Lubricants India Ltd
- 6.4.8 Idemitsu Kosan Co. Ltd
- 6.4.9 Indian Oil Corp. Ltd
- 6.4.10 JXTG Nippon Oil & Energy Corporation
- 6.4.11 LukOil
- 6.4.12 Quepet Lubricants
- 6.4.13 Royal Dutch Shell
- 6.4.14 Total SA
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Recovering Shipbuilding and Marine Transport Industry in the United States
- 7.2 Other Opportunities