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Kenneth Research recently added a report on the Global Marine Lubricants Market which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that Europe is the second-largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for Global Marine Lubricants Market products.
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It is also anticipated to grow on account of the growing demand for chemicals from the end users, backed by the increasing consumption of chemicals across different industries and the rising need for advanced chemicals. In India, the production of major chemicals and petrochemicals during the period 2020-2021 was close to 12000 thousand MT. Additionally, between the period 2015-16 and 2019-20, the production of the chemicals and petrochemicals in the nation grew at a CAGR of close to 6%.
The global Marine Lubricants market was valued at USD 5.40 billion in 2016 and is projected to reach USD 6.68 billion by 2025, growing at a CAGR of 2.4% from 2017 to 2025.
Shipping as a trade activity is witnessing huge demand lately. The rise in import and export activities has increased shipping activities boosting the demand for marine lubricants. Marine lubricants are products that are used in ship construction. The decline in ship construction activities is responsible for slow market growth of these products.
Sample Infographics:
Market Dynamics:
1. Market Drivers
1.1 Infrastructure improvements in the shipping industry
1.2 Rise of alternate technologies
2. Market Restraints
2.1 Decrease in trade activities
Market Segmentation:
The global Marine Lubricantsmarketis segmented on the basis ofproduct, application, ship type,and region.
1. By Product:
1.1 Synthetic
1.2 Mineral Oil
1.3 Grease
1.4 Bio-Based
2. By Application:
2.1 Engine
2.1.1 System Oil
2.1.2 Cylinder Oil
2.2 Compressor
2.3 Hydraulic
2.4 Others
3. By Ship Type:
3.1 Tankers
3.2 Container Ships
3.3 Cargo Ships
3.4 Others
4. By Region:
4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Middle East & Africa
Competitive Landscape:
The major players in the market are as follows:
1. Chevron Corporation
2. BP PLC
3. Royal Dutch Shell PLC
4. Exxonmobil Corporation
5. Idemitsu Kosan Co. Ltd.
6. Sinopec Corporation
7. Gulf Oil
8. Lukoil
9. Aegean Marine Petroleum Network Inc.
10. Total SA
11. Vickers Oil
12. Quepet Lubricants
13. Unimarine LLC
14. Avin Oil SA
15. Indian Oil Corporation
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Marine Lubricantsmarketwas performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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To know more about the research methodology of verified market research and other aspects of the research study, kindly get in touch with our sales team.
About Kenneth Research
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defence, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research, are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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