Marine Lubricants Market Dynamics: A Comprehensive View with Forecast
Dive into the Marine Lubricants Market! Gain insights from expert research, explore industry dynamics, and understand market demand in this critical maritime sector. Stay informed with market research.
(EMAILWIRE.COM, October 17, 2023 ) The report "Marine Lubricants Market by Oil Type (Mineral Oil, Synthetic Oil, and Bio-Based), Product Type (Engine Oil, Hydraulic Fluid, Compressor Oil), Ship Type (Bulk Carrier, Container Ships), & Region( Asia Pacific, North America) - Global Forecast to 2028", size was USD 6.3 billion in 2022 and is projected to reach USD 6.9 billion by 2028, at a CAGR of 1.5% from 2023 to 2028.
The market is projected to grow because of the enlargement in oceanic tourism. The government in several countries have introduced favorable policies and schemes to encourage oceanic tourism activities. This encourages the use of motorboats, cruise ships, ferries, and other passenger vessels, which wil fuel the marine lubricants market. Therefore, the enlargement in oceanic tourism is a crucial driving factor behind the demand for marine lubricants.
Download PDF brochure of the Report @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=246832885
Browse in-depth TOC on "Marine Lubricants Market”
310 - Market Data Tables
60 - Figures
280 - Pages
Mineal oil was the largest oil type of the marine lubricants market, in terms of value, in 2022
Due to the availability of light and heavy grades of mineral oils, the marine lubricants are widely produced from mineral oil. Also, the demand for mineral oil based marine lubricants is high in products such as engines, turbines, stern tubes and compressors. Thus, the mineral oil type segement has largest share in oil type.
Engine oil is estimated to be the largest product type of the marine lubricants, in terms of value, during the forecast period.
Engine oil, hydraulic fluid, compressor oil and others are various market segment based on the product type. From them, during the forecast period, engine oil is projected to hold the largest market share of marine lubricants. The high need for marine lubricants in engines is basically because of the raising ship size which increased engine capabilities and high usage in marine propulsion units.
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Bulk carrier is estimated to be the largest ship type of the marine lubricants, during the forecast period, in terms of value.
The bulk carrier, tankers, container ships, and others are various market segment based on the ship type. Amongs them, the major bulk transportation services such as coal, iron ore, packaged good, and other dry bulk are transported through bulk carriers. Also, these ships are especially suggested for transport dry cargo. Thus, the bulk carrier ship type is the largest ship type for the marine lubricants market.
Asia Pacific is estimated to be the largest market for the marine lubricants market, in terms of value, during the forecast period.
Asia Pacific is projected to be the largest market for marine lubricants, driven by the raising industrialization, rise in exports and low labour cost specially in India and China. Due to this reasons the demand for marine lubricants in Asia Pacific region is increased. The region has experienced rapid economic growth in recent decades, leading to increased maritime trade and shipping activities. The expanding economies of countries like China, India, Japan, and South Korea have resulted in a substantial demand for marine lubricants to support their shipping industries.
Marine Lubricants Market Key Players
The key players profiled in the report include Exxon Mobil Corporation (US), Shell plc (UK), BP p.l.c. (UK), TotalEnergies SE (France), and Chevron Corporation (US).
Don't miss out on business opportunities in Marine Lubricants Market. Speak to Our Analyst and gain crucial industry insights that will help your business grow. https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=246832885
Exxon Mobil Corporation is is one of the world’s largest publicly traded oil & gas company. It promotes fuel and lubricants under four brands: Exxon Mobil, Exxon, Esso, and Mobil. The company owns 21 lubricant blending plants in nearly 25 countries in almost all regions. Through its specialty products business segment, it offers marine lubricants. Likewise, the company has strong R&D capabilities, which help know customers well. The company is focusing on improvements, sustained investments, and technological advancements.It has a extensive worldwide presence in almost all key countries. In March 2021, Exxon Mobil Corporation launched new engine oil, namely, MobilGard M420. It is oil for four-stroke, medium-speed marine engines.
Shell plc, formerly known as Royal Dutch Shell Plc, is an petrochemical and energy company. Also, it is one of the six oil & gas “supermajors” and one of the world’s most valuable companies. It operates through five business segments, and from marketing business segment offers marine lubricants. The company maintains its position in the market through its 32 lubricant blending plants, 9 grease plants, and 4 base oil manufacturing plants around the world. It has strong presence in Asia Pacific, the Middle East & Africa, North American, European, and South American region. In December 2022, Shell plc acquired the PANOLIN Group’s Environmentally Considerate Lubricants (ECLs) business. This includes the PANOLIN brand, portfolio of its products, product formulations and international customer base.
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The Knowledge Store™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
The market is projected to grow because of the enlargement in oceanic tourism. The government in several countries have introduced favorable policies and schemes to encourage oceanic tourism activities. This encourages the use of motorboats, cruise ships, ferries, and other passenger vessels, which wil fuel the marine lubricants market. Therefore, the enlargement in oceanic tourism is a crucial driving factor behind the demand for marine lubricants.
Download PDF brochure of the Report @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=246832885
Browse in-depth TOC on "Marine Lubricants Market”
310 - Market Data Tables
60 - Figures
280 - Pages
Mineal oil was the largest oil type of the marine lubricants market, in terms of value, in 2022
Due to the availability of light and heavy grades of mineral oils, the marine lubricants are widely produced from mineral oil. Also, the demand for mineral oil based marine lubricants is high in products such as engines, turbines, stern tubes and compressors. Thus, the mineral oil type segement has largest share in oil type.
Engine oil is estimated to be the largest product type of the marine lubricants, in terms of value, during the forecast period.
Engine oil, hydraulic fluid, compressor oil and others are various market segment based on the product type. From them, during the forecast period, engine oil is projected to hold the largest market share of marine lubricants. The high need for marine lubricants in engines is basically because of the raising ship size which increased engine capabilities and high usage in marine propulsion units.
Get Sample Pages of This Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=246832885
Bulk carrier is estimated to be the largest ship type of the marine lubricants, during the forecast period, in terms of value.
The bulk carrier, tankers, container ships, and others are various market segment based on the ship type. Amongs them, the major bulk transportation services such as coal, iron ore, packaged good, and other dry bulk are transported through bulk carriers. Also, these ships are especially suggested for transport dry cargo. Thus, the bulk carrier ship type is the largest ship type for the marine lubricants market.
Asia Pacific is estimated to be the largest market for the marine lubricants market, in terms of value, during the forecast period.
Asia Pacific is projected to be the largest market for marine lubricants, driven by the raising industrialization, rise in exports and low labour cost specially in India and China. Due to this reasons the demand for marine lubricants in Asia Pacific region is increased. The region has experienced rapid economic growth in recent decades, leading to increased maritime trade and shipping activities. The expanding economies of countries like China, India, Japan, and South Korea have resulted in a substantial demand for marine lubricants to support their shipping industries.
Marine Lubricants Market Key Players
The key players profiled in the report include Exxon Mobil Corporation (US), Shell plc (UK), BP p.l.c. (UK), TotalEnergies SE (France), and Chevron Corporation (US).
Don't miss out on business opportunities in Marine Lubricants Market. Speak to Our Analyst and gain crucial industry insights that will help your business grow. https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=246832885
Exxon Mobil Corporation is is one of the world’s largest publicly traded oil & gas company. It promotes fuel and lubricants under four brands: Exxon Mobil, Exxon, Esso, and Mobil. The company owns 21 lubricant blending plants in nearly 25 countries in almost all regions. Through its specialty products business segment, it offers marine lubricants. Likewise, the company has strong R&D capabilities, which help know customers well. The company is focusing on improvements, sustained investments, and technological advancements.It has a extensive worldwide presence in almost all key countries. In March 2021, Exxon Mobil Corporation launched new engine oil, namely, MobilGard M420. It is oil for four-stroke, medium-speed marine engines.
Shell plc, formerly known as Royal Dutch Shell Plc, is an petrochemical and energy company. Also, it is one of the six oil & gas “supermajors” and one of the world’s most valuable companies. It operates through five business segments, and from marketing business segment offers marine lubricants. The company maintains its position in the market through its 32 lubricant blending plants, 9 grease plants, and 4 base oil manufacturing plants around the world. It has strong presence in Asia Pacific, the Middle East & Africa, North American, European, and South American region. In December 2022, Shell plc acquired the PANOLIN Group’s Environmentally Considerate Lubricants (ECLs) business. This includes the PANOLIN brand, portfolio of its products, product formulations and international customer base.
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The Knowledge Store™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Contact Information:
MarketsandMarkets™
Mr. Aashish Mehra
Tel: 1-888-600-6441
Email us
----
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MarketsandMarkets™
Mr. Aashish Mehra
Tel: 1-888-600-6441
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results