The marine lubricants global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Marine Lubricants Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The marine lubricants market size has grown strongly in recent years. It will grow from $7.87 billion in 2023 to $8.65 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to global shipping industry growth, stringent environmental regulations, rising global trade.
The marine lubricants market size is expected to see rapid growth in the next few years. It will grow to $12.92 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to shift towards bio-based lubricants, digitalization and iot in shipping, focus on fuel efficiency, emerging markets. Major trends in the forecast period include biodegradable lubricants, digitalization in lubricant management, customized lubricant solutions, adoption of synthetic lubricants, collaborations and partnerships, focus on research and development.
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Scope Of Marine Lubricants Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The increase in demand for bio-based lubricants is expected to propel the growth of the marine lubricants market. All lubricants that biodegrade quickly dissolve and are not hazardous to humans or aquatic habitats are referred to as bio-lubricants. They are also known as eco-friendly, biodegradable, or sustainable lubricants. Because of the biodegradability and low toxicity of bio-lubricants, as well as the benefit of fewer emissions from utilizing them, the marine industry is becoming a prominent area that uses them. For instance, according to American Oil Chemists’ Society (AOCS), the global market for bio-lubricants is predicted to rise from $2 billion, which was indicated in the year 2020 to $2.4 billion, which is projected for the year 2025, as environmental rules and regulations in the marine industry improve. Therefore, a rise in demand for bio-lubricants drives the growth of the marine lubricants market.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
The marine lubricants market covered in this report is segmented –
1) By Product Type: Engine oil, Hydraulic oil, Turbine oil, Gear oil,Greases, Other Products
2) By Oil Type: Mineral oil (Paraffinic Oil, Naphthenic Oil, Aromatic Oil), Synthetic Oil (PAO, PAG, Esters), Bio-based ( Plant Source, Animal Fats), Grease (Metallic Soap Thickener, Non-soap Thickener, Inorganic Thickener)
3) By Ship Type: Bulk Carriers (Handysize, Handymax, Panamax, Capesize), Tankers (Panamax, Aframax, Suezmax, Very Large Crude Carrier (VLCC), Ultra Large Crude Carrier (ULCC)), Container Ship, Other Ship Types (Reefers, Drill Ships, Passenger ships, Roll on Roll Off Ships, Service Ships)
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Regional Insights –
Asia-Pacific was the largest region in the marine lubricants market in 2023. The regions covered in the marine lubricants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the marine lubricants market report are BP plc, Royal Dutch Shell plc, Exxon Mobil Corporation, Chevron Corporation, China Petroleum & Chemical Corporation, PJSC Lukoil, Idemitsu Kosan Co. Ltd., Total S. A., Castrol Limited, Gulf Oil Marine Ltd., Synforce Lubricants., Valvoline LLC, PetroChina Company Limited, Eni S. p. A, Croda International PLC., Bailey’s Marine Fuels, Quepet Lubricants, JX Nippon Oil & Energy Corporation, IKO Marine Lubricant Supply Co. Ltd, Repsol SA, Aegean Marine Petroleum Network Inc., Fuchs Lubricants Co., Indian Oil Corporation Ltd., Stanley Lubricants, Compañía Española de Petróleos S. A. U., Pennzoil Products Company, Quaker State Corporation, Petro-Canada Lubricants, Schaeffer’s Specialized Lubricants, Lubrication Engineers Inc., AMSOIL INC., Bel-Ray Company LLC
Table of Contents
1. Executive Summary
2. Marine Lubricants Market Report Structure
3. Marine Lubricants Market Trends And Strategies
4. Marine Lubricants Market – Macro Economic Scenario
5. Marine Lubricants Market Size And Growth
…..
27. Marine Lubricants Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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