May 22, 2020
As per the report titled ‘Marine Lubricants Market Size By Product, By Application, By Marine Channel, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026’ available with Market Study Report LLC, global marine lubricants market is expected to grow rapidly through 2026.
Extensive use of marine lubricants in the shipping industry along with increase in marine recreational & transportation activities, and rising cross border trade are propelling the market growth.
Lubrication is crucial for all components and machinery that are present in ships, including engine. The product is responsible for cooling and lubricating the internal parts of engine as they act relative to each other, creating immense heat and friction. Inadequate lubrication could lead to overheating of these parts. Lubrication not only cools down the components but also aids in removal of impurities or debris, thereby sustaining the demand for marine lubricants.
Based on application, grease segment is predicted to register 3.5% CAGR during the forecast period. Beneficial attributes of grease including high load carrying capacity and superior resistance to corrosion & splash pressure are supporting the segment growth.
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Speaking of the marine channel, marine lubricants market share from recreational segment is projected to grow with a CAGR of 3.5% through 2026. Increasing sales of personal watercrafts due to rising disposable income and growing consumer inclination towards leisure boating are boosting the product demand. Moreover, recreational segment is categorized into inflatable boats, out-board motorboats, in-board motorboats, and others, among which in-board motorboats segment share is anticipated to register 3.8% CAGR over the analysis timeframe, owing to tis widespread use in tourism, water sports racing, and cruise.
Industrial application includes drill ships and semi submerged ship, wherein the previous segment is set to record a CAGR of 4% throughout the projection period, due to its wide application in construction and drilling of offshore oil wells.
Meanwhile, transport application segment is categorized into divided into tankers, passenger ships, cargo ships, container ships, and others. Cargo ships share is set see considerable growth through 2026, expanding at 4% CAGR. Upsurge in bilateral foreign trade in conjunction with rise in sea born imports & exports due to declining freight charges and efficient network & navigation are favoring the demand for cargo ships.
As per the regional analysis, MEA marine lubricants market accounted for over 3% share in the recent past and is expected to amass decent gains by the year 2026. The growth can be credited to increasing exports of mineral and crude oils, along with the availability of large port network in the region.
Major players operating in global marine lubricants market are Stanley Group, Petronas Lubricants International, Exxon Mobil Corporation, Indian Oil Corporation Ltd., Gulf Oil International, Idemitsu Kosan Co., Ltd., Aegean Marine Petroleum Network, Inc., Quepet Lubricants, Total S.A., Fuchs Petrolub SE, JX Nippon Oil & Energy Corporation, Castrol, LUKOIL, Sinopec Corp., Chevron Marine Lubricants, Royal Dutch Shell plc, Lubricon, Baileys Marine Fuels, Synforce Lubricants, and Valvoline Inc.