The Rising Number Of Merchant Ships To Boost The Marine Lubricants Market Growth

Marine Lubricants Market
Marine Lubricants Market

The Marine Lubricants Market is Segmented by Lubricant Type (System Oil, Marine Cylinder Lubricant, Trunk Piston Engine Oil, and Other Lubricant Types), Ship Type (Bulker, Tanker, Container, and Other Ship Types), and Geography (Asia-Pacific, North America, Europe, South America, Middle East, and Africa) - Outlook, Size, Share, and Opportunity Analysis, 2023 – 2030

The global Marine Lubricants for Market is estimated to be valued at US$ XX million in XXX and is expected to exhibit a CAGR of XX% over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Marine lubricants are materials that mainly utilized to decrease the friction amongst surfaces and enhance the production. Marine lubricants are vastly utilized to secure the devices and engine and improve the working of the machine by inhibiting the tear and wear of the functioning parts. These lubricants have a huge viscidness index, thermal consistency, least freezing point, and exceptional resistivity to oxidation. The usage of lubricants enhance the shelf-life of the technical parts and also offer the smooth working of the operations.

Competitive Landscape:

Key players involved in the global Marine Lubricants Market are LUKOIL, Shell PLC, Chevron Corporation, BP PLC (Castrol), and ExxonMobil Corporation.

Market Key Drivers:

The rising number of merchant ships is expected to augment the growth of the global marine lubricants for market. For instance, as per United Nations Conference on Trade and Development, the total number of merchant ships were around 53,275 units in 2020 and crossed 53,973 units in 2021.

Two-stroke engines are mostly being utilized in merchant fleet comprising oil tankers and others which is anticipated to drive the growth of global marine lubricants for market. For instance, as per UNCTD, in January 2021, the global merchant fleet had attained a carrying capacity of 2.1 billion dead-weight ton.

Covid-19 Impact Analysis:

The Covid-19 outbreak had adversely affected the growth of global Marine Lubricants Market due to the strict imposition of lockdown. The closure of the manufacturing units, the disruption in supply chain and the delay in transportation of goods from one place to another has impeded the market growth.

Key Takeaways:

The global Marine Lubricants Market is expected to exhibit a CAGR of XX % during the forecast period due to the increasing acquisitions and mergers for the expansion of the product.

For instance, In April 2022, Chevron Global Energy Inc., declared the acquisition of Neste Corporation's NEXBASE brand, connected qualifications and permissions, and associated sales and marketing processes from Neste Corporation.

Among region North America, Asia Pacific and Europe are anticipated to witness robust growth in the global Marine Lubricants Market due to rising imports and exports, increasing use of lubricants in several marine applications. For instance, as per UNCTD, Indian shipping ton holds around 12.68 million gross tons with 1431 ships in March 2020 and crossed 13.01 million gross registered tons with 1463 ships in March 31, 2021.

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