Segmentation by Type (In-Scope/Out-of-Scope)
- In-Scope:
The marine lubricants market will have significant market share growth during the forecast period. The easy availability and low cost of mineral oils and increased R&D expenditure are projected to drive the demand for mineral oil-based marine lubricants, which will positively impact the market focus in the coming years.
- Out-of-Scope:
Segmentation by Application (In-Scope/Out-of-Scope)
- In-Scope:
The global marine lubricants market is dominated by the engine oil segment mainly because of the large size, smaller drain intervals, and the high consumption of fuel in engines. In marine applications, engine oils help in minimizing the build-up of deposits in engines and help keep the engine clean.
- Out-of-Scope:
Highlights-
- Segmentation- Type (mineral oil-based marine lubricants, synthetic marine lubricants, and bio-based marine lubricants), application (engine oil, hydraulic oil, grease, and others)
- Key Companies- Benjn.R.Vickers and Sons Ltd., BP Plc, Chevron Corp., China Petroleum and Chemical Corp., Compania Espanola de Petroleos SA, ENEOS Holdings Inc., Exxon Mobil Corp., Feoso Oil Ltd., FUCHS PETROLUB SE, Gulf Oil International Ltd, Indian Oil Corp. Ltd., PJSC LUKOIL, Repsol SA, Shell plc, TotalEnergies SE, Valvoline Inc., Emirates National Oil Co. Ltd. LLC., Idemitsu Kosan Co. Ltd., PJSC Gazprom Neft, and Eni Spa.
- Driver- Development and growth of the shipping industry
- Challenge- Volatility in raw material prices
Vendor Insights-
The marine lubricants market is fragmented and the vendors are deploying growth strategies such as technological innovations to compete in the market. The competitive environment in the market will further intensify over the next five years with the increase in product extensions in terms of innovations in technology. Vendors compete based on factors such as innovation, price, operational cost, and product quality.
Learn More about Key Drivers & Challenges of the Market-
- Marine Lubricants Market Driver:
The development and growth of the shipping industry are driving the global marine lubricants market growth. Developed countries such as US and others are developing their shipping industry. For instance, in November 2021, the US Department of Transportation announced an action plan to accelerate investments in the country’s ports, waterways, and freight networks.
- Marine Lubricants Market Challenge:
The volatility in raw material prices is challenging the global marine lubricants market growth. Increasing demand for crude oil accompanied with a simultaneous lower supply of crude oil resulted in the rise in global crude oil prices. Thus, price fluctuations and the non-availability of raw materials have an adverse effect on the cost of marine lubricant products and the operations of vendors in the market.
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