PUBLISHER: Polaris Market Research | PRODUCT CODE: 1108687
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1108687
The global marine lubricants market size is expected to reach USD 7.64 billion by 2030, according to a new study by Polaris Market Research. The report "Marine Lubricants Market Share, Size, Trends, Industry Analysis Report, By Oil Type; By Product Type (Engine Oil, Hydraulic Fluid, Compressor Oil, Others); By Marine Channel (Recreational, Industrial, Transport); By Region; Segment Forecast, 2022 - 2030" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The key factors responsible for the maritime lubricants industry growth are a rise in maritime tourism concerning infrastructural development, government support in developing waterways as a transport route coupled with significant investments and grants.
For instance, in October 2021, the Indian government announced the commencement of the Maritime India Summit 2021, in which it was stated that the central government intends to invest in waterway facilities and ports and that the Ministry of Ports and Waterways has compiled a list of more than 380 projects that can be funded.
Further, companies are in partnerships and agreements to develop new technologies and products. For instance, in April 2021, Crown Oil signed a collaboration with the Valvoline. Crown Oil will be able to offer a wide range of high-quality Valvoline products. Also, in August 2021, Wilhelmsen Holding ASA partnered with Klubler to take over its maritime portfolio.
Based on the oil, the mineral segment accounted for the leading share in the industry. Depending on the usage and requirement, this oil comes in light and has heavy grades. High demand in various marine applications. Moreover, the presence of major lubricants companies in the region contributes to the lubricants market's growth.
Market players such as BP Plc., ExxonMobil Corporation, ENI SPA, China Petrochemical Corporation, PetroChina Company Limited, Idemitsu Kosan Co. Ltd, ENOC (Emirates National Oil Company), Petronas, Gazrprom Neft, Gulf Oil Corporation Ltd., SK INC, JX Nippon Oil & Energy Corporation, Indian Oil Corporation, Lukoil, Royal Dutch Shell Plc, TotalEnergies SE, and Valvoline are some key players operating in the global market.
In June 2021, BP. established a hub in Pune to expand their digital expertise and meet demands by providing sustainable solutions. In India, BP has a relationship with Reliance Industries Ltd for natural gas pipeline development and fuel marketing, Castrol lubricants, clean energy projects under Lightsource bp, and IT back-office services.
Polaris Market Research has segmented the marine lubricants market report based on oil type, product, marine channel, and region:
Marine Lubricants, Oil Type Outlook (Revenue - USD Billion, 2018 - 2030)
Mineral Oil
Synthetic Oil
Bio-based Oil
Marine Lubricants, Product Outlook (Revenue - USD Billion, 2018 - 2030)
Engine Oil
Hydraulic Fluid
Compressor Oil
Others
Marine Lubricants, Marine Channel Outlook (Revenue - USD Billion, 2018 - 2030)
Recreational
Inflatable Boats
In Board Motorboats
Out Board Motorboats
Others
Industrial
Drill Ships
Semi Submerged Ship
Transport
Tankers
Cargo Ships
Container Ships
Passenger Ships
Others
Marine Lubricants, Regional Outlook (Revenue - USD Billion, 2018 - 2030)
North America
U.S.
Canada
Europe
France
Germany
UK
Italy
Netherlands
Spain
Russia
Asia Pacific
China
India
Japan
Malaysia
South Korea
Indonesia
Latin America
Mexico
Brazil
Argentina
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
List of Tables
Figure 1. Global Marine Lubricants Market, 2018 - 2030 (USD Billion)
Figure 2. Integrated Ecosystem
Figure 3. Research Methodology: Top-Down & Bottom-Up Approach
Figure 4. Market by Geography
Figure 5. Porter's Five Forces
Figure 6. Market by Product
Figure 7. Global Marine Lubricants Market, by Product, 2021 & 2030 (USD Billion)
Figure 8. Market by Oil Type
Figure 9. Global Marine Lubricants Market, by Oil Type, 2021 & 2030 (USD Billion)
Figure 10. Market by Marine Channel
Figure 11. Global Marine Lubricants Market, by Marine Channel, 2021 & 2030 (USD Billion)
Figure 12. Marine Lubricants Market Assessment, By Geography, 2018 - 2030 (USD Billion)
Figure 13. Strategic Analysis - Marine Lubricants Market