Global Marine Lubricants Market
The global Marine Lubricants market was valued at USD 5.40 billion in 2016 and is projected to reach USD 6.68 billion by 2025, growing at a CAGR of 2.4% from 2017 to 2025.
Shipping as a trade activity is witnessing huge demand lately. The rise in import and export activities has increased shipping activities boosting the demand for marine lubricants. Marine lubricants are products that are used in ship construction. The decline in ship construction activities is responsible for slow market growth of these products.
1. Market Drivers
1.1 Infrastructure improvements in the shipping industry
1.2 Rise of alternate technologies
2. Market Restraints
2.1 Decrease in trade activities
The global Marine Lubricantsmarketis segmented on the basis ofproduct, application, ship type,and region.
1. By Product:
1.2 Mineral Oil
2. By Application:
2.1.1 System Oil
2.1.2 Cylinder Oil
3. By Ship Type:
3.2 Container Ships
3.3 Cargo Ships
4. By Region:
4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Middle East & Africa
The major players in the market are as follows:
1. Chevron Corporation
2. BP PLC
3. Royal Dutch Shell PLC
4. Exxonmobil Corporation
5. Idemitsu Kosan Co. Ltd.
6. Sinopec Corporation
7. Gulf Oil
9. Aegean Marine Petroleum Network Inc.
10. Total SA
11. Vickers Oil
12. Quepet Lubricants
13. Unimarine LLC
14. Avin Oil SA
15. Indian Oil Corporation
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Marine Lubricantsmarketwas performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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