Marine Lubricants Market Size Valuable Growth Prospects, Size, Share, Demand And Current Trends Analysis 2022-2031

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(MENAFN– America News Hour)

The Global Marine Lubricants Market size is projected to register a CAGR of around 2% during the forecast period.
The market is negatively impacted by COVID-19 in 2020. Considering the pandemic scenario, the demand for various commodities, goods, and raw materials including crude oil, natural gas, and others have been decreased, thus led to a decrease in marine shipping and transportation activities during the pandemic situation, which had decreased the consumption of lubricants used in the various application such as engine lubrication, hydraulic and gear system, etc. inside the ships, therefore, negatively impacted the demand for the marine lubricants market.

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– Over the short term, the rising demand for marine transport in Europe and Asia-Pacific and growing shipbuilding activities in Asia-Pacific are expected to drive the demand for the market, during the forecast period.
– Economic instabilities in shipbuilding economies and unfavorable conditions arising due to the impact of COVID-19 are likely to hinder the market’s growth.
– Recovering shipbuilding and marine transport industry in the United States is projected to act as an opportunity for the market, in the coming years.
Key Market Trends
Marine Cylinder Lubricant to Dominate the Market

– Marine cylinder lubricants occupy the largest share in the marine lubricants market. These lubricants find their application in vessels with either 2-stroke or 4-stroke engines, with 2-stroke engines occupying the majority of the share. The two-stroke crosshead diesel engine has been the preferred prime mover for larger merchant vessels for many years.
– For marine diesel engines operating on residual fuels containing sulfur, cylinder lubricants generally serve the following purposes:
– ​Form and maintain an oil film to prevent metal-to-metal contact between the cylinder liner and piston rings.​
– Neutralize sulfuric acid to control corrosion.​
– Clean the cylinder liner, and particularly the piston ring pack, to prevent malfunction and damage caused by combustion and neutralization residues.​
– The ever-tightening restrictions regarding the environment are pushing the marine cylinder lubricant manufacturers to develop new products continuously.
– Major manufacturers, such as Shell and Castrol, have even responded to the restrictions being laid out, by offering newer products to their customers, over the recent years.
– With the growing naval trade globally, the merchant navy fleet is continuously increasing which will increase the consumption of marine cylinder lubricants.
– Two-stroke engines are being used in merchant fleets including oil tankers, cargo ships, bulk carriers, and others. According to the United Nations Conference on Trade and Development (UNCTD), the world merchant fleet had reached a carrying capacity of 2.1 billion dead-weight tons (DWT) in January 2020, which was 81 dead-weight tons (DWT) more in compared to the previous year, thus led to an increase in the consumption of marine cylinder lubricant used in the engines of the merchant fleet, which in turn stimulates the demand for the studied market.
– According to UNCTD, the total number of merchant ships were accounted to 52,162 units in 2019, globally and reached about 52,961 merchant ships in 2020, with a growth rate of about 1.5%, thus led to an increase in the consumption of marine cylinder lubricant, which in turn stimulates the demand for the marine lubricants market.
– Therefore, the aforementioned factors are expected to show a significant impact on the market in the coming years.
Asia-Pacific Region to Dominate the Market
– The Asia-Pacific region dominated the global marine lubricants market. With rising demand for the majority of the industries and commodities, an increasing trend for imports and exports has been registered in recent years.
– The demand for basic commodities and raw materials, including crude oil and natural gas, is rising over the period. In line with the Paris Climate Pact, the major developing nations of Asia-Pacific are cutting down their daily usage of coal and converting to natural gas, majorly for power generation and cooking purposes. Natural gas is imported in Asia-Pacific, as the production is not sufficient to cope up with the demand.
– Lubricants are being used in various marine applications including engine oils, air compressors, hydraulic systems, turbines, gear systems, bearings and circulation systems, and others.
– According to the United Nations Conference on Trade and Development (UNCTD), in terms of dead-weight tons (DWT), about 93% of the global shipbuilding activities were located in China, the Republic of Korea, and Japan. Furthermore, Bangladesh and India were accounted for about 83% of the global ship recycling.
– According to UNCTD, China has 4,504 merchant ships in 2019 and reached about 4,603 merchant ships in 2020, with a growth rate of about 2.2%, which in turn stimulates the demand for the marine lubricants market.
– As of January 2021, China is building another two larger aircraft carriers at the Jiangnan Shipyard near Shanghai, the first of which is expected to be completed in 2021 and commissioned into service by 2023, which in turn will enhance the demand for the marine lubricants market.

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– According to the Ministry of Ports, Shipping, and Waterways of India, Indian shipping tonnage was accounted for 12.78 million gross registered tonnages (GRT) with 1404 ships as of 31st March 2019 and reached 12.68 million gross tonnages with 1431 ships as of March 2020.
– Therefore, the aforementioned factors are expected to show a significant impact on the market in the coming years.
Competitive Landscape
The marine lubricants market is highly fragmented in nature. Some of the key players in the market include Royal Dutch Shell PLC, BP PLC (Castrol), Chevron Corporation, LUKOIL, and ExxonMobil Corporation, among others.

1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Rising Demand for Marine Transport in Europe and Asia-Pacific
4.1.2 Growing Shipbuilding Activities in Asia-Pacific
4.2 Restraints
4.2.1 Economic Instabilities in Shipbuilding Economies
4.2.2 Impact of COVID-19 Pandemic
4.2.3 Other Restraints
4.3 Value Chain/Supply Chain Analysis
4.4 Porter’s Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Regulatory Policy Analysis
5 MARKET SEGMENTATION

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