Published by Coherent Market Insights
Posted on September 30, 2021
Marine lubricants are primarily used across the shipping industry in order to protect and improve the efficiency of the equipment and engine. These are high-performance fuel that is specially designed to enhance performance in operations. They exhibit exceptional properties that help in increasing shelf-life and protect the components exposed to high temperatures. They improve the performance and also reliability of the machine by protecting it from wear and tear by eliminating corrosion. Inflatable boats, drill ships, outboard motorboats, tankers, cargo ships, passenger ships, and semi-submerged ships are some of the application areas of the marine lubricants.
The global marine lubricants market is estimated to be valued at US$ 11,185.6 million in 2021 and is expected to exhibit a CAGR of 6.1% over the forecast period (2021-2028).
Top Key Players in Marine Lubricant market: BP, PLC, Royal, Dutch, Shell, Plc, Exxon, Mobil, Corporation, Chevron, Corporation, Sinopec, Corporation, Lukoil, Idemitsu, Kosan, Co, Ltd, and, Total, S.A.
Regional Analysis:
The market research report on the global Marine Lubricant market offers complete analysis across various regions around the globe. The report contains detailed country-level analysis, market revenue, market value and forecast analysis for the following countries and regions: Geographically, the comprehensive analysis of ingestion, revenue and Market share and growth speed, historical and forecast (2021-2027) of these regions are covered:
In December 2020, Gulf Oil International (global lubricant company) announced its plans to acquire lubricant blending plant from Singapore’s Ocean Tankers (marine transportation provider). The lubricant blending plant comes with wharf access, storage tank farm and terminal facility, located in Singapore’s Tuas region. The facility will allow Gulf Oil to invest further in the marine segment and grow its market share in marine lubricants.
In August 2021, Wilh. Wilhelmsen Holding ASA (multinational maritime group) entered into a partnership with Klüber Lubrication (U.S. based lubricants manufacturer). Under the partnership Wilhelmsen will exclusively sell and distribute Kluber’s maritime lubricant range.
In April 2020, World Fuel Services Corporation (WFS, an energy, commodities, and services company based U.S.) became official distributor for Shell Marine Lubricants in France. With the addition of France, WFS further strengthens its Shell Marine lubricants distribution network, which also includes Gibraltar, Spain, and Argentina.
Growth in the shipping industry where marine lubricants are widely used is expected to propel the market growth of marine lubricants. According to the Department of Transport and Supply Chain Management (University of Johannesburg, South Africa), the shipping industry is considered as one of the catalysts for the development of an economy that is projected to contribute 90% of world trade. Moreover, continuously evolving marine lubricants along with the new formulation are further expected to accelerate the market growth of marine lubricants.
Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
The post Marine Lubricant market Drivers, Challenges and Future Prospect and Key Players appeared first on Gatorledger.
Marine lubricants are primarily used across the shipping industry in order to protect and improve the efficiency of the equipment and engine. These are high-performance fuel that is specially designed to enhance performance in operations. They exhibit exceptional properties that help in increasing shelf-life and protect the components exposed to high temperatures. They improve the performance and also reliability of the machine by protecting it from wear and tear by eliminating corrosion. Inflatable boats, drill ships, outboard motorboats, tankers, cargo ships, passenger ships, and semi-submerged ships are some of the application areas of the marine lubricants.
The global marine lubricants market is estimated to be valued at US$ 11,185.6 million in 2021 and is expected to exhibit a CAGR of 6.1% over the forecast period (2021-2028).
Top Key Players in Marine Lubricant market: BP, PLC, Royal, Dutch, Shell, Plc, Exxon, Mobil, Corporation, Chevron, Corporation, Sinopec, Corporation, Lukoil, Idemitsu, Kosan, Co, Ltd, and, Total, S.A.
Regional Analysis:
The market research report on the global Marine Lubricant market offers complete analysis across various regions around the globe. The report contains detailed country-level analysis, market revenue, market value and forecast analysis for the following countries and regions: Geographically, the comprehensive analysis of ingestion, revenue and Market share and growth speed, historical and forecast (2021-2027) of these regions are covered:
In December 2020, Gulf Oil International (global lubricant company) announced its plans to acquire lubricant blending plant from Singapore’s Ocean Tankers (marine transportation provider). The lubricant blending plant comes with wharf access, storage tank farm and terminal facility, located in Singapore’s Tuas region. The facility will allow Gulf Oil to invest further in the marine segment and grow its market share in marine lubricants.
In August 2021, Wilh. Wilhelmsen Holding ASA (multinational maritime group) entered into a partnership with Klüber Lubrication (U.S. based lubricants manufacturer). Under the partnership Wilhelmsen will exclusively sell and distribute Kluber’s maritime lubricant range.
In April 2020, World Fuel Services Corporation (WFS, an energy, commodities, and services company based U.S.) became official distributor for Shell Marine Lubricants in France. With the addition of France, WFS further strengthens its Shell Marine lubricants distribution network, which also includes Gibraltar, Spain, and Argentina.
Growth in the shipping industry where marine lubricants are widely used is expected to propel the market growth of marine lubricants. According to the Department of Transport and Supply Chain Management (University of Johannesburg, South Africa), the shipping industry is considered as one of the catalysts for the development of an economy that is projected to contribute 90% of world trade. Moreover, continuously evolving marine lubricants along with the new formulation are further expected to accelerate the market growth of marine lubricants.
Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
The post Marine Lubricant market Drivers, Challenges and Future Prospect and Key Players appeared first on Gatorledger.
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