Brazil Marine Lubricant Market to Reach $15.01 Million by 2027; Repsol Commits Three-Year Partnership Extension to Provide Advanced Lubricants in Peru

The Brazil marine lubricant market size is expected to gain momentum by reaching USD 15.01 million by 2027. This is attributable to the increasing focus of shipping industries to reduce operational costs that is likely to boost the demand for advanced Brazil marine lubricant in the country during the forecast period. Fortune Business Insights, published this information, in its latest report, titled, “Brazil Marine Lubricant Market Size, Share & COVID-19 Impact Analysis, By Product Type (Marine Cylinder Oil, Piston Engine Oil, System Oil, and Other), By Ship Type (Bulk Carrier, Oil Tankers, General Cargo, Container Ships, and Others) Forecast, 2020-2027.” The report further observes that the market stood at USD 14.17 million in 2019 and is projected to exhibit a CAGR of 1.9% between 2020 and 2027.

Repsol Extends Partnership with Total Lubmarine to Deliver Advanced Brazil Marine Lubricant Products

In January 2019, Repsol, a leading lubricant company, announced the extension of partnership with Total Lubmarine for another three years. The longstanding relationship between the two reputed companies will lead to continual serving of power plant and maritime lubricant products across Peru.

The partnership is expected to increase the competitiveness of the companies as they will be using regional supply chain services in Brazil. Robert Joore, General Manager of Total Lubmarine, said, “The company is pleased to reach an agreement with Repsol Lubricants to further extend the partnership for another three years. This extension of partnership will continue to provide quality Brazil marine lubricant products in the country.”

Such initiatives by major companies are expected to bode well for the growth of the market for Brazil marine lubricant during the forecast period.

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https://www.fortunebusinessinsights.com/brazil-marine-lubricant-market-104286

Increasing Focus on Reducing Operational Cost to Favor Growth

Owing to high transportation costs, several shipping industries look for solutions to keep the overheads low and maintain profit. In doing so, several shippers end up running engines at slow streaming levels that may often run the risk of the engine components getting corroded. Therefore, to prevent this, advanced and bio-based lubricants are adopted that aid in remarkable reduction of operational costs by keeping the engine components safe and running. The rising transportation services would propel the efficient and advanced marine lubricant demand in the country. This is expected to bode well for the Brazil marine lubricant market growth in the forthcoming years.

Total Brasil and ExxonMobil Focus on Partnership to Brighten Their Market Positions

The market research report includes several industry developments. As per the report, the Brazil marine lubricant market is fragmented by the presence of major companies such as Total Brasil, and ExxonMobil, among others. These companies are striving to maintain their stronghold in the market for Brazil marine lubricant by focusing on partnering up with other small companies to further boost their sales revenue. In addition to this, some of the key players are adopting strategies such as merger and acquisition and collaboration to gain a competitive edge over their rivals. But, a few are trying to develop new products that would provide high-performance and more fuel efficiency.

List of the Companies Profiled in the Brazil Marine Lubricant Market:

• TOTAL Brasil (Brazil)
• ExxonMobil (U.S.)
• Repsol (Spain)
• Royal Dutch Shell plc (Netherlands)
• UniMarine (Singapore)
• Cockett Group (Singapore)
• Chevron Marine Lubricants (U.S.)
• Idemitsu Kosan Co.,Ltd. (Japan)

Further Report Findings:

• The marine cylinder oil segment, based on product, was at the forefront in terms of the Brazil marine lubricant market share in 2019 and is expected to experience considerable growth backed by the increasing adoption of this type of oil to protect engine components from corrosion and abrasion.
• The general cargo segment, based on ship, is expected to showcase an exponential growth during the forecast period. This is attributable to the growing demand for cargo ships for transportation purposes that are expected to drive the demand for Brazil marine lubricant products in the forthcoming years.

Table of Segmentation: