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The global marine lubricants market size is anticipated to reach USD 9.47 billion by 2026, on account of rising demand for better protection, performance, and prolonged life cycle of machines used in the industry. Fortune Business Insights™ presented this information in their recently published report titled, “Marine Lubricants Market Size, Share & Industry Analysis, By Product (Marine Cylinder Oil, Piston Engine Oil, System Oil, and Others; By Ship Type (Bulk Carrier, Oil Tankers, General Cargo, Container Ships, Others), and Regional Forecast, 2019-2026.” The market was worth USD 8.01 billion in 2018 and is anticipated to rise at a CAGR of 2.13% within the forecast period of 2019 to 2026.
Strong Sales and Network Distribution of Shell will Provide Impetus to Market
The British Dutch oil and gas company Royal Dutch Shell PLC., commonly known as Shell, signed a framework agreement with maritime engineering business company CCCC Dredging (Group) to cover the wide-fleet supply of technical services and marine lubricants. Mr. Liu Shudong, the Vice President of CCCC Dredging, said, “This strategic partnership is likely to strengthen the relationship between the two companies and pave the way for further collaborations in other aspects. The comprehensive range of products and an extensive network of shell marine lubricants will help to ensure its ability to meet the complex demands of CCCC both supply and product-wise. It will further increase fleet efficiency and optimize overall asset performance.” Such collaborative efforts by major companies are likely to promote the overall marine lube market growth in the forecast duration.
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Rising Need to Maintain Smooth Functioning of Machines will Drive Market
The increasing prices of fuel have compelled shipping industries to operate engines at slow steam levels for saving more fuel. This will further increase the possibility of corrosion in engines as marine engines are not susceptible to operating at reduced rates. The increasing need to ensure the proper and safe functioning of engines is a major factor responsible for driving the marine lubricants market. Besides this, the increasing trade relations between nations is also adding a boost to the overall growth of the market. Additionally, the increasing popularity of e-commerce overseas is further expected to add impetus to the market in the forecast period. There is also the demand for protecting marine vessels from corrosion and this will help increase the demand for shell marine lubricants in the forecast period. Furthermore, the ongoing trend of bio-based marine lubricants is likely to create lucrative growth opportunities in the future market.
Companies Focusing on Long-term Contracts to Gain Handsome Revenue
Companies operating in the marine lube market are adopting mergers and acquisitions, signing long-term contracts and agreements, and other strategic collaboration methods to gain a competitive edge in the market. At present, about 85% of the marine lubricants are traded through contracts and supply agreements instead of stock price rates. This has propelled manufacturers to sign long-term contracts with shipping companies. Such efforts made by companies are likely to attract high marine lubricants market revenue in the coming years.
Key Industry Developments of the Marine Lube Market include:
Key Marine Lubricants Market Manufacturers include:
Further Report Findings
The global marine lubricants market is segmented into:
Value (USD Million) and Volume (Kilo Tons)
By Ship Type