Theglobal marine lubricantsmarket isexpected to attract increased revenues in the years to follow. Advancements inthe marine industry are the basis for growth across several markets. Thestellar size and expansive scope of the marine industry has created freshopportunities for growth within the global marine lubricants market. The marineindustry consists of a large fleet of vessels that undertake large commutes,and it is important to repair and overhaul these vessels at regular intervals.This is an important consideration from the perspective of gauging market growth.Use of marine lubricants in ships and vessels has emerged as the most prominentdriver of demand within the global market.
TransparencyMarket Research (TMR), in its report, finds that the global marine lubricantsmarket would at a steady CAGR of 4.17% over the period between 2016 and 2024.The total volume of revenues within the global marine lubricants market isprojected to touch US$3.33 bn by 2024-end. The growth of this market largelyrelies on advancements in lubrication techniques. Ships and vessels are capitalassets for marine operators, and their maintenance, repair, and overhaul (MRO)are important considerations for these operators.
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ChangingTrends across the Marine Industry
Shiftto zero-emission fuels has changed the dynamics of the marine industry. The CEOof Lukoil Marine Lubricants made points to the changing propensities andinclinations of shipowners in recent times. The advent of IMO 2020 has alsochanged the way companies view the launch of new lubricants into the market.The process of getting accustomed to the regulations of IMO 2020 shall unfold gradually,and the market vendors are required to take balanced steps to this end. Thegrowth of the global marine lubricants market has become a function of thestrategies adopted by ship and vessel owners.
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GrowingRelevance of Exploration Activities
Themarine industry has witnessed several advancements over the past decade.Exploration activities, pertaining to the marine industry, have proved to belucrative for several industries and markets. However, it is important toensure seamless functioning of vessels in order to effectuate explorationactivities. Therefore, the need for marine lubrication stems out of the questto optimize exploration activities. Furthermore, the use of marine lubricantsin engine parts has played an integral role in driving sales across the market.Various grades of marine lubricants including hydraulic oil, compressor oil,and grease are used in the marine industry. The availability of these oils largelydefines the growth index of the global marine lubricants market.
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Someof the leading vendors operating in the global marine lubricants market areRoyal Dutch Shell Plc, JXTG Nippon Oil & Energy Corp., BP Plc, PetroliamNasional Berhad, Gulf Oil Marine Ltd., Idemitsu Kosan Co. Ltd., and FUCHS.
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The marine lubricants markethas been undergoing some remarkable growth dynamics, shaped increasingly bydigital technologies and environmental sustainability concerns of productdevelopment. Over the decades, the feedstock variability and the onslaught ofcheaper substitutes have squeezed in profit margins of the chemical andmaterials sector. On the other hand, the value chain of several businesses inthe marine lubricantsmarket has undergone overhaul, increasinglyrendering some aspiring players with greater control over the forces anddemand. The penetration of Industry 4.0 in in the market has stirredgame-changing trends for range of stakeholders in the overall chemicals andmaterials sector. Manufacturing and production environments of businesses inthe marine lubricantsmarket are keen on formulating and implementingstrategic frameworks that will turn them into digital enterprises.
Companies in themarine lubricantsmarket have increasingly shifted gears with wideapplication of digital technology across the continuum, from raw materialsourcing to manufacturing to generation of final output, to warehousing tofinal distribution operations. Among the various affects, the market iswitnessing new growth economics due to thinning of line between specialty andcommodity businesses that are associated with the larger ecosystem. At the sametime, new growth parameters are being vigorously being debated as industrystakeholders put greater emphasis on the circular economy processes.
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