Theglobal marinelubricants market is expected to attract increased revenuesin the years to follow. Advancements in the marine industry are the basis forgrowth across several markets. The stellar size and expansive scope of themarine industry has created fresh opportunities for growth within the globalmarine lubricants market. The marine industry consists of a large fleet ofvessels that undertake large commutes, and it is important to repair andoverhaul these vessels at regular intervals. This is an important considerationfrom the perspective of gauging market growth. Use of marine lubricants inships and vessels has emerged as the most prominent driver of demand within theglobal 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
Shift tozero-emission fuels has changed the dynamics of the marine industry. The CEO ofLukoil 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 unfoldgradually, and the market vendors are required to take balanced steps to thisend. The growth of the global marine lubricants market has become a function ofthe strategies adopted by ship and vessel owners.
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Growing Relevance of ExplorationActivities
The marineindustry has witnessed several advancements over the past decade. Explorationactivities, pertaining to the marine industry, have proved to be lucrative forseveral industries and markets. However, it is important to ensure seamlessfunctioning of vessels in order to effectuate exploration activities.Therefore, the need for marine lubrication stems out of the quest to optimizeexploration activities. Furthermore, the use of marine lubricants in engineparts has played an integral role in driving sales across the market. Variousgrades of marine lubricants including hydraulic oil, compressor oil, and greaseare used in the marine industry. The availability of these oils largely definesthe growth index of the global marine lubricants market.
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Some of theleading vendors operating in the global marine lubricants market are RoyalDutch Shell Plc, JXTG Nippon Oil & Energy Corp., BP Plc, Petroliam NasionalBerhad, 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 by digitaltechnologies and environmental sustainability concerns of product development.Over the decades, the feedstock variability and the onslaught of cheapersubstitutes have squeezed in profit margins of the chemical and materialssector. On the other hand, the value chain of several businesses in the marine lubricants markethas undergone overhaul, increasingly rendering some aspiring players with greatercontrol over the forces and demand. The penetration of Industry 4.0 in in themarket has stirred game-changing trends for range of stakeholders in theoverall chemicals and materials sector. Manufacturing and productionenvironments of businesses in the marinelubricants market 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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