The global marine lubricants market is expected to attract increased revenues in the years to follow. Advancements in the marine industry are the basis for growth across several markets. The stellar size and expansive scope of the marine industry has created fresh opportunities for growth within the global marine lubricants market. The marine industry 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 prominent driver of demand within the global market.
Transparency Market Research (TMR), in its report, finds that the global marine lubricants market 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 is projected to touch US$3.33 bn by 2024-end. The growth of this market largely relies on advancements in lubrication techniques. Ships and vessels are capital assets for marine operators, and their maintenance, repair, and overhaul (MRO) are important considerations for these operators.
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Changing Trends across the Marine Industry
Shift to zero-emission fuels has changed the dynamics of the marine industry. The CEO of Lukoil Marine Lubricants made points to the changing propensities and inclinations of shipowners in recent times. The advent of IMO 2024 has also changed the way companies view the launch of new lubricants into the market. The process of getting accustomed to the regulations of IMO 2024 shall unfold gradually, and the market vendors are required to take balanced steps to this end. The growth of the global marine lubricants market has become a function of the strategies adopted by ship and vessel owners.
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Growing Relevance of Exploration Activities
The marine industry has witnessed several advancements over the past decade. Exploration activities, pertaining to the marine industry, have proved to be lucrative for several industries and markets. However, it is important to ensure seamless functioning of vessels in order to effectuate exploration activities. Therefore, the need for marine lubrication stems out of the quest to optimize exploration activities. Furthermore, the use of marine lubricants in 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 largely defines the growth index of the global marine lubricants market.
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Some of the leading vendors operating in the global marine lubricants market are Royal Dutch Shell Plc, JXTG Nippon Oil & Energy Corp., BP Plc, Petroliam Nasional Berhad, Gulf Oil Marine Ltd., Idemitsu Kosan Co. Ltd., and FUCHS.
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The marine lubricants market has been undergoing some remarkable growth dynamics, shaped increasingly by digital technologies and environmental sustainability concerns of product development. Over the decades, the feedstock variability and the onslaught of cheaper substitutes have squeezed in profit margins of the chemical and materials sector. On the other hand, the value chain of several businesses in the marine lubricants market has undergone overhaul, increasingly rendering some aspiring players with greater control over the forces and demand. The penetration of Industry 4.0 in in the market has stirred game-changing trends for range of stakeholders in the overall chemicals and materials sector. Manufacturing and production environments of businesses in the marine lubricants market are keen on formulating and implementing strategic frameworks that will turn them into digital enterprises.
Companies in the marine lubricants market have increasingly shifted gears with wide application of digital technology across the continuum, from raw material sourcing to manufacturing to generation of final output, to warehousing to final distribution operations. Among the various affects, the market is witnessing new growth economics due to thinning of line between specialty and commodity businesses that are associated with the larger ecosystem. At the same time, new growth parameters are being vigorously being debated as industry stakeholders put greater emphasis on the circular economy processes.
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