Skip to main content

Marine Lubricants Market Share, Size, Expected Growth Opportunities and Forecast by 2027 | Know the Russia Ukraine Impact On Marine Lubricants Industry in UK

The global marine lubricants business  is anticipated to reach USD 9.47 billion by 2026 owing to the increasing need to protect engines from corrosion. This information is provided by a published report by Fortune Business Insights™. The title of the report is, “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.” As per this report, the market value was USD 8.01 billion in 2018 and will rise at a CAGR of 2.13% during the forecast period, 2019 to 2026.

Get Sample PDF Brochure:

https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/marine-lubricants-market-100423

Russia-Ukraine War Implication

The Russia-Ukraine war could change the Marine Lubricants Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Marine Lubricants Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.

The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity.

Drivers –

Rising Focus on Enhancing the Operability of Ship Engines will Drive Market

The rise in fuel prices has propelled shipping companies to operate engines at maximum levels by slow steaming and save fuel. However, marine engines are incapable of operating at reduced rates continuously and this raises the possibility of corrosion in the engine and its associated strained components. For ensuring proper and safe functioning of engines, marine lubricants are a necessity. The above factor stands as a major driver for the marine lubricants market growth. Additionally, the rise in trade relations between nations and the expansion of e-commerce overseas are also helping the market gain impetus.

Furthermore, analysts at Fortune Business Insights™ say “Focus on keeping machines and marine vessels free from corrosion will help the market gain traction in the forecast period. This, coupled with the advent of bio-based lubricants in the market, will create lucrative growth opportunities for the market in the long run.”

Ask for Customization:

https://www.fortunebusinessinsights.com/enquiry/customization/marine-lubricants-market-100423

Regional Analysis –

Increasing Trade Relations between Developing Nations to Help Asia Pacific Continue Dominance in Market

Asia Pacific holds the majority portion of the marine lubricants market share on account of the presence of large ship fleet companies in the region. These include China Shipping Container Lines, China Ocean Shipping Company, Mitsui O.S.K. Lines, among others. As per the report by The United Nations Conference on Trade and Development (UNCTAD), around 50% of the ships across the world are owned by Asia Pacific Nations. Additionally, the presence of dry docks in this region is high and this also adds to the regional market growth. Furthermore, increasing trade relations between emerging nations such as Taiwan, China, and India, coupled with the rise in the number of naval vessels, will help augment the regional market in the forecast period.

On the other side, the market in North America held a single-digit share earning revenue of USD 3.41 Billion in 2018. This was due to the presence of a few ship owners in the region. However, with a steady increase in trade, this region will witness moderate growth in the foreseeable future.

Competitive Landscape –

Companies Engage in Contracts and Agreements to Stay Ahead of Competition

An estimate of 85% and more of marine lubricants worldwide are sold through supply agreements and contracts instead of being sold at stock price rates. Therefore, to strengthen their network across different ports for worldwide supply, manufacturers are emphasizing on entering into long-term contracts and agreements with shipping companies. For instance, a framework agreement was signed between CCCC Dredging (Group) Co. Ltd. and Shell for supplying marine lubricants and technical services via 700 ports and more in 61 nations across the globe.

Notable Marine Lube Market Manufacturers:

  • BP p.l.c.
  • SINOPEC
  • Repsol S.A.
  • The PJSC Lukoil Oil Company
  • Eni oil Products
  • Exxon Mobil Corporation
  • Croda International Plc
  • AvinOil S.A.
  • Total SA
  • CEPSA
  • Royal Dutch Shell Plc
  • Gazprom Neft PJSC
  • Chevron Corporation
  • Others

Inquire Before Buying This Report:

https://www.fortunebusinessinsights.com/enquiry/queries/marine-lubricants-market-100423

Comments

Post a Comment

Popular posts from this blog

UK Polyethylene Industry report comprises an in-depth study of the potential segments

  Research study proficient by Fortune Business Insights™ database of 100+ pages report, titled "UK Polyethylene Industry" with 50+ Industry data Tables, Pie Charts, Graphs & Figures spread through Pages and easy-to-understand detailed analysis. The statistical and numerical data are represented in graphical format for a neat understanding of facts and figures of Industry research analysis. Furthermore, the business report presents the data and information for actionable, most recent, and real-time industry insights which make it easier to even take critical business decisions. The Industry insights gained through this UK Polyethylene Industry analysis report facilitate a more defined understanding of the Industry landscape, issues that may interrupt in the future, and ways to position a definite brand excellently. Using SWOT analysis, the report examines Industry drivers and restraints, as well as their impact on demand during the predicted period. By ...
Post a Comment
Read more

UK Green Building Materials Market drivers, development opportunities, and market restraints

  In a recently published report by Fortune Business Insights™, titled, "UK Green Building Materials   Market Report 2022", the analysts have provided an in-depth overview of the   UK Green Building Materials   Market. The report is an all-inclusive research study of the   UK Green Building Materials   market taking into account the growth factors, recent trends, developments, opportunities, and competitive landscape. Market analysts and researchers have done extensive analysis of the market with the help of research methodologies such as PESTLE and Porter's Five Forces analysis. They have provided accurate and reliable market data and useful recommendations with an aim to help the players gain insight into the overall present and future market scenario. Request a Sample PDF Report:-   https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/102932 This research contains in-depth information on emerging trends, market drivers, developmen...
Post a Comment
Read more

UK Membranes Market Growth, Size, Share, CAGR till 2029

  (Latest Industry Updated Report)   “ UK Membranes Market”  Report provides an in-depth analysis of emerging trends, market drivers, development opportunities, and market constraints that may have an impact on the market dynamics of the industry. Each market sector is examined in depth in the Market Research Intellect, including goods, applications, and competitive analysis. The data used for this report is obtained from reliable industry sources, paid resources, and validated sources. This research works as a systematic guideline for marketers to make well-informed decisions. Key players in the membrane market are profiled with detailed insights into company profile, product portfolio, geographical presence, statistical analysis, key developments, and growth strategies. Furthermore, the  UK Membranes Market report provides a comprehensive analysis of the COVID-19 pandemic and how it has affected the market in the discussion. The s...
Post a Comment
Read more