Marine lubricants are broadly employed in air compressors, gear systems, hydraulic systems, and gas compressors to enhance machine functionality and decrease maintenance and wear & tear expenses. Flourishing shipping business owing to the rise in the call for the voyage, cargo and recreational ships is probable to favour marine lubricants business expansion.
The escalating marine trade due to the rising supply of energy, commodities and food would push global marine lubricant business. Mineral lubricants are present in light and substantial grades depending upon need and use. Strong corrosion resistance and improved equipment reliability would drive the market share of the product. Rising seaborne transport and expansion of suitable infrastructure for regular maritime lines should drive the marine lubricants market in the European region. Furthermore, Maritime being the most ecological mode of transportation when compared to road transport, the European transport policy is now moving positively in favor of maritime intermodal transport solution.
Europe Marine Lubricants Market Segmentation:
By base oil:
The synthetic sector is estimated to rise at the highest CAGR over the forecast period owing to the rising call for highly efficient, durable, and eco-friendly products. Strict safety rules have been launched by different governments to control the high sulfur and nitrogen emissions into the sea by the employment of mineral oil. These emissions not only harm aquatic life and the environment but is also hazardous to the ozone layer, hence escalating the requirement to switch to less toxic synthetic and bio-based products.
The compressor oil sector is estimated to rise at the highest CAGR in the forecast period owing to the increasing demand from refrigeration and air compressors in the presently plying large ships. In addition to that, there is a rising demand for luxury and cruise ships, resulting to a high rise in demand for better cooling systems for employment in these ships/vessels that subsequently translates into a need for refrigeration compressor oil.
All the ship types will contribute evenly as the lubricant plays a vital role in the smooth functioning of any vessel.
Europe Marine Lubricants Market Drivers:
The rise in a call from end-use industries such as shipping business drives the expansion of the global marine lubricant market. In addition to that, a surge in infrastructural ventures reinforced the shipping business, increasing the demand for marine lubricants for optimal performance and protection of engines. Moreover, the rise in emission control technologies is foreseen to propel the extension of the global marine lubricant market. The increase in the use of container transportation owing to the high export call of commodities would fuel the marine lubricant market.
Rising calls for leisure sports and ships is probable to favor the recreational ship's market hence boosting marine lubricants market expansion. An increase in economic standards along with increasing tourism business should escalate recreational boats call, therefore promoting marine lubricants business expansion in Europe.
Europe Marine Lubricants Market Restraints:
A rise in the number of inactive ships because of downshifting in trade activities is supposed to restrain the local market growth.
Europe Marine Lubricants Market Opportunities:
Strong resistance to corrosion and enhanced equipment reliability would drive the European market share of the marine lubricants. Ascend in the seaborne transport and expansion of suitable infrastructure for regular maritime lines should promote the marine lubricants business in the region. The escalation in the call for bio-based marine lubricants is estimated to provide tremendous growth opportunities of the regional marine lubricant market in the near future.
The rising number of freight fleets owing to increased industrial production will propel the growth of the Europe marine lubricants market.
Europe Marine Lubricants Regional Analysis:
The Europe marine lubricant market had the largest market size in 2018. However, it is likely to witness one of the smallest CAGRs in the foreseen period. Germany's marine lubricant market should rise by 4.5% by 2025 due to the increasing adoption of eco-friendly and ecolabel lubricants by original equipment manufactures. Government initiatives relating to different tax saving schemes promoting bio-lubricants call will also boost the market. Europe Marine Lubricants Market size is likely to reach $2.6 Billion by 2025, escalating marine trade due to the rising supply of energy, commodities and food would push global marine lubricant business.. Govt. initiatives relating to different tax saving schemes promoting bio-lubricants call will also boost the market. The presence of different manufacturers involved in the development of bio-based products in line with regulatory frameworks may act as a major driving factor for product regional expansion.
Belgium marine lubricant market is estimated to exceed 90-kilo tons throughout the estimated timeframe owing to the rising call for bio-based lubricants. The growing demand for leisure sports and ships is probable to favor the recreational ship's market, hence stimulating marine lubricant market expansion in this area. An increase in economic standards, along with flourishing tourism business should rise recreational boats demand, which will promote marine lubricant market expansion in the European region. Netherlands marine lubricant market is estimated to showcase gains of over 6.4% by 2024 owing to rising marine transport due to bilateral free trade agreements with other regions. The European Commission is presently negotiating the latest FTA between the EU and six trade partners involving Australia, Chile, Indonesia, Mexico, New Zealand, and the Philippines. Belgium marine lubricant market is estimated to cross 90-kilo tons during the expected timeframe owing to the rising call for bio-based lubricants
By Country – UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic and Rest of Europe.
The important players operating in the marine lubricants market are BP plc, Total S.A., Royal Dutch Shell plc, Chevron Corporation, and Exxon Mobil Corporation. The other players in the value chain (and not in the report) include Valvoline Inc., Sinopec, Synforce Lubricants, Castrol, and Lukoil.
Recent Developments and Trends
Shell Marine has recently introduced the latest IT platform for its well-respected employed oil analysis program Shell LubeAnalyst. The introduction comes after years of planning and development and is the first step in demonstrating how Shell Marine will digitalize its service offerings to consumers in the future.
Chevron Marine Lubricants has built up a brand-new range of cylinder lubricants compatible with virtually all available worldwide sulfur cap 2020 compliance alternatives. As the global shipping business gets ready for the arrival of the worldwide sulfur cap in January 2020, the functions of ships in a multi-fuel future are quick approaching reality.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Oil Type
5.1.2 Mineral Oil
5.1.3 Synthetic Oil
5.1.4 Bio-Based Oil
5.1.7 Y-o-Y Growth Analysis, By Oil Type
5.1.8 Market Attractiveness Analysis, By Oil Type
5.1.9 Market Share Analysis, By Oil Type
5.2 Application 5.2.1 Introduction
5.2.2 Engine Oil
5.2.3 Hydraulic Fluid
5.2.4 Compressor Oil
5.2.5 Turbine Oil
5.2.9 Y-o-Y Growth Analysis, By Application
5.2.10 Market Attractiveness Analysis, By Application
5.2.11 Market Share Analysis, By Application
5.3 Ship Type 5.3.1 Introduction
5.3.2 Bulk Carrier
5.3.4 Y-o-Y Growth Analysis, By Ship Type
5.3.5 Market Attractiveness Analysis, By Ship Type
5.3.6 Market Share Analysis, By Ship Type
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By Product
126.96.36.199 By Type
188.8.131.52 By Application
184.108.40.206 By Indication
6.1.4 Market Attractiveness Analysis
220.127.116.11 By Geographical Area
18.104.22.168 By Product
22.214.171.124 By Type
126.96.36.199 By Application
188.8.131.52 By Indication
6.1.5 Market Share Analysis
184.108.40.206 By Geographical Area
220.127.116.11 By Product
18.104.22.168 By Type
22.214.171.124 By Application
126.96.36.199 By Indication
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Gulf Oil International
8.2 BP plc
8.3 Royal Dutch Shell plc
8.4 Exxon Mobil Corporation
8.5 Chevron Corporation
8.6 Sinopec Corporation
8.7 PJSC Lukoil
8.8 Idemitsu Kosan Co., Ltd.
8.9 Total S.A.
8.10 Indian Oil Corporation Ltd.
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures