The Marine Lubricants Market is expected to register a 3.1 CAGR of approximately 3.1% during the forecast period (2020-2024).
Major Players in the market contain Shell, Total, ExxonMobil, BP, Chevron, Sinopec, Quepet, JX Nippon, Lukoil, Gulf Oil, Idem Itsu and Quepet.
More efficient engines, new and varied fuels, and recent changes to leading OEM cylinder oil strategies are making lubricant choice a more important and complex decision. Castrol’s survey of marine owners, operators and managers, earlier this year, revealed that 30% of those surveyed had undertaken no or limited planning to prepare for new fuels.
May 2020-ExxonMobil is introducing the latest addition to its MobilGard cylinder oil range, Mobilgard 540 X, specifically formulated for use with both 0.10% and 0.50% sulphur fuels and liquefied natural gas (LNG). Mobilgard 540 X is designed to meet the advanced cleanliness and protection needs of newer engine designs and meets WinGD’s requirements for all three fuel types. According to the manufacturer, Mobilgard 540 X has passed extensive fit-for-use testing on the most recent engine designs and is specifically formulated to combat deposit formulation with ‘keep-clean’ performance across all low-sulphur fuels, including LNG. The cylinder oil also allows for substantial feed rate reduction compared to current.
Gazpromneft Marine Lubricants done on May 2020 it has expanded its network in the Mediterranean to 27 ports in Greece, seven ports in Egypt, and 20 ports in Turkey. Partner’s production facilities in Turkey and Greece, as well as a warehouse in Egypt, allow the company to maintain product availability and provide short notice in the region. Gazpromneft Marine Lubricants product portfolio includes 15 branded engine lubricants for use with various kinds of fuel, and also hydraulic, compressor, gear, turbine oils, special greases. Gazpromneft Ocean engine oils developed in 2017 and meet the latest MARPOL requirements.
Feb 2020-Marine lubricants and greases supplier Total Lubmarine has introduced its new WT SUPRA Coolant, an environmentally friendly inhibitor concentrate featuring the manufacturer's patented carboxylate technology. New coolant with extended service life and superior corrosion protection, providing a path to reduce operating costs, increase reliability, mitigate engine risks and reduce environmental impact. This offer a solution to help increase operating performance and protection for both engine manufacturers and operators alike, and which gives complete assurance on their engine performance. It is approved by more than 10 major engine designers which gives the market confidence in the quality and suitability of our product technology and what it can deliver for the marine and power generation industries. Formulated using unique organic technologies, the product have been designed for use in marine two-stroke, four-stroke and stationary engines as well as smaller, high-speed auxiliary engines.
Shell Gas B.V., a subsidiary of Royal Dutch Shell plc., announced on May 2020 that all conditions for its Final Investment Decision (FID) on a new LNG processing unit at Nigeria LNG (NLNG) have now been met. These conditions included formal commitment from the organisations providing financing for the project. Subsequent to the FID, NLNG has announced awards of engineering, procurement and construction (EPC) contracts.
Chevron Marine Lubricants has developed a brand-new range of cylinder lubricants compatible with virtually all available global sulphur cap 2020 compliance options. The operation of ships in a multi-fuel future is a fast approaching reality. The Taro Ultra range of lubricants deliver the same high performance and protection expected from Chevron’s Taro® engine lubricants, with the added benefit of being compatible with almost all engines, marine bunker fuels and abatement technologies. The full range of Taro® Ultra products cover the needs of the vast majority of vessel owners, from Taro Ultra 25 which is compatible with low sulphur fuel, distillates and many alternative fuels, to Taro Ultra 140 which is ideal for applications using high sulphur bunker fuels that require scrubbers emission abatement technology.
This market research will help both existing and new aspirants for Marine Lubricants market to figure out and study the market needs, market size, and competition. This focus on major competitive in market, challenges for market growth, market opportunities and what are the threats faced by lead players during forecast period.
Based on product type, the global marine lubricants market has been segmented into engine oil, hydraulic fluid, compressor oil, and others. By Application it includes Grease, Hydraulic Oil and Engine Oil. Based on region, the global marine lubricants market has been classified into APAC, Europe, North America, Middle East & Africa, and Central & South America. In Asia-Pacific region has been evolving steadily in past two years. Asia-Pacific is expanding the intra-region growth to a major extent. A majority of the marine transport growth is expected to be witnessed in the Southeast Asian countries, as they are growing out to be the strategic points for manufacture and export of products, for many multinational players.
The operating costs of marine transport are expected to decrease along with an increase in the trade activities in the intra-Asia routes. These factors are expected to support the growth of the marine lubricants market in the coming years. Germany is one of the largest consumers of marine lubricants around the world obtain to its massive merchant navy fleet (4th largest in the world).
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