The global marine lubricants market is estimated to be USD 5.98 billion in 2018 and is projected to reach USD 6.66 billion by 2023, at a CAGR of 2.17% from 2018 to 2023. Increasing demand for emerging alternate technologies (like exhaust gas scrubbers, selective catalytic reduction, and use of low sulfur fuel, among others) are the major driving factors for the marine lubricants market. The market is also driven by infrastructure developments, such as improving port networks, which are strengthening the global shipping industry.
Request for sample report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=246832885
Key players operating in the global marine lubricants market include BP plc (UK), Royal Dutch Shell plc (Netherlands), ExxonMobil Corporation (US), Total S.A. (France), and Chevron Corporation (US). Expansions and new product launches were the key growth strategies adopted by the leading market players between 2016 and 2018. BP plc, Royal Dutch Shell plc, and ExxonMobil Corporation were the major players who adopted these strategies to strengthen their market penetration and gain customer confidence.
BP plc is a key player in the global marine lubricants market. The company offers a comprehensive range of marine lubricants for various end-use applications, such as engines, compressors, stern tubes, gears, and hydraulics. In December 2017, it announced plans to set up a lubricant blending plant in Tianjin, China with an annual production capacity of 200,000 tons. The new plant will help the company meet the rapidly growing demand for high-quality lubricants in China.
ExxonMobil Corporation is another leading manufacturer in the marine lubricants market. The company mostly engaged in new product launches to gain customers’ confidence and expand its business globally. It has been focusing on developing innovative marine lubricant products. In April 2018, the company in a bid to deliver products that comply with VGP requirements launched Mobil SHC Aware Hydraulic HS lubricants. The products under this brand offer excellent protection to hydraulic systems across a wide temperature range. They also ensure a longer operating life by offering high resistance to thermal damage, shear, and oxidation.
To know about the assumptions considered for the study download the pdf brochure
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Company Name: MarketsandMarkets
Contact Person: Mr. Shelly Singh
Email: Send Email
Address:630 Dundee Road Suite 430
Country: United States