HOME › Research Insight › Expansions and New Product Launches are the Key Strategies Adopted by the Leading Players in the Global Marine Lubricants Market
Expansions and New Product Launches are the Key Strategies Adopted by the Leading Players in the Global Marine Lubricants Market
The global market size was USD 5.40 Billion in 2016 and is projected to reach USD 6.02 Billion by 2021, registering a CAGR of 2.2% between 2016 and 2021. Expansions, new product launches, and contracts & agreements are the strategies adopted by the key players to strengthen the foothold in the marine lubricants market. Among them, the first two are the key strategies adapted by major players such as Royal Dutch Shell Plc. (Netherland) and Exxon Mobil Corporation (U.S.).
Royal Dutch Shell Plc. (Netherland) has been focusing on new product launches and expansions to strengthen its foothold in the global market. Shell Marine Products (SMP), a division of Royal Dutch Shell Plc. (Netherland) is continuously expanding its port network with 604 ports in 56 countries. The company is focused on reaching out to its customers more efficiently by starting its operations in different locations across the globe. In addition, it launched Shell Alexia S3 in September 2014 for large vessels with two-stroke engines. This product has lower sulfur content and acid neutralization properties, which allow the vessels to enter emission control areas (ECA).
Exxon Mobil Corporation (U.S.) is another major player in the global marine lubricants market. The company has been mainly focusing on new product launches as a part of its strategic development activities. In December 2015, it launched high-performance system oil named Mobilgard 300 C. It has applications in marine two-stroke engines that deliver crankcase cleanliness and provide long life and corrosion protection to engines. In December 2014, ExxonMobil launched MobilgardTM 410 NC marine engine oil. It is zinc-free high-performance oil that can clean piston up to 20%, provide a reduction in liner wear of up to 50% and a significant enhancement in bearing protection compared to a typical current Tier III lubricant.
Other key market players such as Total S.A. (France), BP PLC (U.K.), Royal Dutch Shell Plc. (Netherland), Chevron Corporation (U.S.), Sinopec Corporation (China), Lukoil (Russia), Exxon Mobil Corporation (U.S.), Idemitsu Kosan Co. Ltd. (Japan), and Aegean Marine Petroleum Network Inc. (Greece) have been profiled in the report, with their various competitive developments.
Marine Lubricants Market by Type (Mineral Oil, Synthetic, Bio-Based, and Grease), Application (Engine, Hydraulic, And Compressor), and Region - Global Forecast to 2021
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