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 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.

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.

To know about the assumptions considered for the study download the pdf brochure

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.

Related Reports:

Marine Lubricants Market by Oil Type (Mineral Oil, Synthetic, Bio-based, and Grease), Product Type (Engine oil, Hydraulic fluid, Compressor oil), Ship Type (Bulk Carrier, Tanker, Container), and Region - Global Forecast to 2023

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

Report Code
CH 4624
Published ON
Aug, 2018
Choose License Type
BUY NOW
  • SHARE
X
Request Customization
Speak to Analyst
Speak to Analyst
OR FACE-TO-FACE MEETING
PERSONALIZE THIS RESEARCH
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
REQUEST A FREE CUSTOMIZATION
LET US HELP YOU!
  • What are the Known and Unknown Adjacencies Impacting the Marine Lubricants Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
REQUEST A FREE WORKSHOP
ADJACENT MARKETS
ONLINE CHAT
+1-888-600-6441
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
© MarketsandMarkets Research Private Ltd. All rights reserved