New York, March 28, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Marine Lubricants Global Market Report 2022" - https://www.reportlinker.com/p06248267/?utm_source=GNW
, Valvoline LLC, PetroChina, Eni S.p.A, Croda International Plc, Bailey’s Marine Fuels, Quepet Lubricants, JX Nippon Oil & Energy Corporation, IKO Marine Lubricant Supply Co. Ltd, Repsol SA, Aegean Oil SA, Fuchs Lubricants Co., Indian Oil Corporation Ltd. (IOCL), and Stanley Lubricants.
The global marine lubricants market is expected to grow from $6.96 billion in 2021 to $7.24 billion in 2022 at a compound annual growth rate (CAGR) of 4.00%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $8.67 billion in 2026 at a CAGR of 4.62%.
The marine lubricants market consists of sales of marine lubricants by entities (organizations, sole traders, and partnerships), that are used by ships and other seafaring vehicles.Marine lubricants are frequently utilized to protect and improve the performance of engines and equipment.
They are specifically developed to provide optimum performance in operations such as extending engine life and safeguarding components at high temperatures, boosting machine efficiency and dependability, enhancing mechanical wear protection, and preventing cold corrosion. By creating a layer that minimizes friction between moving contact surfaces, marine lubricant reduces friction and wear. reduce friction, prevent wear, protect equipment from corrosion, manage temperature by dissipating heat, control pollution to a filter, convey power, and provide a fluid seal are all functions of lubricants.
The main types of products of marine lubricants are engine oil, hydraulic oil, turbine oil, gear oil, greases and others.The hydraulic oil refers to a hydraulic substance used in liquid-pressure hydraulic systems.
In the hydraulic system, it performs functions such as energy transmission, system lubrication, anti-corrosion, anti-rust, cooling, and sealing.Hydraulic oil is a unique type of oil that is used to transfer power.
The various types of oil are mineral oil (paraffinic oil, naphthenic oil, aromatic oil), synthetic oil (PAO, PAG, esters), bio-based (plant source, animal fats), grease (metallic soap thickener and non-soap thickener, inorganic thickener) used in different ship types such as bulk carriers (handysize, handymax, panamax, capesize), tankers (panamax, aframax, suezmax, very large crude carrier (VLCC), ultra large crude carrier (ULCC), container ship and others (reefers, drill ships, passenger ships, roll on roll off ships, service ships).
Asia pacific was the largest region in the marine lubricants market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increase in demand for bio-based lubricants is expected to propel the growth of the marine lubricants market.All lubricants that are biodegrade quickly dissolve and are not hazardous to humans or aquatic habitats are referred to as bio-lubricants.
They are also known as eco-friendly, biodegradable, or sustainable lubricants.Because of the biodegradability and low toxicity of bio-lubricants, as well as the benefit of fewer emissions from utilizing them, the marine industry is becoming a prominent area that uses them.
For instance, according to American Oil Chemists’ Society (AOCS), the global market for bio-lubricants is predicted to rise from $2 billion, which was indicated in the year 2020 to $2.4 billion, which is projected for the year 2025, as environmental rules and regulations in the marine industry improve. Therefore a rise in demand for bio-lubricants drives the growth of the marine lubricants market.
Strategic collaborations between companies are a key trend gaining popularity in the marine lubricant market.Companies manufacturing marine lubricants are undergoing partnerships and collaboration to develop new technologies and products.
For instance in April 2021, Crown oil, a fuels, and lubricants distribution company located in Bury, Greater Manchester, England, and Valvoline, an American manufacturer and distributor of automotive oil, additives, and lubricants involved in a partnership.The deal enables Crown oil to offer a wide range of high-quality Valvoline products to the heavy-duty, agricultural, fleet, and marine sectors and allows Valvoline to explore the base oil market as they do not refine their base oils from crude oil.
In another partnership, in August 2021, Wilh.Wilhelmsen Holding ASA, a Norwegian multinational maritime group, headquartered in Lysaker, Norway entered into a partnership with Klubler Lubricants, a leading manufacturer of specialty lubricants based in the US.
The deal enables Wilhelmsen holdings to take over sales, logistics, and consulting of Klüber Lubrication’s maritime portfolio for its sea-going vessels.
In May 2019, Chevron U.S.A Inc (CUSA), a wholly-owned subsidiary of Chevron Corporation, a multinational energy corporation based in the US, completed its acquisition of Pasadena Refining System from Petrobras America Inc. for a deal amount of $350 million dollars. This acquisition strengthens Chevron’s Gulf Coast business, allowing them to serve more of the region’s retail lubricant market with Chevron-produced products and putting them in a better position to connect to their Permian Basin upstream assets. Petrobras America, Inc. is a subsidiary of Petrobras Brazil, a state-owned oil firm with headquarters in Houston, Texas. In the Gulf of Mexico, the corporation is involved in oil exploration and the production of marine lubricants.
The countries covered in the Marine Lubricants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06248267/?utm_source=GNW
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