A recent report by Global Market Insights, Inc., speculates that the global marine lubricants market could record a remuneration of USD 7,085 million by 2027 end. The outgrowing need for biodegradable hydraulic oil is anticipated to drive market growth through the coming years. For the records, utility of biodegradable hydraulic oil is expanding across the industrial segment in applications where an oil spill or leak can potentially contaminate the environment.
Global marine lubricants market is incredibly expanding over recent years. This can be credited to the rising demand for ships to carry out international trade through sea routes. It has been reported that nearly 70% of the global trade is carried by sea, thus enunciating the demand for marine transportation. With growing sea trade, the demand for fueling ships and easing the ship movement is prolifically expanding. This in turn is paving way for development and introduction of novel marine lubricants in the business space.
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A gist of the potential trends re-shaping the growth of marine lubricants market is described below:
Increasing trade through sea route
The international trade through sea route is dynamically growing globally. In this regard, transport ships are playing a key role in the shipping industry and have emerged as one of the most popular mediums for foreign trade. The demand for these ships is likely to grow further owing to an upsurge in the trade of bulk commodities and consumer goods worldwide. Given these facts, the marine lubricants market share from transport applications accounted for USD 3,320 million in 2020.
What more has been driving the demand for transport ships is the rise need for several heavy-duty machinery, in line with defense goods transport, which requires low-cost and safe transportation medium due to high transport frequency.
Flourishing maritime trade across Europe
Maritime trade across the European Union is expanding at a notable rate over the recent years. The growth can be ascribed to the high standards of living and rising per capita income of the marine consumers, which has led to an increasing interest in recreational activities in the European economies.
Not to mention, marine transportation in the continent acts as a primary catalyst for industrial and economic development and prosperity. This has, ultimately, propelled the demand for marine lubricants. Industry analysts estimate Europe marine lubricants market to value at USD 3,200 million over the forecast period.
Moving ahead, the EU is focused on strengthening and promoting the position of inland waterways in the regional transport system. Inland waterways transport has stood out as a cost-effective and competitive substitute to road and rail transport, as it provides an environment-friendly alternative, in terms of energy consumption and noise emissions. These factors are projected to transform the marine lubricants market outlook across the European economies.
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Strategic initiatives by industry conglomerates
Various marine lubricants industry participants are tirelessly working on developing new products in the marine lubricants business space. They have also been engaged in various strategic measures like acquisitions, mergers, collaborations, and more, to secure a prominent position in the space. Amongst these companies is Chevron.
In June 2021, Chevron announced establishing a joint venture with Akwa Group to expand its marine lubricants business in the African region. As per the company officials, the agreement between the two companies allows the JV to produce Chevron’s exclusive premium products domestically. Besides, the incorporation of Chevron’s high-end formulas will enable an improved logistics cycle with better delivery times and enhanced inventory management.
All in all, a prolific expansion on the maritime trade front, and rising demand for lubricants to offer aesthetic properties to the transport ships, would impel the marine transport industry progression in the years to come.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.