Marine Lubricants Market: What are the Short and long-term actions taken by Key Players During Coronavirus Pandemic?

Pune, April 02, 2020 (GLOBE NEWSWIRE) — owing to the increasing need to protect engines from corrosion. This information is provided by a published report by Fortune Business Insights™. The title of the report is, “Marine Lubricants Market Size, Share & Industry Analysis, By Product (Marine Cylinder Oil, Piston Engine Oil, System Oil, and Others; By Ship Type (Bulk Carrier, Oil Tankers, General Cargo, Container Ships, Others), and Regional Forecast, 2019-2026.” As per this report, the market value was USD 8.01 billion in 2018 and will rise at a CAGR of 2.13% during the forecast period, 2019 to 2026.The report provides a 360-degree overview of the market, focusing on major growth parameters such as drivers, restraints, challenges, trends, and opportunities. It also offers the competitive landscape of the market and list of leading players.Segmentation of the market based on factors such as product, ship type, and regions is discussed in the report. Apart from this, key industry developments and other interesting insights are provided in the marine lube market report. The report is available for sale on the company website.
Get Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/marine-lubricants-market-100423

An Overview of the Impact of COVID-19 on this Market:The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

To get the short-term and long-term impact of COVID-19 on this Market.
Please visit: https://www.fortunebusinessinsights.com/industry-reports/marine-lubricants-market-100423

Competitive Landscape:

Companies Engage in Contracts and Agreements to Stay Ahead of CompetitionAn estimate of 85% and more of marine lubricants worldwide are sold through supply agreements and contracts instead of being sold at stock price rates. Therefore, to strengthen their network across different ports for worldwide supply, manufacturers are emphasizing on entering into long-term contracts and agreements with shipping companies. For instance, a framework agreement was signed between CCCC Dredging (Group) Co. Ltd. and Shell for supplying marine lubricants and technical services via 700 ports and more in 61 nations across the globe.List of Key Companies profiled in Marine Lubricants Market Report are;BP p.l.c.SINOPECRepsol S.A.The PJSC Lukoil Oil CompanyEni oil ProductsExxon Mobil CorporationCroda International PlcAvinOil S.A.Total SACEPSARoyal Dutch Shell PlcGazprom Neft PJSCChevron CorporationOthers
Speak to Analyst:  https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/marine-lubricants-market-100423

Drivers:Rising Focus on Enhancing the Operability of Ship Engines will Drive MarketThe rise in fuel prices has propelled shipping companies to operate engines at maximum levels by slow steaming and save fuel. However, marine engines are incapable of operating at reduced rates continuously and this raises the possibility of corrosion in the engine and its associated strained components. For ensuring proper and safe functioning of engines, marine lubricants are a necessity. The above factor stands as a major driver for the marine lubricants market growth. Additionally, the rise in trade relations between nations and the expansion of e-commerce overseas are also helping the market gain impetus.Furthermore, analysts at Fortune Business Insights™ say “Focus on keeping machines and marine vessels free from corrosion will help the market gain traction in the forecast period. This, coupled with the advent of bio-based lubricants in the market, will create lucrative growth opportunities for the market in the long run.”Regional Analysis:Increasing Trade Relations between Developing Nations to Help Asia Pacific Continue Dominance in MarketAsia Pacific holds the majority portion of the marine lubricants market share on account of the presence of large ship fleet companies in the region. These include China Shipping Container Lines, China Ocean Shipping Company, Mitsui O.S.K. Lines, among others.As per the report by The United Nations Conference on Trade and Development (UNCTAD), around 50% of the ships across the world are owned by Asia Pacific Nations.  Additionally, the presence of dry docks in this region is high and this also adds to the regional market growth. Furthermore, increasing trade relations between emerging nations such as Taiwan, China, and India, coupled with the rise in the number of naval vessels, will help augment the regional market in the forecast period.On the other side, the market in North America held a single-digit share earning revenue of USD 3.41 Billion in 2018. This was due to the presence of a few ship owners in the region. However, with a steady increase in trade, this region will witness moderate growth in the foreseeable future.
Quick Buy – Marine Lubricants Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100423

Key Industry Development in Marine Lubricants Market Include:June 2019 – The subsidiary of PJSC Lukoil Company and manufacturer of marine lubes, namely Lukoil Marine Lubricants renewed its contract for supplying marine lubes to 24 ships belonging to the Kuwait Oil Tanker Company (KOTC).Detailed Table of Content:IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsKey Industry TrendsOverview of Global Marine Lubricants ProductionGlobal Marine Lubricants Market Analysis, Insights and Forecast, 2015-2026Key Findings / SummaryMarket Analysis, Insights and Forecast – By Product Marine Cylinder oil Piston Engine Oil System Oil OtherMarket Analysis, Insights and Forecast – By Ship type Bulk Carrier Oil Tankers General Cargo Container Ships OthersMarket Analysis, Insights and Forecast – By RegionNorth AmericaEuropeAsia pacificLatin AmericaMiddle East & AfricaTOC Continued…!
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/marine-lubricants-market-100423

Have a Look at Related Market Insights:Lubricants Market Size, Share & Industry Analysis, By Type (Automotive, Industrial, Marine Oil and Process Oils), By Grade (Mineral, Synthetic and Semi-synthetic), By Application (Automotive, Industrial and Others), and Regional Forecast 2019-2026
About Us:Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data. At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune – 411045, Maharashtra, India.
Phone:
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: sales@fortunebusinessinsights.com
Fortune Business Insights™
LinkedIn | Twitter | Blogs
Read Press Release: https://www.fortunebusinessinsights.com/press-release/marine-lubricants-market-9702