The Brazil marine lubricant market size is expected to reach USD 15.01 million by 2027, while exhibiting a CAGR of 1.9% between 2020 and 2027. This is attributable to the growing demand for eco-friendly Brazil marine lubricant products in the forthcoming years. This information is published by Fortune Business Insights, in its latest report, The report mentions that the market stood at USD 14.17 million in 2019 and is likely to gain momentum during the forecast period.
List of Top Companies Profiled in the Brazil Marine Lubricant Market:
- TOTAL Brasil (Brazil)
- ExxonMobil (U.S.)
- Repsol (Spain)
- Royal Dutch Shell plc (Netherlands)
- UniMarine (Singapore)
- Cockett Group (Singapore)
- Chevron Marine Lubricants (U.S.)
- Idemitsu Kosan Co., Ltd. (Japan)
Marine lubricants are specially adopted in enhancing the functioning of ship components. The Brazil marine lubricant demand is tremendously high owing to the flourishing waterways transportation in the region. These lubricants efficiently work under high or low temperatures to prevent the engine from corrosion and abrasion.
What does the Report Include?
The Brazil marine lubricant market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
DRIVING FACTORS
Increasing Demand for Eco-Friendly Lubricants to Augment Growth
The stringent government regulations to produce low-sulfur content fuels had led the manufacturers to produce eco-friendly Brazil marine lubricant products. The bio-based lubricants are derived from polyalkylene glycols, animal fats, synthetic esters, and vegetable oils. Additionally, they offer excellent thermal stability and better performance leading to reduced operational costs, along with improved fuel efficiency. Owing to their superior abilities, the growing demand for eco-friendly lubricant is likely to favor the Brazil marine lubricant market growth during the forecast period.
SEGMENTATION
Marine Cylinder Oil Segment Held the Highest Market Share in 2019
The marine cylinder oil segment, based on product, held the market for Brazil marine lubricant share in terms of revenue in 2019 and is expected to showcase an exponential growth during the forecast period. This is ascribable to factors such as the increasing adoption of this type of oil to protect against corrosion and abrasion.
COMPETITIVE LANDSCAPE
Eminent Companies Focus on Product Launches to Strengthen Their Market Positions
The Brazil marine lubricant market is consolidated by the presence of prominent companies that are focusing on launching advanced Brazil marine lubricant products to strengthen their positions. Other key players are adopting strategies such as partnership, merger and acquisition, and collaboration to gain a competitive edge over their rivals in the fiercely competitive marketplace.
Industry Development:
April 2019 – SHELL MARINE announced the launch of Shell Alexia 40, new two-stroke engine cylinder oil that complies to the IMO 2020 regulations. According to the company, the engine has a low 0.5% content of sulfur and aids in optimizing the engine components performance.
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