Marine Lubricants Market Analysis APAC, Europe, North America, Middle East and Africa, South America - US, China, South Korea, Japan, Italy - Size and Forecast 2024-2028

Published: Mar 2024 Pages: 180 SKU: IRTNTR72856

Marine Lubricants Market Forecast 2024-2028

The marine lubricants market size is forecast to increase by USD 41.21 million at a CAGR of 2.49% between 2023 and 2028. The market's growth rate is contingent on various factors, such as the increasing demand for enhanced engine performance and fuel efficiency, advancements in the shipping industry, and the rise in naval expenditure. The market is experiencing significant growth driven by the increasing demand for enhanced engine performance and fuel efficiency. This heightened requirement has spurred a greater need for advanced lubricants tailored specifically for maritime operations. Lubricants hold a crucial role in the marine sector, reducing friction, wear, and corrosion in essential components like ship engines and gears. This ultimately boosts efficiency and extends the lifespan of equipment. 

The report also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario. 

What will be the Market Size During the Forecast Period?

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Segmentation by Application, Type, and Geography

Application Analysis

The engine oil segment is estimated to witness significant growth during the forecast period. The global market is dominated by the engine oil segment especially due to the large size, smaller drain intervals, and high consumption of fuel in engines. In addition, marine engine oils are classified into trunk piston engine oils (TPEOs) and marine diesel cylinder lubricants (MDCLs). Furthermore, TPEOs are commonly used for lubricating four-stroke engines of cruise and coastal ships. MDCLs are used in two-stroke engines of large container and cargo ships.

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The engine oil segment was the largest segment and was valued at USD 135.72 million in 2018. Moreover, increasing engine capacity and efficiency of ships are anticipated to drive the demand for engine oils. In addition, there is a wide range of lubricating oils for marine engines that burn gas, gas oil, or liquid biofuel, as well as heavy fuel. In marine applications, engine oils help minimize the build-up of deposits in engines and help keep the engine clean. Therefore, the availability of various products under the engine oil application segment and the high demand for lubricants for marine engines are expected to drive the growth of the segment and, in turn, the growth of the global market during the forecast period.

Type Analysis 

Based on the type, the market has been segmented into mineral oil-based marine lubricants, bio-based marine lubricants, and synthetic marine lubricants. The mineral oil-based marine lubricants segment will account for the largest share of this segment. The mineral oil-based lubricants segment is mainly the byproduct of crude oil refining. In addition, there are three types of mineral oil, namely naphthenic, paraffinic, and aromatic. The easy availability and low cost of mineral oils and increased R&D expenditure are likely to drive the demand for the mineral oil-based segment. Furthermore, paraffinic mineral oils are preferred over aromatic and naphthenic mineral oil-based segments. In addition, these mineral oil-based segments have a natural resistance to oxidation. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.

Region Analysis

APAC is estimated to contribute 46% to the growth of the global market during the projection period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.

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The increasing investments in shipbuilding, especially in South Korea, Japan, and China, are expected to fuel the demand for marine lubricants. In addition, government initiatives that are aimed at improving bilateral trading facilities have a positive impact on the marine industry and fuel the demand for marine lubricants. Furthermore, the growing focus on the travel and tourism industry is likely to have a significant effect on the marine industry, which will further increase shipbuilding capacity and fuel the demand for such products. In addition, the construction, expansion, and improvements in logistics infrastructure in APAC are expected to drive the demand. Therefore, such initiatives have the potential to stimulate economic growth, boost trade, and drive the demand for transport and logistics services. Hence, such factors will drive market growth during the forecast period.

Market Definition 

Marine lubricants are substances that reduce friction and wear at the interface of two materials. They help reduce adhesive friction by lowering the sheer strength of interfaces. Various types of marine machinery, such as engines, bearings, circulation systems, gear systems, and gas compressors, use marine lubricants for consistent, efficient operation.

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Market Dynamics and Customer Landscape

The Market is propelled by factors like ongoing infrastructure expansion and the thriving shipping industry. With a surge in oceanic tourism and a growing emphasis on sustainability, there is an escalating demand for bio-derived segments. The advent of alternate technologies like hybrid propulsion and electric systems reflects the industry's commitment to innovation. Additionally, the focus on fuel efficiency in maritime operations is driving the market. Challenges include adapting to evolving regulations and ensuring the compatibility of lubricants with various vessels, such as bulk carriers, tankers, and container ships, which have diverse lubrication needs. Our researchers analyzed the market research and growth data with 2023  as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage. 

Key Market Driver

The growing need for optimized engine performance and fuel efficiency is notably driving the market growth. The market is driven by the imperative need for optimized engine performance and fuel efficiency. This demand has led to an increased requirement for high-performance lubricants designed to elevate maritime operations. In the marine industry, lubricants play a pivotal role in diminishing friction, wear, and corrosion within vital components such as ship engines and gears, ultimately maximizing efficiency and prolonging equipment lifespan.

Furthermore, this contributes to reducing environmental impact by enhancing operational efficiency. The incorporation of alternate technologies, such as hybrid propulsion and electric systems, further underscores the industry's commitment to sustainable practices. The selection of appropriate lubricants, including those derived from bio-based sources, not only supports seaborne trade but also aligns with the global push for greener solutions. The use of these lubricants, coupled with ongoing infrastructure expansion and the evolving dynamics of the shipping industry, positions the market at the forefront of advancements in the maritime sector. Hence, such factors will drive market growth during the forecast period.

Significant Market Trends 

Growth in the use of bio-based lubricants is an emerging trend in the market. Bio-based lubricants have emerged as a substitute for petroleum-based lubricants. In addition, bio-based lubricants are produced from renewable feedstocks, such as plant-based oil and sugar. In addition, they are produced through fermentation, ultrafiltration, and crystallization techniques.

Moreover, eco-friendly marine lubricants that are produced through the fermentation process use a sucrose solution as feedstock. In addition, the sucrose is hydrolyzed into fructose and glucose, which are the compounds consumed in fermentation. Furthermore, the use of environment-friendly segments helps reduce the volume of VOCs in the air and the toxicity of gases released from nearby industries, thereby maintaining the ecological balance in the atmosphere. Hence, such factors will drive market growth during the forecast period.

Major Market Challenge

Difficulties in the adoption of lower carbon fuels within the maritime industry are a major challenge hindering the market. With rising regulatory pressure to reduce greenhouse gas emissions and mitigate climate change, shipping companies are transitioning towards cleaner alternatives such as liquefied natural gas (LNG), biofuels, and hydrogen-based fuels.  In addition, this shift poses several challenges for the global market.

Moreover, lower carbon fuels often have different chemical compositions and combustion properties compared to traditional fuels like heavy fuel oil (HFO) or marine diesel oil (MDO). Therefore, it must be reformulated to ensure compatibility and optimal performance with these alternative fuels. In addition, the transition to lower carbon fuels may impact the lubrication requirements of marine engines and equipment. Hence, such factors will hinder market growth during the forecast period.

Key Companies

Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches to enhance their presence in the market.

BP Plc: The company offers marine lubricants such as Castrol cyltech, Mhp, Hlx and Tlx Xtra, for high, medium and low speed engines. The company offers its lubricant range under its subsidiary Castrol Ltd.

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including: 

Benjn.R.Vickers and Sons Ltd., Chevron Corp., Compania Espanola de Petroleos SA, ENEOS Holdings Inc, Eni SpA, Exxon Mobil Corp., Feoso Oil Ltd., FUCHS PETROLUB SE, Gulf Oil International Ltd, Idemitsu Kosan Co. Ltd., Indian Oil Corp. Ltd., PJSC LUKOIL, Repsol SA, Shell plc, Sinopec Shanghai Petrochemical Co. Ltd., Valvoline Inc., TotalEnergies SE, Emirates National Oil Co. Ltd. LLC, and Gazprom Nedra LLC

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The market report predicts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

  • Application Outlook 
    • Engine oil
    • Hydraulic oil
    • Grease
    • Others
  • Type Outlook
    • Mineral oil-based marine lubricants
    • Bio-based marine lubricants
    • Synthetic marine lubricants
  • Region Outlook 
    • North America
      • The U.S.
      • Canada
    • Europe
      • The U.K.
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • India
    • South America
      • Chile
      • Argentina
      • Brazil
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa

Market Analyst Overview

The market is experiencing dynamic growth, propelled by the shipping industry's demand for high-performance lubricants to reduce maintenance and transportation costs. Additives and grease thickener systems enhance lubricants' performance, especially in extreme temperatures, catering to the needs of mineral oil greases and synthetic lubricants in both marine and automotive sectors. With the phasing out of mineral oil-based lubricants, newer technologies like slow steaming and catalytic reduction are gaining prominence, contributing to environmentally friendly transportation. Marine lubricants play a crucial role in enhancing the performance and durability of ships' mechanical equipment, ensuring on-time lubrication and reducing harmful emissions. As the demand for ships increases, marine lubricants' role in enhancing fuel efficiency and minimizing sulphur content becomes indispensable, driving the market forward amidst evolving trade dynamics and transportation networks.

Moreover, the market is crucial for the shipping industry, ensuring high performance and durability of mechanical equipment while minimizing maintenance costs. With the demand for low sulfur fuel and regulations on harmful emissions, modified chemicals and petroleum components are essential for lubricant formulations. Advanced technologies like exhaust gas re-circulation and slow steaming further drive the need for efficient lubricants to enhance fuel efficiency. Marine cylinder oils and system oils play a vital role in lubricating turbines, hydraulic systems, and transmission systems, optimizing operations for bulk carriers, oil tankers, and general cargo carriers. As the industry navigates through foreign trade and bilateral treaties, lubricant consumption remains pivotal for smooth sailing, supported by e-commerce platforms facilitating the distribution of marine lubricants worldwide.

Market Scope

Report Coverage

Details

Page number

180

Base year

2023

Historic period

2018-2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 2.49%

Market Growth 2024-2028

USD 41.21 million

Market structure

Fragmented

YoY growth 2023-2024(%)

2.26

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 46%

Key countries

US, China, South Korea, Japan, and Italy

Competitive landscape

 Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

Benjn.R.Vickers and Sons Ltd., BP Plc, Chevron Corp., Compania Espanola de Petroleos SA, ENEOS Holdings Inc, Eni SpA, Exxon Mobil Corp., Feoso Oil Ltd., FUCHS PETROLUB SE, Gulf Oil International Ltd, Idemitsu Kosan Co. Ltd., Indian Oil Corp. Ltd., PJSC LUKOIL, Repsol SA, Shell plc, Sinopec Shanghai Petrochemical Co. Ltd., Valvoline Inc., TotalEnergies SE, Emirates National Oil Co. Ltd. LLC, and Gazprom Nedra LLC

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

  • CAGR of the market forecast during the forecast period
  • Detailed information on factors that will drive the growth of the market  between 2023 and 2028
  • Precise estimation of the market  size and its contribution to the market in focus on the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the market across APAC, Europe, North America, Middle East and Africa, and South America
  • Thorough market analysis and report of the market’s competitive landscape and detailed information about companies
  • Comprehensive analysis of factors that will challenge the growth of market companies

We can help! Our analysts can customize this market research report to meet your requirements. Get in touch

1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2023
    • 3.4 Market outlook: Forecast for 2023-2028
      • Exhibit 14: Chart on Global - Market size and forecast 2023-2028 ($ million)
      • Exhibit 15: Data Table on Global - Market size and forecast 2023-2028 ($ million)
      • Exhibit 16: Chart on Global Market: Year-over-year growth 2023-2028 (%)
      • Exhibit 17: Data Table on Global Market: Year-over-year growth 2023-2028 (%)

    4 Historic Market Size

    • 4.1 Global marine lubricants market 2018 - 2022
      • Exhibit 18: Historic Market Size – Data Table on global marine lubricants market 2018 - 2022 ($ million)
    • 4.2 Application Segment Analysis 2018 - 2022
      • Exhibit 19: Historic Market Size – Application Segment 2018 - 2022 ($ million)
    • 4.3 Type Segment Analysis 2018 - 2022
      • Exhibit 20: Historic Market Size – Type Segment 2018 - 2022 ($ million)
    • 4.4 Geography Segment Analysis 2018 - 2022
      • Exhibit 21: Historic Market Size – Geography Segment 2018 - 2022 ($ million)
    • 4.5 Country Segment Analysis 2018 - 2022
      • Exhibit 22: Historic Market Size – Country Segment 2018 - 2022 ($ million)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 23: Five forces analysis - Comparison between 2023 and 2028
    • 5.2 Bargaining power of buyers
      • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2023 and 2028
    • 5.3 Bargaining power of suppliers
      • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2023 and 2028
    • 5.4 Threat of new entrants
      • Exhibit 26: Threat of new entrants – Impact of key factors in 2023 and 2028
    • 5.5 Threat of substitutes
      • Exhibit 27: Threat of substitutes – Impact of key factors in 2023 and 2028
    • 5.6 Threat of rivalry
      • Exhibit 28: Threat of rivalry – Impact of key factors in 2023 and 2028
    • 5.7 Market condition
      • Exhibit 29: Chart on Market condition - Five forces 2023 and 2028

    6 Market Segmentation by Application

    • 6.1 Market segments
      • Exhibit 30: Chart on Application - Market share 2023-2028 (%)
      • Exhibit 31: Data Table on Application - Market share 2023-2028 (%)
    • 6.2 Comparison by Application
      • Exhibit 32: Chart on Comparison by Application
      • Exhibit 33: Data Table on Comparison by Application
    • 6.3 Engine oil - Market size and forecast 2023-2028
      • Exhibit 34: Chart on Engine oil - Market size and forecast 2023-2028 ($ million)
      • Exhibit 35: Data Table on Engine oil - Market size and forecast 2023-2028 ($ million)
      • Exhibit 36: Chart on Engine oil - Year-over-year growth 2023-2028 (%)
      • Exhibit 37: Data Table on Engine oil - Year-over-year growth 2023-2028 (%)
    • 6.4 Hydraulic oil - Market size and forecast 2023-2028
      • Exhibit 38: Chart on Hydraulic oil - Market size and forecast 2023-2028 ($ million)
      • Exhibit 39: Data Table on Hydraulic oil - Market size and forecast 2023-2028 ($ million)
      • Exhibit 40: Chart on Hydraulic oil - Year-over-year growth 2023-2028 (%)
      • Exhibit 41: Data Table on Hydraulic oil - Year-over-year growth 2023-2028 (%)
    • 6.5 Grease - Market size and forecast 2023-2028
      • Exhibit 42: Chart on Grease - Market size and forecast 2023-2028 ($ million)
      • Exhibit 43: Data Table on Grease - Market size and forecast 2023-2028 ($ million)
      • Exhibit 44: Chart on Grease - Year-over-year growth 2023-2028 (%)
      • Exhibit 45: Data Table on Grease - Year-over-year growth 2023-2028 (%)
    • 6.6 Others - Market size and forecast 2023-2028
      • Exhibit 46: Chart on Others - Market size and forecast 2023-2028 ($ million)
      • Exhibit 47: Data Table on Others - Market size and forecast 2023-2028 ($ million)
      • Exhibit 48: Chart on Others - Year-over-year growth 2023-2028 (%)
      • Exhibit 49: Data Table on Others - Year-over-year growth 2023-2028 (%)
    • 6.7 Market opportunity by Application
      • Exhibit 50: Market opportunity by Application ($ million)
      • Exhibit 51: Data Table on Market opportunity by Application ($ million)

    7 Market Segmentation by Type

    • 7.1 Market segments
      • Exhibit 52: Chart on Type - Market share 2023-2028 (%)
      • Exhibit 53: Data Table on Type - Market share 2023-2028 (%)
    • 7.2 Comparison by Type
      • Exhibit 54: Chart on Comparison by Type
      • Exhibit 55: Data Table on Comparison by Type
    • 7.3 Mineral oil-based marine lubricants - Market size and forecast 2023-2028
      • Exhibit 56: Chart on Mineral oil-based marine lubricants - Market size and forecast 2023-2028 ($ million)
      • Exhibit 57: Data Table on Mineral oil-based marine lubricants - Market size and forecast 2023-2028 ($ million)
      • Exhibit 58: Chart on Mineral oil-based marine lubricants - Year-over-year growth 2023-2028 (%)
      • Exhibit 59: Data Table on Mineral oil-based marine lubricants - Year-over-year growth 2023-2028 (%)
    • 7.4 Bio-based marine lubricants - Market size and forecast 2023-2028
      • Exhibit 60: Chart on Bio-based marine lubricants - Market size and forecast 2023-2028 ($ million)
      • Exhibit 61: Data Table on Bio-based marine lubricants - Market size and forecast 2023-2028 ($ million)
      • Exhibit 62: Chart on Bio-based marine lubricants - Year-over-year growth 2023-2028 (%)
      • Exhibit 63: Data Table on Bio-based marine lubricants - Year-over-year growth 2023-2028 (%)
    • 7.5 Synthetic marine lubricants - Market size and forecast 2023-2028
      • Exhibit 64: Chart on Synthetic marine lubricants - Market size and forecast 2023-2028 ($ million)
      • Exhibit 65: Data Table on Synthetic marine lubricants - Market size and forecast 2023-2028 ($ million)
      • Exhibit 66: Chart on Synthetic marine lubricants - Year-over-year growth 2023-2028 (%)
      • Exhibit 67: Data Table on Synthetic marine lubricants - Year-over-year growth 2023-2028 (%)
    • 7.6 Market opportunity by Type
      • Exhibit 68: Market opportunity by Type ($ million)
      • Exhibit 69: Data Table on Market opportunity by Type ($ million)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 70: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Geographic Landscape

    • 9.1 Geographic segmentation
      • Exhibit 71: Chart on Market share by geography 2023-2028 (%)
      • Exhibit 72: Data Table on Market share by geography 2023-2028 (%)
    • 9.2 Geographic comparison
      • Exhibit 73: Chart on Geographic comparison
      • Exhibit 74: Data Table on Geographic comparison
    • 9.3 APAC - Market size and forecast 2023-2028
      • Exhibit 75: Chart on APAC - Market size and forecast 2023-2028 ($ million)
      • Exhibit 76: Data Table on APAC - Market size and forecast 2023-2028 ($ million)
      • Exhibit 77: Chart on APAC - Year-over-year growth 2023-2028 (%)
      • Exhibit 78: Data Table on APAC - Year-over-year growth 2023-2028 (%)
    • 9.4 Europe - Market size and forecast 2023-2028
      • Exhibit 79: Chart on Europe - Market size and forecast 2023-2028 ($ million)
      • Exhibit 80: Data Table on Europe - Market size and forecast 2023-2028 ($ million)
      • Exhibit 81: Chart on Europe - Year-over-year growth 2023-2028 (%)
      • Exhibit 82: Data Table on Europe - Year-over-year growth 2023-2028 (%)
    • 9.5 North America - Market size and forecast 2023-2028
      • Exhibit 83: Chart on North America - Market size and forecast 2023-2028 ($ million)
      • Exhibit 84: Data Table on North America - Market size and forecast 2023-2028 ($ million)
      • Exhibit 85: Chart on North America - Year-over-year growth 2023-2028 (%)
      • Exhibit 86: Data Table on North America - Year-over-year growth 2023-2028 (%)
    • 9.6 Middle East and Africa - Market size and forecast 2023-2028
      • Exhibit 87: Chart on Middle East and Africa - Market size and forecast 2023-2028 ($ million)
      • Exhibit 88: Data Table on Middle East and Africa - Market size and forecast 2023-2028 ($ million)
      • Exhibit 89: Chart on Middle East and Africa - Year-over-year growth 2023-2028 (%)
      • Exhibit 90: Data Table on Middle East and Africa - Year-over-year growth 2023-2028 (%)
    • 9.7 South America - Market size and forecast 2023-2028
      • Exhibit 91: Chart on South America - Market size and forecast 2023-2028 ($ million)
      • Exhibit 92: Data Table on South America - Market size and forecast 2023-2028 ($ million)
      • Exhibit 93: Chart on South America - Year-over-year growth 2023-2028 (%)
      • Exhibit 94: Data Table on South America - Year-over-year growth 2023-2028 (%)
    • 9.8 China - Market size and forecast 2023-2028
      • Exhibit 95: Chart on China - Market size and forecast 2023-2028 ($ million)
      • Exhibit 96: Data Table on China - Market size and forecast 2023-2028 ($ million)
      • Exhibit 97: Chart on China - Year-over-year growth 2023-2028 (%)
      • Exhibit 98: Data Table on China - Year-over-year growth 2023-2028 (%)
    • 9.9 US - Market size and forecast 2023-2028
      • Exhibit 99: Chart on US - Market size and forecast 2023-2028 ($ million)
      • Exhibit 100: Data Table on US - Market size and forecast 2023-2028 ($ million)
      • Exhibit 101: Chart on US - Year-over-year growth 2023-2028 (%)
      • Exhibit 102: Data Table on US - Year-over-year growth 2023-2028 (%)
    • 9.10 South Korea - Market size and forecast 2023-2028
      • Exhibit 103: Chart on South Korea - Market size and forecast 2023-2028 ($ million)
      • Exhibit 104: Data Table on South Korea - Market size and forecast 2023-2028 ($ million)
      • Exhibit 105: Chart on South Korea - Year-over-year growth 2023-2028 (%)
      • Exhibit 106: Data Table on South Korea - Year-over-year growth 2023-2028 (%)
    • 9.11 Italy - Market size and forecast 2023-2028
      • Exhibit 107: Chart on Italy - Market size and forecast 2023-2028 ($ million)
      • Exhibit 108: Data Table on Italy - Market size and forecast 2023-2028 ($ million)
      • Exhibit 109: Chart on Italy - Year-over-year growth 2023-2028 (%)
      • Exhibit 110: Data Table on Italy - Year-over-year growth 2023-2028 (%)
    • 9.12 Japan - Market size and forecast 2023-2028
      • Exhibit 111: Chart on Japan - Market size and forecast 2023-2028 ($ million)
      • Exhibit 112: Data Table on Japan - Market size and forecast 2023-2028 ($ million)
      • Exhibit 113: Chart on Japan - Year-over-year growth 2023-2028 (%)
      • Exhibit 114: Data Table on Japan - Year-over-year growth 2023-2028 (%)
    • 9.13 Market opportunity by geography
      • Exhibit 115: Market opportunity by geography ($ million)
      • Exhibit 116: Data Tables on Market opportunity by geography ($ million)

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 117: Impact of drivers and challenges in 2023 and 2028
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 118: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 119: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 120: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 121: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 122: Matrix on vendor position and classification
            • 12.3 BP Plc
              • Exhibit 123: BP Plc - Overview
              • Exhibit 124: BP Plc - Business segments
              • Exhibit 125: BP Plc - Key news
              • Exhibit 126: BP Plc - Key offerings
              • Exhibit 127: BP Plc - Segment focus
            • 12.4 Chevron Corp.
              • Exhibit 128: Chevron Corp. - Overview
              • Exhibit 129: Chevron Corp. - Business segments
              • Exhibit 130: Chevron Corp. - Key offerings
              • Exhibit 131: Chevron Corp. - Segment focus
            • 12.5 Compania Espanola de Petroleos SA
              • Exhibit 132: Compania Espanola de Petroleos SA - Overview
              • Exhibit 133: Compania Espanola de Petroleos SA - Business segments
              • Exhibit 134: Compania Espanola de Petroleos SA - Key offerings
              • Exhibit 135: Compania Espanola de Petroleos SA - Segment focus
            • 12.6 ENEOS Holdings Inc
              • Exhibit 136: ENEOS Holdings Inc - Overview
              • Exhibit 137: ENEOS Holdings Inc - Business segments
              • Exhibit 138: ENEOS Holdings Inc - Key offerings
              • Exhibit 139: ENEOS Holdings Inc - Segment focus
            • 12.7 Eni SpA
              • Exhibit 140: Eni SpA - Overview
              • Exhibit 141: Eni SpA - Business segments
              • Exhibit 142: Eni SpA - Key offerings
              • Exhibit 143: Eni SpA - Segment focus
            • 12.8 Exxon Mobil Corp.
              • Exhibit 144: Exxon Mobil Corp. - Overview
              • Exhibit 145: Exxon Mobil Corp. - Business segments
              • Exhibit 146: Exxon Mobil Corp. - Key news
              • Exhibit 147: Exxon Mobil Corp. - Key offerings
              • Exhibit 148: Exxon Mobil Corp. - Segment focus
            • 12.9 FUCHS PETROLUB SE
              • Exhibit 149: FUCHS PETROLUB SE - Overview
              • Exhibit 150: FUCHS PETROLUB SE - Business segments
              • Exhibit 151: FUCHS PETROLUB SE - Key news
              • Exhibit 152: FUCHS PETROLUB SE - Key offerings
              • Exhibit 153: FUCHS PETROLUB SE - Segment focus
            • 12.10 Gazprom Nedra LLC
              • Exhibit 154: Gazprom Nedra LLC - Overview
              • Exhibit 155: Gazprom Nedra LLC - Product / Service
              • Exhibit 156: Gazprom Nedra LLC - Key offerings
            • 12.11 Gulf Oil International Ltd
              • Exhibit 157: Gulf Oil International Ltd - Overview
              • Exhibit 158: Gulf Oil International Ltd - Product / Service
              • Exhibit 159: Gulf Oil International Ltd - Key offerings
            • 12.12 Idemitsu Kosan Co. Ltd.
              • Exhibit 160: Idemitsu Kosan Co. Ltd. - Overview
              • Exhibit 161: Idemitsu Kosan Co. Ltd. - Business segments
              • Exhibit 162: Idemitsu Kosan Co. Ltd. - Key offerings
              • Exhibit 163: Idemitsu Kosan Co. Ltd. - Segment focus
            • 12.13 Indian Oil Corp. Ltd.
              • Exhibit 164: Indian Oil Corp. Ltd. - Overview
              • Exhibit 165: Indian Oil Corp. Ltd. - Business segments
              • Exhibit 166: Indian Oil Corp. Ltd. - Key offerings
              • Exhibit 167: Indian Oil Corp. Ltd. - Segment focus
            • 12.14 PJSC LUKOIL
              • Exhibit 168: PJSC LUKOIL - Overview
              • Exhibit 169: PJSC LUKOIL - Product / Service
              • Exhibit 170: PJSC LUKOIL - Key offerings
            • 12.15 Shell plc
              • Exhibit 171: Shell plc - Overview
              • Exhibit 172: Shell plc - Business segments
              • Exhibit 173: Shell plc - Key news
              • Exhibit 174: Shell plc - Key offerings
              • Exhibit 175: Shell plc - Segment focus
            • 12.16 Sinopec Shanghai Petrochemical Co. Ltd.
              • Exhibit 176: Sinopec Shanghai Petrochemical Co. Ltd. - Overview
              • Exhibit 177: Sinopec Shanghai Petrochemical Co. Ltd. - Business segments
              • Exhibit 178: Sinopec Shanghai Petrochemical Co. Ltd. - Key news
              • Exhibit 179: Sinopec Shanghai Petrochemical Co. Ltd. - Key offerings
              • Exhibit 180: Sinopec Shanghai Petrochemical Co. Ltd. - Segment focus
            • 12.17 TotalEnergies SE
              • Exhibit 181: TotalEnergies SE - Overview
              • Exhibit 182: TotalEnergies SE - Business segments
              • Exhibit 183: TotalEnergies SE - Key news
              • Exhibit 184: TotalEnergies SE - Key offerings
              • Exhibit 185: TotalEnergies SE - Segment focus

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 186: Inclusions checklist
                • Exhibit 187: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 188: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 189: Research methodology
                • Exhibit 190: Validation techniques employed for market sizing
                • Exhibit 191: Information sources
              • 13.5 List of abbreviations
                • Exhibit 192: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              INFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases

              DATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts

              REPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape

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              Key Questions Answered

              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?

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