Market Forecast By Types(Ultra-low Sulphur Marine Oil, Very-Low Sulphur Fuel Oil), By Applications(Oil Tankers, Bulk Carriers, General Cargo, Container Ships), By Regions(North America, Latin America, Asia Pacific, Europe, Middle East & Africa), By Key Countries and Competitive Landscape
Product Code: ETC001649 | Publication Date: Mar 2020 | Updated Date: Aug 2024 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 300 | No. of Figures: 90 | No. of Tables: 30 | |
Report Name | Global IMO 2020 Complaint Marine Oil MarketΒ |
Forecast period | 2024-2030 |
CAGR | 24% |
Growing Sector | Shipping |
The Global IMO 2020 Complaint Marine Oil Market report thoroughly covers the market by Types, Applications, and Regions. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
The Global IMO 2020 Complaint Marine Oil Market is expected to witness remarkable growth during 2024 β 2030. This growth of the market is driven by several factors such as strict government regulations, increasing demand for cleaner and efficient marine oil, and increased demand for low-sulfur fuel.
According to 6Wresearch, the Global IMO 2020 Complaint Marine Oil Market size is expected to grow at a significant CAGR of 24% during 2024-2030. The primary driver for the market is the implementation of IMO 2020 regulations. These regulations aim to reduce air practices and promote sustainable shipping practices. The growing concern about the environment and its impact on climate change has played a major role in driving the market. The introduction of new technologies such as exhaust gas cleaning systems (scrubbers) are able to reduce sulfur content in marine oil, hence driving the growth of the market. The global shipping industry is experiencing growth due to increased trade.Β This has resulted in increased demand for marine oil.
Despite growing, the market is also subjected to face some hurdles. The higher cost of complying with IMO regulations is a major challenge. The shift to sulfur-free fuel is costly and led to an increase in prices. Technological advancement is another challenge for the market as many companies do not have enough budget to invest in new technologies.
Some of the key players operating in the global IMO 2020 compliant marine oil market include Exxon Mobil Corporation, Chevron Corporation, Royal Dutch Shell plc, BP p.l.c., China Petroleum & Chemical Corporation, Total S.A., PetroChina Company Limited, Gazprom Neft PJSC, Lukoil, and Petronas. These players are adopting various strategies such as mergers and acquisitions, partnerships, and investments in research and development to gain a competitive edge in the market.
To support and boost the global IMO 2020-compliant marine oil market, various government initiatives have been taken by countries around the world. Several countries have implemented regulations that mandate the use of low-sulfur fuel for ships within their territorial waters. Governments have provided financial incentives to shipping companies to decrease the cost of shifting to sulfur-free marine oil. Governments are also investing in research and development to develop new technologies that can help reduce emissions from ships. Furthermore, governments are also conducting education and awareness programs to inform the public about the new IMO 2020 regulation and its environmental benefits.
The Global IMO 2020 Complaint Marine Oil Market is expected to continue growing in the coming years. This growth is due to increasing environmental concerns and government regulations. The regulations to make sulfur free marine oil have made shipping companies reduce their emissions and their carbon footprint. Moreover, advancements in technology are likely to drive the growth of the market. The market is also witnessing a shift towards the use of alternative fuels, such as liquefied natural gas (LNG) and biofuels, impacting the demand for traditional marine oil.
According to Ravi Bhandari, Research Head, 6Wresearch, the Ultra-Low Sulphur Marine Oil segment is expected to witness significant growth in the market due to the IMO 2020 regulations that mandate the use of low sulphur fuels in marine vessels.
The Asia-Pacific region will dominate the market in the coming years due to rapid industrialization and trade, and the presence of many ports in various countries.
Based on the applications, container ships hold a major share of the market due to the increase in global trade, and transportation of goods and are considered as more eco-friendly.
The report provides a detailed analysis of the following market segments:
1. Executive Summary |
2. Introduction |
2.1 Report Description |
2.2 Key Highlights |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3. Global IMO 2020 Compliant Marine Oil Market Overview |
3.1 Global IMO 2020 Compliant Marine Oil Market Revenues and Volume, 2016-2026F |
3.2 Global IMO 2020 Compliant Marine Oil Market Revenue Share, By Types, 2019 & 2026F |
3.3 Global IMO 2020 Compliant Marine Oil Market Revenue Share, By Applications, 2019 & 2026F |
3.4 Global IMO 2020 Compliant Marine Oil Market Revenue Share, By Regions, 2019 & 2026F |
3.5 Global IMO 2020 Compliant Marine Oil Market - Industry Life Cycle |
3.6 Global IMO 2020 Compliant Marine Oil Market - Porterβs Five Forces |
4. Global IMO 2020 Compliant Marine Oil Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5. Global IMO 2020 Compliant Marine Oil Market Trends |
6. Global IMO 2020 Compliant Marine Oil Market Overview, by Types |
6.1 Global Ultra-Low Sulphur marine oil Market Revenues and Volume, 2016-2026F |
6.2 Global Very Low Sulphur marine oil Market Revenues and Volume, 2016-2026F |
7. Global IMO 2020 Compliant Marine Oil Market Overview, by Applications |
7.1 Global IMO 2020 Compliant Marine Oil Market Revenue and Volumes, By Oil Tankers, 2016-2026F |
7.2 Global IMO 2020 Compliant Marine Oil Market Revenue and Volumes, By Bulk Carriers 2016-2026F |
7.3 Global IMO 2020 Compliant Marine Oil Market Revenue and Volumes, By General Cargo 2016-2026F |
7.4 Global IMO 2020 Compliant Marine Oil Market Revenue and Volumes, By Container Ships 2016-2026F |
8. North America IMO 2020 Compliant Marine Oil Market Overview |
8.1 North America IMO 2020 Compliant Marine Oil Market Revenues and Volume, 2016-2026F |
8.2 North America IMO 2020 Compliant Marine Oil Market Revenues and Volume, By Types 2016-2026F |
8.3 North America IMO 2020 Compliant Marine Oil Market Revenues and Volume, By Applications 2016-2026F |
8.5 North America IMO 2020 Compliant Marine Oil Market Revenues and Volume, By Countries 2016-2026F |
9. Latin America IMO 2020 Compliant Marine Oil Market Overview |
9.1 Latin America IMO 2020 Compliant Marine Oil Market Revenues and Volume, 2016-2026F |
9.2 Latin America IMO 2020 Compliant Marine Oil Market Revenues and Volume, By Types 2016-2026F |
9.3 Latin America IMO 2020 Compliant Marine Oil Market Revenues and Volume, By Applications 2016-2026F |
9.5 Latin America IMO 2020 Compliant Marine Oil Market Revenues and Volume, By Countries 2016-2026F |
10. Europe IMO 2020 Compliant Marine Oil Market Overview |
10.1 Europe IMO 2020 Compliant Marine Oil Market Revenues and Volume, 2016-2026F |
10.2 Europe IMO 2020 Compliant Marine Oil Market Revenues and Volume, By Types 2016-2026F |
10.3 Europe IMO 2020 Compliant Marine Oil Market Revenues and Volume, By Applications 2016-2026F |
10.5 Europe IMO 2020 Compliant Marine Oil Market Revenues and Volume, By Countries 2016-2026F |
11. Asia Pacific IMO 2020 Compliant Marine Oil Market Overview |
11.1 Asia Pacific IMO 2020 Compliant Marine Oil Market Revenues and Volume, 2016-2026F |
11.2 Asia Pacific IMO 2020 Compliant Marine Oil Market Revenues and Volume, By Types 2016-2026F |
11.3 Asia Pacific IMO 2020 Compliant Marine Oil Market Revenues and Volume, By Applications 2016-2026F |
11.5 Asia Pacific IMO 2020 Compliant Marine Oil Market Revenues and Volume, By Countries 2016-2026F |
12. the Middle East & Africa IMO 2020 Compliant Marine Oil Market Overview |
12.1 the Middle East & Africa IMO 2020 Compliant Marine Oil Market Revenues and Volume, 2016-2026F |
12.1 the Middle East & Africa IMO 2020 Compliant Marine Oil Market Revenues and Volume, By Types 2016-2026F |
12.1 the Middle East & Africa IMO 2020 Compliant Marine Oil Market Revenues and Volume, By Applications 2016-2026F |
12.1 the Middle East & Africa IMO 2020 Compliant Marine Oil Market Revenues and Volume, By Countries 2016-2026F |
13. Global IMO 2020 Compliant Marine Oil Market Competitive Landscape |
13.1 Global IMO 2020 Compliant Marine Oil Market Revenue Share, By Companies, 2019 |
13.1.1 North America IMO 2020 Compliant Marine Oil Market Revenue Share, By Companies, 2019 |
13.1.2 Latin America IMO 2020 Compliant Marine Oil Market Revenue Share, By Companies, 2019 |
13.1.3 Europe IMO 2020 Compliant Marine Oil Market Revenue Share, By Companies, 2019 |
13.1.4 Asia Pacific IMO 2020 Compliant Marine Oil Market Revenue Share, By Companies, 2019 |
13.1.5 the Middle East & Africa IMO 2020 Compliant Market Revenue Share, By Companies, 2019 |
13.2. Global IMO 2020 Compliant Marine Oil Market Competitive Benchmarking, By Operating Parameters |
14. Company Profiles |
15. Key Strategic Recommendations |
16. Disclaimer |