Key Questions Answered in this Report:
- What are the trends in the global IMO 2020 compliant marine oil market across different regions?
- For a new company looking to enter into the market, which areas could it focus upon to stay ahead of the competition?
- How do the existing market players function to improve their market positioning?
- How does the supply chain function in the global IMO 2020 compliant marine oil market?
- What are the major challenges inhibiting the growth of the global IMO 2020 compliant marine oil market?
- Which type of marine oil is expected to witness the maximum demand growth in the global IMO 2020 compliant marine oil market during 2019-2029?
- Which are the key application areas for which different IMO 2020 compliant marine oil experienced high demand in 2018, and which application areas should be targeted by the manufacturers of different types of marine oil during the forecast period, 2019-2029?
- How should the strategies adopted by market players vary for different segments based on the size of companies involved in each segment?
- What are the key offerings of the prominent companies in the market for IMO 2020 compliant marine oil? Which regions and countries are leading in terms of consumption of IMO 2020 compliant marine oil, and which of them are expected to witness high demand growth through the period 2019-2029?
- Which are the consumption patterns of IMO 2020 compliant marine oil across application areas in different regions and countries during the period 2019-2029?
Global IMO 2020 Compliant Marine Oil Market Forecast, 2019-2029
The IMO 2020 compliant marine oil industry analysis by the report projects the market to grow at a significant CAGR of 8.42% on the basis of value during the forecast period from 2019 to 2029. Asia-Pacific dominated the global IMO 2020 compliant marine oil market with a share of 48.14% in 2019. Asia-Pacific, including the major countries, such as Singapore and China, is the most prominent region for the IMO 2020 compliant marine oil market. In North America, the U.S. acquired a major market share in 2019 due to the major part of country being in emission-control areas, utilizing the compliant fuel oil.
The global IMO 2020 compliant marine oil market has gained widespread importance since it has the potential to bring about positive changes in the marine environment with the reduction of sulphur oxide produced by ships and act as a long-term fuel alternative in the decarbonization of international shipping. However, high operating cost of IMO 2020 compliant marine oil and growing preference for alternatives are some of the factors that are restraining the market growth.
“The maritime shipping industry is facing challenges with regard to cutting greenhouse gases and engine exhaust emissions from their ships. The IMO 2020 rule is expected to bring in significant benefits for the environment and human health. However, the change in sulfur limits is expected to have wide-ranging impact for the global shipping and refining industries.”
Scope of the Global IMO 2020 Compliant Marine Oil Market
The IMO 2020 compliant marine oil market research provides detailed market information for segmentation on the basis of type, application, and region. The purpose of this market analysis is to examine the IMO 2020 compliant marine oil market outlook in terms of factors driving the market, trends, technological developments, and competitive benchmarking, among others.
The report further takes into consideration the market dynamics and the competitive landscape along with the detailed financial and product contribution of the key players operating in the market.
The IMO 2020 compliant marine oil market is further segmented on the basis of type, application, and region. Detailed description about the MARPOL regulation and alternatives to comply with the rule are also analyzed in the study. The ultra-low sulfur fuel oil segment dominated the global IMO 2020 compliant marine oil market in 2018 and is anticipated to maintain its dominance throughout the forecast period (2019-2029).
While highlighting the key driving and restraining forces for this market, the report also provides a detailed study of the industry that is analyzed. The report also analyzes different applications that include oil tankers, bulk carriers, general cargo, container ships, and others. In the type segment, the market is segmented into ultra-low sulfur fuel oil and very-low sulfur fuel oil.
The IMO 2020 compliant marine oil market is segregated by region into four major regions, namely North America, Europe, APAC, and Rest-of-the-World. Data for each of these regions (by country) is provided in the study.
Key Companies in the Global IMO 2020 Compliant Marine Oil Industry
The key market players in the global IMO 2020 compliant marine oil market include BP p.l.c., Exxon Mobil Corporation, Chevron Corporation, Royal Dutch Shell plc, China Petrochemical Corporation, Petrobras, PetroChina Company Limited, Indian Oil Corporation Ltd, Total, and Gazpromneft Marine Bunker Ltd.