Market Overview:
The global IMO 2020 compliant marine oil market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for cleaner fuel alternatives and stringent environmental regulations by the International Maritime Organization (IMO). The global IMO 2020 compliant marine oil market is segmented on the basis of type, application and region. On the basis of type, hydrogenation, mix and match, and others are included in this study. Hydrogenation dominates the market with a share of more than 60%. This can be attributed to its ability to reduce sulfur levels in fuels up to 99%. Mix and match is expected to grow at a highest CAGR during the forecast period owing its ability convert heavy fuel oils into lighter products that comply with IMO 2020 regulations. By application, bulk carriers, oil tankers, general cargo ships container ships are included in this study. Bulk carriers account for majority share in terms of revenue followed by oil tankers due To high consumption rates Of bunker fuels In these vessels .
Product Definition:
IMO 2020 Compliant Marine Oil is a type of fuel oil that is designed to meet the new emissions standards set by the International Maritime Organization (IMO). These regulations, known as IMO 2020, require ships to reduce their sulfur emissions from 3.5% to 0.5%. To comply with these standards, shipowners will need to use low-sulfur fuel oils or alternative fuels like LNG.
Hydrogenation:
Hydrogenation is a chemical reaction in which hydrogen is added to organic compounds. The most common example of this would be the process by which animal fats are turned into oils & greases. Hydrogenation reactions play an important role in several industries such as food processing, petroleum refining, pharmaceuticals, and cosmetics among others.
Mix and Match:
Mix and match is a method where the buyer can choose any combination of product attributes such as viscosity, base oil, additive package and other components. This method helps in reducing the overall cost by decreasing the amount of oil used for a particular application.
For instance, if two oils have similar properties but one has more discount than another then it will be economical to use latter instead of first owing to its lower price.
Application Insights:
Oil tankers and bulk carriers were the major application segments in the global imo 2020 compliant marine oil market. These vessels are used to transport various liquid or gaseous commodities including crude oil, refined products, and other cargoes such as LPG, gasoline, diesel and fuel oils on a long-distance voyage. Growing demand for these types of vessels due to rising middle-class population along with industrialization & urbanization has been driving the segment growth over recent years. General cargo ships include dry bulk carriers as well as container ships. Dry bulk carriers carry agricultural products such as cereals, sugarcane juice (rumen), coffee (frye), cotton (seed) among others on a long-distance voyage while container ships carry containers that are used to transport manufactured goods across oceans.
Regional Analysis:
Asia Pacific was the leading revenue contributor in 2016 and is anticipated to witness significant growth over the forecast period. The region’s growth can be attributed to rising demand for marine fuel oil from developing economies, such as China, India, Indonesia and Japan. Increasing trade activities across Asia Pacific are expected to boost product demand in bulk carriers and container ships applications.
The IMO 2020 regulations have been implemented worldwide on 1st January 2020 except for Japan which has an implementation date of 1st April 2020. As a result, countries like Singapore have started renovating their ports with an aim towards IMO compliance by 2023 or 2024 at the latest (IMO 2025).
Growth Factors:
- IMO 2020 compliant marine oil will be more environmentally friendly and have lower emissions, which will make it more desirable for shipping companies.
- The cost of IMO 2020 compliant marine oil is expected to be lower than traditional fuels, making it a more affordable option for shippers.
- There is an increasing demand for maritime transportation due to the growth of global trade, which will create opportunities for the IMO 2020 compliant marine oil market.
- Stringent regulations on emissions from ships are being put in place worldwide, which will drive demand for cleaner-burning fuels like IMO 2020 compliant marine oil.
- Innovation in fuel technology and the development of new products that meet IMO 2020 compliance standards are expected to boost growth in the market over the forecast period
Scope Of The Report
Report Attributes
Report Details
Report Title
IMO 2020 Compliant Marine Oil Market Research Report
By Type
Hydrogenation, Mix and Match, Others
By Application
Oil Tankers, Bulk Carriers, General Cargo, Container Ships, Others
By Companies
BP, Exxon Mobil, Chevron, Royal Dutch Shell, China Petrochemical, Petrobras, PetroChina, Indian Oil, Total, Gazpromneft Marine Bunker
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
208
Number of Tables & Figures
146
Customization Available
Yes, the report can be customized as per your need.
Global IMO 2020 Compliant Marine Oil Market Report Segments:
The global IMO 2020 Compliant Marine Oil market is segmented on the basis of:
Types
Hydrogenation, Mix and Match, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Oil Tankers, Bulk Carriers, General Cargo, Container Ships, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- BP
- Exxon Mobil
- Chevron
- Royal Dutch Shell
- China Petrochemical
- Petrobras
- PetroChina
- Indian Oil
- Total
- Gazpromneft Marine Bunker
Highlights of The IMO 2020 Compliant Marine Oil Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Hydrogenation
- Mix and Match
- Others
- By Application:
- Oil Tankers
- Bulk Carriers
- General Cargo
- Container Ships
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the IMO 2020 Compliant Marine Oil Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
IMO 2020 compliant marine oil is a type of oil that meets the requirements set forth by the International Maritime Organization (IMO) for use in ships. IMO 2020 compliant oils are made from materials that have been tested and found to be free of harmful substances, including heavy metals, polycyclic aromatic hydrocarbons (PAHs), and other pollutants. These oils are also resistant to corrosion and fouling, which makes them ideal for use in marine engines.
Some of the major players in the imo 2020 compliant marine oil market are BP, Exxon Mobil, Chevron, Royal Dutch Shell, China Petrochemical, Petrobras, PetroChina, Indian Oil, Total, Gazpromneft Marine Bunker.
The imo 2020 compliant marine oil market is expected to register a CAGR of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 IMO 2020 Compliant Marine Oil Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 IMO 2020 Compliant Marine Oil Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 IMO 2020 Compliant Marine Oil Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the IMO 2020 Compliant Marine Oil Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global IMO 2020 Compliant Marine Oil Market Size & Forecast, 2020-2028
4.5.1 IMO 2020 Compliant Marine Oil Market Size and Y-o-Y Growth
4.5.2 IMO 2020 Compliant Marine Oil Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Hydrogenation
5.2.2 Mix and Match
5.2.3 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Oil Tankers
6.2.2 Bulk Carriers
6.2.3 General Cargo
6.2.4 Container Ships
6.2.5 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global IMO 2020 Compliant Marine Oil Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 IMO 2020 Compliant Marine Oil Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Hydrogenation
9.6.2 Mix and Match
9.6.3 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Oil Tankers
9.10.2 Bulk Carriers
9.10.3 General Cargo
9.10.4 Container Ships
9.10.5 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Hydrogenation
10.6.2 Mix and Match
10.6.3 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Oil Tankers
10.10.2 Bulk Carriers
10.10.3 General Cargo
10.10.4 Container Ships
10.10.5 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Hydrogenation
11.6.2 Mix and Match
11.6.3 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Oil Tankers
11.10.2 Bulk Carriers
11.10.3 General Cargo
11.10.4 Container Ships
11.10.5 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Hydrogenation
12.6.2 Mix and Match
12.6.3 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Oil Tankers
12.10.2 Bulk Carriers
12.10.3 General Cargo
12.10.4 Container Ships
12.10.5 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Hydrogenation
13.6.2 Mix and Match
13.6.3 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Oil Tankers
13.10.2 Bulk Carriers
13.10.3 General Cargo
13.10.4 Container Ships
13.10.5 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 IMO 2020 Compliant Marine Oil Market: Competitive Dashboard
14.2 Global IMO 2020 Compliant Marine Oil Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 BP
14.3.2 Exxon Mobil
14.3.3 Chevron
14.3.4 Royal Dutch Shell
14.3.5 China Petrochemical
14.3.6 Petrobras
14.3.7 PetroChina
14.3.8 Indian Oil
14.3.9 Total
14.3.10 Gazpromneft Marine Bunker
