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Marine Lubricants Market worth $6.9 billion by 2028 – Exclusive Report by MarketsandMarkets™

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The report Marine Lubricants Market by Oil Type (Mineral Oil, Synthetic Oil, and Bio-Based), Product Type (Engine Oil, Hydraulic Fluid, Compressor Oil), Ship Type (Bulk Carrier, Container Ships), & Region (Asia PacificNorth America) – Global Forecast to 2028″, size was USD 6.3 billion in 2022 and is projected to reach USD 6.9 billion by 2028, at a CAGR of 1.5% from 2023 to 2028.

The market is projected to grow because of the enlargement in oceanic tourism. The government in several countries have introduced favourable policies and schemes to encourage oceanic tourism activities. This encourages the use of motorboats, cruise ships, ferries, and other passenger vessels, which will fuel the marine lubricants market. Therefore, the enlargement in oceanic tourism is a crucial driving factor behind the demand for marine lubricants.

Browse in-depth TOC on “Marine Lubricants Market” 
310 – Tables 
60 – Figures 
280 – Pages

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Mineral oil was the largest oil type of the marine lubricants market, in terms of value, in 2022

Due to the availability of light and heavy grades of mineral oils, the marine lubricants are widely produced from mineral oil.  Also, the demand for mineral oil based marine lubricants is high in products such as engines, turbines, stern tubes, and compressors. Thus, the mineral oil type segment has largest share in oil type.

Engine oil is estimated to be the largest product type of the marine lubricants, in terms of value, during the forecast period.

Engine oil, hydraulic fluid, compressor oil and others are various market segment based on the product type. From them, during the forecast period, engine oil is projected to hold the largest market share of marine lubricants. The high need for marine lubricants in engines is basically because of the raising ship size which increased engine capabilities and high usage in marine propulsion units.

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Bulk carrier is estimated to be the largest ship type of the marine lubricants, during the forecast period, in terms of value.

The bulk carrier, tankers, container ships, and others are various market segment based on the ship type. Amongst them, the major bulk transportation services such as coal, iron ore, packaged good, and other dry bulk are transported through bulk carriers. Also, these ships are especially suggested for transport dry cargo. Thus, the bulk carrier ship type is the largest ship type for the marine lubricants market.

Asia Pacific is estimated to be the largest market for the marine lubricants market, in terms of value, during the forecast period.

Asia Pacific is projected to be the largest market for marine lubricants, driven by the raising industrialization, rise in exports and low labour cost specially in India and China. Due to these reasons the demand for marine lubricants in Asia Pacific region is increased. The region has experienced rapid economic growth in recent decades, leading to increased maritime trade and shipping activities. The expanding economies of countries like ChinaIndiaJapan, and South Korea have resulted in a substantial demand for marine lubricants to support their shipping industries.

The key players profiled in the report include Exxon Mobil Corporation (US), Shell plc (UK), BP p.l.c. (UK), TotalEnergies SE (France), and Chevron Corporation (US).

Browse Adjacent Market: Bulk Chemicals and Inorganics Market Research Reports & Consulting

Related Reports:

Lubricants Market – Global Forecast to 2027

Bio-lubricants Market– Global Forecast to 2025

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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IBS Software Certified as a Great Place to Work in 7 Countries

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Recognised in India for a second year in a row, IBS Software has been certified as a ‘Great Place to Work’ in new markets including UAE, US, Canada, UK, Japan and Germany
DUBAI, UAE, March 19, 2024 /PRNewswire/ — IBS Software, a leading SaaS solutions provider to the global travel industry has again been certified a Great Place To Work® in 7 countries. The company received recognition in India for the second year running and has been awarded in six further countries namely; UAE, US, Canada, UK, Japan and Germany.

IBS Software is focused on transforming how travel companies operate in a digital world by delivering next-generation products to accelerate growth, drive efficiency and create a differentiated consumer experience. The latest certification reinforces IBS Software’s commitment to building an engaging and supportive working environment. IBS Software is proud of a company culture built on precision, commitment, passion, integrity and respect for all individuals.
VK Mathews, Executive Chairman of IBS Software said: “Being acknowledged as a Great Place to Work in 6 new countries and for the second time in India is a matter of great pride for us. It is a reflection of how our employees perceive us as an organization and a testimony to our commitment to providing outstanding employee experience, ensuring sustainable financial performance, and fostering a culture of equal opportunity, diversity, and continuous learning. Together, we will continue our pursuit towards workplace excellence, with a focus on meritocracy, fairness, diversity, and inclusion.”
Jayan Nair, Head of Human Resources at IBS Software, commented: “I’m thrilled about the consistent positive feedback from IBS Software employees at all levels and locations. Achieving certification in multiple countries is a testament to our commitment to every employee. Our people are our greatest asset, and we remain dedicated to continuous improvement based on their valuable feedback. We have always believed in raising the bar to become an employer of choice and this recognition further reinforces our commitment in building a better company culture and providing equal opportunities for our employees.”
In a world of uncertainty, creating a workplace that encourages employee feedback for business improvement has never been more important. As a result, IBS Software has launched an in-house chat bot called iKnow to ease employee queries around policies and practices and to enhance the overall HR operations experience.
About Great Place To Work
Great Place To Work® is the global authority on workplace culture. Since 1992, they have surveyed more than 100 million employees worldwide and used those deep insights to define what makes a great workplace: trust. Their employee survey platform empowers leaders with feedback, real-time reporting, and the insights they need to make strategic people decisions. The Institute serves businesses, non-profits and government agencies in more than 60 countries and has conducted pioneering research on the characteristics of great workplaces for over three decades. In India, the institute partners with more than 1400 organizations annually across over 22 industries to help them build High-Trust, High-Performance Cultures™ designed to deliver sustained business results. Hundreds of CEOs and CXOs from India Inc. are part of the great place community that is committed to the vision of making India a great place to work for all. The Institute’s research shows that great workplaces are characterized by great leadership, consistent employee experience, and sustainable financial performance. These organizations can deliver a consistent experience to all their employees irrespective of their role, gender, tenure, or level. Their leaders believe in the vision of creating and sustaining a great place to work for all and role models for all leaders. Learn more at https://www.greatplacetowork.in/ and on LinkedIn, Twitter, Facebook and Instagram.
ABOUT IBS SOFTWARE
IBS Software is a leading SaaS solutions provider to the travel industry globally, managing mission-critical operations for customers in the aviation, tour & cruise, hospitality, and energy resources industries. IBS Software’s solutions for the aviation industry cover fleet & crew operations, aircraft maintenance, passenger services, loyalty programs, staff travel and air-cargo management. Across the hospitality sector, IBS Software offers a cloud-native, unified platform for hotels and travel sellers, including central reservation (CRS), property management (PMS), revenue management (RMS), call center, booking engine, loyalty and distribution. For the tour & cruise industry, IBS provides a comprehensive, customer-centric, digital platform that covers onshore, online and on-board solutions. Across the energy & resources industry, we provide logistics management solutions that cover logistics planning, operations & accommodation management. The Consulting and Digital Transformation (CDx) business focuses on driving digital transformation initiatives of its customers, leveraging its domain knowledge, digital technologies and engineering excellence. IBS Software operates from 17 offices across the world.
Further information can be found at www.ibsplc.com Follow us: Blog | Twitter | LinkedIn | Facebook | Instagram 
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Locobuzz forays into Middle East region in partnership with Al-Mulla Media

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MUMBAI, India, March 19, 2024 /PRNewswire/ — Locobuzz, India’s leading unified customer experience (CX) management platform, today announces its expansion into the Middle East through a strategic partnership with Al-Mulla Media, a prominent digital transformation company in the region. This collaboration marks a significant milestone in Locobuzz’s expansion efforts in the EMEA region and underscores its commitment to empowering businesses with a comprehensive and powerful CX solution.

As part of this strategic partnership, Locobuzz will serve as a technology partner to Al-Mulla Media and jointly offer its SaaS platform to enterprises in the region. Al-Mulla Media has a strong market presence, serving over 800 clients across diverse sectors, including Automotive, Financial Services, Healthcare, Information Services, Mining, and other government and private organizations.
Commenting on the expansion and partnership, Vishal Agarwal, Co-Founder and CEO of Locobuzz, said, “We are excited to partner with Al-Mulla Media. With their deep understanding of the regional market and extensive client base, we are confident that we will make a significant impact in helping businesses deliver exceptional customer experiences.”
This partnership comes at a pivotal time, as digital transformation is in full swing, with businesses in the Middle East increasingly leveraging new media channels for customer engagement. However, limited availability of comprehensive product options often leads businesses to rely on multiple vendors or pay a premium for comprehensive solutions. Locobuzz aims to fill the gap by providing enterprises with a unified CX platform that streamlines customer interactions and enhances brand-customer relationships. The platform offers a comprehensive suite of solutions, including digital care, analytics, actionable insights, and holistic social media management, all accessible from a single, user-friendly dashboard.
Partnering with Locobuzz enables Al-Mulla Media to deliver cutting-edge CX solutions to their enterprise clients, enriching their digital transformation journey. It expands the scope of services beyond CRM and WhatsApp integration to encompass the entirety of social media, providing clients with broader opportunities. Locobuzz and Al-Mulla Media plan to integrate with existing technology in the future, providing a more comprehensive solution.
“We are delighted to join hands with Locobuzz and bring their leading CX platform to the Middle East market,” said Hamad Al Mulla, CEO of Al-Mulla Media. “Locobuzz’s innovative solutions will empower businesses in the region to connect with their customers on a deeper level and deliver exceptional, memorable experiences. We look forward to working closely with Locobuzz to drive digital transformation and customer-centricity across various industries.”
This partnership brings together the strengths of both organizations to meet the growing demand for advanced customer engagement tools and analytics in the rapidly evolving business landscape. Locobuzz will initially focus on brands in Dubai, Oman, Kuwait, and Saudi Arabia across various industries. Within the next year, the company aims to onboard 100 clients, establishing itself as a key player in the rapidly growing CX market in the region.
About Locobuzz:
Locobuzz is a global enterprise software company specializing in digital customer experience management. Its unified CX management platform enables brands to automate the entire customer experience journey, delivering delightful and humane experiences to customers across all customer-facing functions. The platform uses advanced AI, ML, Big Data, and Analytics to empower brands with real-time data analytics, automation, consumer insights, and end-to-end social media management, including publishing, listening, analytics, and engagement. This helps brands forge stronger customer relationships and increase lifetime value.
Trusted by Fortune 500 companies and marquee brands across various industries, Locobuzz operates in seven countries, including India, the USA, the UK, Sri Lanka, the Middle East, and Southeast Asia. Learn more at https://locobuzz.com/
About Al-Mulla Media
Headquartered in Kuwait, Al-Mulla Media is a leading digital transformation company, committed to delivering top-notch business communication solutions centered around advancement and positivity. Our expertise spans all communication channels and marketing disciplines, enabling us to contribute to national and regional initiatives across diverse business sectors. With a focus on client satisfaction and innovation, we proudly serve clients in industries such as Hi-Tech, Automotive, Banking, Healthcare, Financial Services, Information Services, and Mining. Learn more at https://almulla-media.com/
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Telkomsel and Huawei Inaugurate Indonesia’s First 5G Smart Warehouse and 5G Innovation Center

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JAKARTA, Indonesia, March 19, 2024 /PRNewswire/ — Leading telecommunications provider Telkomsel and global ICT solutions provider Huawei have inaugurated Indonesia’s first 5G Smart Warehouse and 5G Innovation Center in Bekasi Regency, West Java. This landmark facility showcases the potential of 5G technology to transform warehouse management, boosting operational efficiency and creating new opportunities for the logistics industry to support the digital economy leapfrog towards the Golden Indonesia Vision 2045.

The inauguration ceremony was officiated by Mr. Long, CEO of Huawei Indonesia, and attended by dignitaries including Dr. Ir. Ismail MT, Director General of Resources Management and Equipment of Posts and Informatics, Ministry of Communication and Informatics; Indra Mardiatna, Telkomsel Director of Network; Derrick Heng, Telkomsel Marketing Director; Mahendra Rianto, Chairman of the Indonesian Logistics Association; and representatives from Bandung Institute of Technology, Telkom University, and other representatives from industry partners.
Director General Dr. Ir. Ismail MT emphasized, “Huawei’s 5G Smart Warehouse stands as both a wake-up call and a quintessential model for the ecosystem, demonstrating the immediate and seamless integration of 5G technology into digitalization efforts. This integration evidently yields innovative solutions that extend benefits beyond the logistics sector to a multitude of industries. Such advancements are attainable solely through the concerted efforts of all stakeholders, united in the pursuit of accelerating the nation’s digital transformation.”
Mr. Long, CEO of Huawei Indonesia, highlighted Huawei’s commitment to supporting the government and industry players to unlock Indonesia’s digital opportunities. “At last year’s Solo 5G summit, together with industry partners, we pledged to boost the 5G ecosystem. The 5G Smart Warehouse is a testament to the value that 5G technology can bring to traditional industries in Indonesia,” he stated.
Indra Mardiatna, Telkomsel Director of Network remarked, “Aligned with Indonesia’s vision of pioneering innovations that propel the nation’s advancement, Telkomsel remains steadfast in its commitment to deliver superior connectivity, pioneering solutions, and inventive services designed to foster empowerment and catalyze expansive opportunities for entrepreneurial growth within the country. We are optimistic that the deployment of the 5G Smart Warehouse alongside the 5G Innovation Center’s conceptual solutions will inaugurate a transformative era for professionals within the logistics sector, particularly by enhancing managerial competencies and amplifying the operational efficacy of warehousing systems. With the unwavering support of the government, courtesy of the Ministry of Communication and Information, and through synergistic partnerships with stakeholders including Huawei, industry associations, and the academic community, Telkomsel pledges to persist in championing the rapid evolution of Indonesia’s digital commerce and economic landscape, with a focus on inclusive and sustainable progress”
The digital economy, which is expected to be a major catalyst for Indonesia’s economy in the future, requires the backing of an efficient and effective logistics industry. Based on data from the Ministry of National Development Planning/Bappenas, Indonesia’s logistics costs have decreased from 23.5% to 14.29% of gross domestic product by 2023.
Benefits of the 5G Smart Warehouse 
The 5G Smart Warehouse leverages advanced technologies like IoT and big data analytics to streamline operations, enhance safety and security, increase efficiency, and reduce energy consumptions and lower potential unexpected losses.
Warehouse managers can use digital twins and real-time data analysis to optimize inventory management and prevent stockouts.
The 5G network also facilitates swift and accurate communication between staff and autonomous guided vehicles (AGVs), ensuring efficient goods movement. Additionally, intelligent security systems powered by video and infrared sensors ensure warehouse safety.
Huawei’s 5G BTS technology powering the warehouse features an energy consumption of just 5 watts, equivalent to a single energy-saving light bulb, making it a sustainable solution for the future.
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