Seaborne

Rising international trade by sea should support growth

The global Marine Oil Market is likely to register a steady CAGR during the assessment period of 2020-2030. The growth can be mainly attributed to the increasing demand from various end-use industries, especially from regions such as East Asia where the most lucrative prospects are likely to be offered to the stakeholders. However, the market expects a short-term effect due to the COVID-19 outbreak.

“Market players are optimizing their production to lower costs through backward integration, to reconcile price instability. The supply of raw materials, which is still inconsistent, causes a huge gap between supply and demand sources of supply for oil must be categorized in an organized way, as government regulations and climatic events can put a strain on procurement,” says a Fact.MR analyst.

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Key points to remember

EMEA & South Asia & Pacific, will contribute more than 50% to the overall market share during the forecast period
Refined marine oil will register a CAGR of more than 4%, due to its increased application in end-use industries
Pharmaceuticals category to achieve notable market share worldwide
Drivers

Noticeable increase in aquaculture activities worldwide is driving demand for marine oil
The widespread application at the industrial level is accelerating as end-use companies are using the oil on different fronts like for pet food, cosmetics, and pharmaceuticals, among others.
Growing demand for healthy food products, for example, as a cooking oil and as a topping oil for several dishes, will drive the expansion of the market size.
Rising Use of Plant-Based Marine Oil in Aquatic Food Drives Market Growth
Constraints

The fluctuation in the cost of raw materials remains the main brake on the growth of the market
Obstruction of commodity purchases due to trade restrictions amid COVID-19 has largely affected market growth pace

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Anticipated impact on the market by the COVID-19 outbreak

The COVID-19 pandemic had a negative impact on the demand for marine oil in the 1st quarter of 2020. The confinements imposed in several countries during the 1st and 2nd quarters of 2020 led to a notable drop in the demand for marine oil in the world . In addition, the manufacturing of marine oils was further impacted due to the limitation in the supply of raw materials. Conversely, the marine oil market should gradually return to its pre-crisis status quo when the impacts of the pandemic are mitigated.

Competition landscape

The major companies operating in the global marine oils market are Austral Group, China Fishery Group, Clover Corp, Mukka Sea Foods Industries Limited., Arbee, GC Rieber, Pesquera Diamante, Cellana Inc., Pesquera Hayduk, Solutex, TASA, Pharma Marine Industries, Triple Nine, Nissui Group and Olvea Group. Companies are focusing on collaboration and adopting technologies such as AI to increase their algal oil production.

Learn more about the report

The Fact.MRs market research report provides in-depth insights into the marine oil market. The market is examined based on type (fish oil, algae oil, and blended fish oil), processing (refined and crude), and end-use (aquatic food, pharmaceuticals, and others), in seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America and Middle East and Africa (MEA).

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Marine Lubricants Industry Analysis by Category
Marine Lubricants Market by Oil Type:
Oil-Based Marine Lubricants
Synthetic Marine Lubricants
Biobased marine lubricants
Marine Lubricants Market by Product Type:
Engine oil
hydraulic fluid
compressor oil
Other types of products
Marine Lubricants Market by Region:
North America
Latin America
Europe
East Asia
South Asia and Oceania
AEM

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