DUBLIN, October 18, 2016 /PRNewswire/ --

Research and Markets has announced the addition of the "Marine Lubricants Market by Type (Mineral Oil, Synthetic, Bio-Based, and Grease), Application (Engine, Hydraulic, And Compressor), and Region - Global Forecast to 2021" report to their offering.

The market size of marine lubricants is projected to reach USD 6.02 billion by 2021, registering a CAGR of 2.2% between 2016 and 2021.The growth rate is expected to be steady during the forecast period. The market is expected to register a nominal growth due to increase in bilateral trade between different nations. The major factors restraining the growth of the market are less trade activities and rising number of idle ships.

Mineral oil lubricants are available in light and heavy grades depending on the usage and requirement. They are produced in large quantities because of its high demand in different marine applications such as engines, turbines, and stern tubes. The market for mineral oil is driven by demand from Asia-Pacific and Europe. The mineral oil marine lubricants market in North America and Central & South America will register a low growth rate due to the slow economic growth and strict marine laws.

The main function of the lubricating oil is to help in the formation of thick film of oil in between the moving parts of the machinery, which reduces the wear and friction in between the moving parts of engine. There are two types of oils used in the ship/vessel, cylinder oil and system oil. Lesser maintenance cost and longer running time for different vessels are generating huge demand for engine oil across the shipping industry.

Asia-Pacific will be the largest market for marine lubricants, as this region has the busiest ports among all other regions. The maximum trade is accounted from the ports of China, Hong Kong, Singapore, and South Korea, resulting in high demand for marine lubricants in these countries. The trade from the ports of these countries is increasing and it will catalyze the demand for marine lubricants for proper maintenance of cargo, tankers and other types of ships.

Key Benefits

• Market segmentation based on oil type, application, ship type, and region
• Market dynamics including drivers, restraint, and opportunities
• Value chain analysis
• Porter's Five Forces model with respect to marine lubricants market
• Profile of key market players of marine lubricants

Companies Mentioned

• Aegean Marine Petroleum Network Inc.
• Avin Oil S.A. (Greece)
• BP PLC.
• Chevron Corporation
• Exxonmobil Corporation
• Fuchs Petrolub Se (Germany)
• Gulf Oil (India)
• Idemitsu Kosan Co., Ltd.
• Indian Oil Corporation Ltd.
• Jx Nippon Oil & Energy Corporation (Japan)
• Lukoil
• Petronas Lubricants International (Malaysia)
• Quepet Lubricants (UAE)
• Royal Dutch Shell PLC.
• Sinopec Corporation
• Stanley Group (UAE)
• Total S.A.
• Unimarine LLC (U.S.)
• Vickers Oil (U.K.)
• World Fuel Service Corporation (U.S.)

For more information about this report visit http://www.researchandmarkets.com/research/slsqd6/marine_lubricants

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SOURCE Research and Markets