ALBANY, New York, September 25, 2014 /PRNewswire/ --
Marine Lubricants Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018, a global market report published by Transparency Market Research provides significant inputs about the global state of the current market of marine lubricants industry along with a forecast about the opportunities, drivers and restraints in the market during the years 2012 and 2018, the forecast period of the report.
Browse the full Marine Lubricants Market Report: http://www.transparencymarketresearch.com/marine-lubricants-market.html
According to the report, the global market of marine lubricants was worth nearly 2,272.6 kilo tons in 2011. By observing growth at a CAGR of 3.31% during the forecast period, the market could observe demands worth nearly 2,852.5 kilo tons by 2018. In terms of revenue, the market is expected to observe growth at a CAGR of 6.13% during the forecast period.
Ships and other marine equipment constantly face extreme circumstances at sea. Things like saline water, salty air, high mechanical stress, tropical heat, aggressive winds and continuous vibrations are a routine for marine vehicles. In such situations, use of the right lubricant and proper maintenance is very essential for ensuring that all moving components on the ship operate reliably.
Failure of components such as propellers, driving motors, winches or cranes, to name a few, can lead to fatal consequences and may result in additional issues such as high costs for expensive spare parts, repairs or delays in transport. In the worst conditions, the crew, cargo, the complete vehicle and the sea environment are at a risk.
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Marine lubricants reduce friction, combat wear and tear and dissipate heat between moving parts of mechanical components, there by increasing the throughput, efficiency and life of machines and their parts installed on marine vehicles.
The rapid growth observed by the shipping industry in the past few has had direct effects on the growth of the marine lubricant industry. Further growth of this (shipping) industry in the future is expected to drive the global marine lubricants industry in the future as well.
Factors such as the rise in global demand for ensuring environmental safety, preventing lubricant spillage in water bodies and regulatory pressures for improving product quality have given rise to the demand of relatively newer variety of bio-based and relatively safer varieties of synthetic lubricants.
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Product-wise, the global market of marine lubricants is dominated by mineral lubricants, which accounted for 87.15% shares of the overall demand volume in 2011. The report further categorizes the market of mineral lubricants into its seven most popular applications such as hydraulic oils, grease, engine oils, turbine oils, heat transfer fluids, compressor oils and gear oils. Amongst these applications, the segment of engine oils held the majority shares of the market, an estimated 46.28%, in 2011. This was followed by the application segments hydraulic oils and grease.
Volume-wise, Europe held the majority shares of global demand, an estimated 46.0%, in 2011. The most dominant regional markets in Europe in 2011were UK, Italy, Germany, Turkey, Spain, France and Netherlands.
Geographically, the region of Europe was followed by Asia Pacific in terms of global demand, owing to high demand in developing economies, especially China, India, Singapore and South.
Browse the full Press Release of this report: http://www.transparencymarketresearch.com/pressrelease/marine-lubricants-market.htm
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