ALBANY, New York, October 4, 2018 /PRNewswire/ --
The global marine lubricants market is highly fragmented in nature owing to the presence of few vendors all across the words, studies Transparency Market Research. Key players in the global marine lubricants market are Gulf Oil Marine Ltd., ExxonMobil Corp., China Petrochemical Corp., LUKOIL Marine, and QUEPET Lubricants. All of these vendors are currently aiming on improving of the infrastructure to retain the leading position in the market in the world. Extensive research and development in the market by the market players are anticipated to deliver ground breaking growth opportunities in years to come. There will be slight rise in the level of competition among the players, predicts the analysts.
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According a recent study done by Transparency Market Research, the global marine lubricants market is anticipated to expand a robust CAGR of 4.17% during the forecasts period 2016 - 2024. The market which was valued US$2.3 bn is predicted to touch US$3.3 bn by the end of assessed period. On the basis of type of product, the global marine lubricants market is segregated into bio-based oil, mineral oil, and synthetic oil. Of these, the demand for mineral oil is high and is likely to remain like this during the forecast period owing to cost benefits that are provided. This is expected to become the most lucrative segment. Geographically, Asia Pacific is anticipated to hold a robust share attributing to increasing demand for marine lubricants. Existence of numerous ports in the region is also considered as one of the major reason.
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Need for Increased Efficiency of Ship Engine Promises Growth
Aggressive development in infrastructure is predicted to fortify the overall shipping industry which is likely to have positive influence on the marine lubricants market growth during the assessed period. This factor is considered as one of the major factor driving the market in the positive direction. Marine lubricants is extensively used in shipping industry to guard and improve the efficiency of equipment and engines. These fuels have various characteristics, some are known to increase the engine life. Decreasing oil consumption and increasing oil-drain intermissions in the costal or inland shipping industry over the past decade has created various issues in demand-supply chain.
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Fluctuating Crude Oil Prices to Deter Demand in Market
Reduced trade activities leads to increased number of idle ships is expected to dwindle the growth of the market. Erratic prices of crude oil along with constraint supply is also acting as roadblock in the growth of the market. Reduced use of ships owing to the advancement of various technology is anticipated to hinder the market growth. Emission and disposal of waste product disposal from ships is likely to rise concern among eco- friendly population. Government bodies are monitoring and keeping a track on the pollution caused by these ships nonetheless, demand for eco-friendly and bio based lubricants along advent of new technologies are likely to help the market grow.
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This information is based on the findings of a research report published by Transparency Market Research (TMR), titled "Marine Lubricants Market (Product Type - Mineral Oil, Synthetic Oil, and Bio-based Oil; Application - Engine Oil, Hydraulic Oil, Gear Oil, Turbine Oil, Heat Transfer Fluids (HTFs), Compressor Oil, and Grease; Operation - Inland and Offshore Operation) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
Global Marine Lubricants Market has been segmented as below:
Global Marine Lubricants Market, By Product Analysis
- Mineral oil
- Synthetic oil
- Bio-based oil
Global Marine Lubricants Market, By Application
- Engine oil
- Hydraulic oil
- Turbine oil
- Gear oil
- Heat Transfer Fluids (HTFs)
- Compressor oil
Global Marine Lubricants Market, By Operation Type
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