Marine Lubricants Market to Reach 2,902.3 kilotons by 2022 due to Development and Growth of Shipping Industry
A new Transparency Market Research report states that the demand for marine lubricant market stood at 2,321.1 kilotons in 2013 and is predicted to reach 2,902.3 kilotons by 2022. It is expected to expand at a CAGR of 2.52% from 2014 to 2022. The title of the report is “Marine Lubricants Market by Product (Mineral, Synthetic, Bio), by Application (Engine Oil, Hydraulic Oil, Grease, etc.) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022”.
Browse the full Marine Lubricants Market by Product (Mineral, Synthetic, Bio), by Application (Engine Oil, Hydraulic Oil, Grease, etc.) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022 report at https://www.transparencymarketresearch.com/marine-lubricants-market.html
As per the report, the marine lubricant market is majorly driven by the technology enhancement improving the shelf life of mechanical parts. In addition, factors such as the growth of the shipping industry and the increasing demand for synthetic-based and bio-based lubricants are also fuelling the market. Furthermore, the rise in global trade will also have a positive impact on the market. On the other hand, the reduction in production of group-1 base oil is the prime factor impeding the growth of the marine lubricant market.
The report segments the marine lubricant market on the basis of product type, application, and geography.
On the basis of product type, the market is segmented into synthetic marine lubricants, mineral oil marine lubricants, and bio-based marine lubricants. Amongst these, in 2013, the segment of mineral oil marine oil lubricants led the market and is predicted to maintain its dominance till 2022. This segment represented a share of 87.19% in the market in 2013. This reason for the dominance of this segment is the rising awareness about marine oil lubricants amongst end user.
On the basis of application, the marine lubricants market is segmented into hydraulic oil marine lubricants, engine oil marine lubricants, grease, and others including compressor oils, gear oils, turbine oils, and heat transfer fluids. Amongst these, in 2013, the segment of engine oil marine lubricants led the market and constituted a share of 46.42% in the market. This segment is trailed by the segments of hydraulic oil marine lubricants and grease and these segments are anticipated to expand at a 2.10% CAGR and 2.09% CAGR, respectively between 2014 and 2022.
On the basis of geography, the market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, Europe led the market till 2011, however owing to the shifting of the major shipping industries to Asia Pacific, the market started flourishing in the region of Asia Pacific. The Asia Pacific marine lubricants market region is anticipated to grow exponentially in the coming years owing to the cost-effective shipbuilding facilities and the rising domestic consumption, especially in China, Singapore, and Japan within this region.
As mentioned in the report, the chief players operating in the market are Royal Dutch Shell, Total Lubricants, Chevron, Castrol, ExxonMobil, and BP Marine, among others
The global marine lubricants market is segmented as follows:
Global marine lubricant market, by product type
- Mineral oil marine lubricants
- Synthetic marine lubricants
- Bio-based marine lubricants
Global marine lubricant market, by application
- Engine oil marine lubricants
- Hydraulic oil marine lubricants
- Others (turbine oils, gear oils, compressor oils and heat transfer fluids)
Global marine lubricant market, by geography
- North America
- Asia Pacific
- South Korea
- Rest of the World (RoW)
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