Collaborations and business alliances with local companies feature prominently on the growth roadmap of global companies operating in the Turkey marine lubricants market, according to a new report by Transparency Market Research (TMR). A high degree of vertical integration is practiced by large petrochemical refining companies to reduce overhead costs and leverage the wide distribution network of local companies in Turkey.
Some of the large global players operating in the Turkey marine lubricants market are Chevron Corporation, ExxonMobil Corporation, Lukoil Oil Company, and Royal Dutch Shell plc. A TMR analyst says, “Research and development initiatives for product innovation is what key companies in the Turkey marine lubricants market are focused on for business expansion.” For example, BP Plc is actively involved in the research and development of novel synthetic and bio-based lubricants for several industries. The company looks upon new product development so as to gain a competitive edge over its rivals.
Adoption of advanced lubrication technology in order to expand product portfolio and offer customized services is also a key growth strategy that top players in this market are focused on. Establishing subsidiary companies for the marketing of specialty products is also one of the key growth models of top companies operating in the Turkey marine lubricants market.
High Volume Traffic in Turkish Straits Fuels Market Growth
“Development of environment legislations for the use of clean marine lubricants driving Turkey marine lubricants market,” points out TMR analyst. Environmental protection regulations that have been laid out by the Ministry of Environment mandate shipping companies to use clean substances to curb emissions. With increasing traffic in the ports of Turkey, marine agencies in the country are enforcing strict regulations to control the use of polluting substances in Turkish waters.
An increasing demand for lubricants from shipping companies operating in Turkish Straits is another major factor driving the Turkey marine lubricants market. This is because the Turkish Straits is a major chokepoint, which connects the Mediterranean Sea and the Black Sea, with high-density maritime traffic. Due to this reason, the ports of Turkey stand as major selling nodes for marine lubricants for shipping companies operating on this route.
Increasing Demand for Group II, Group III Base Oils Hinders Market Growth
“The gradually shrinking production of group I base oils is challenging the growth of the Turkey marine lubricants market,” says TMR analyst. The rising inclination for the production and utilization of group II and group III base oils globally is expected to result in a scarcity of bright stock oils, which are produced in group I plants.
Despite the high production cost of group II and group III base oils, their increasing demand will have an adverse effect on the growth of the marine lubricants market that utilizes group I base oils as feedstock.
The volume growth of the Turkey marine lubricants market is anticipated to reach 103.8 kilo tons by 2022, states TMR. Mineral lubricants stand as the leading product segment in the Turkey marine lubricants market. However, biobased marine lubricants are gradually eating into the former’s market share. Engine oils grade mineral oils is the key leading product segment in the Turkey marine lubricants market.
The information presented in this review is based on a Transparency Market Research report, titled “Marine Lubricants Market - Turkey Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022.”
The Turkey marine lubricants market is segmented as follows:
Turkey marine lubricant market, by product type
- Mineral oil marine lubricants
- Synthetic marine lubricants
- Bio-based marine lubricants
Turkey marine lubricant market, by application
- Engine oil marine lubricants
- Hydraulic oil marine lubricants
- Others (turbine oils, gear oils, compressor oils and heat transfer fluids)
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