Marine Lubricants Market
Marine Lubricants Market (Product – Mineral Oil Marine Lubricants, Synthetic Oil Marine Lubricants, and Bio Oil Marine Lubricants; Application - Engine Oil Marine Lubricants, Hydraulic Oil Marine Lubricants, Grease, Turbine Oil, Gear Oil, Compressor Oil, and Heat Transfer Fluids) - Turkey Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022
Press Release :
Turkey Marine Lubricants Market: Snapshot
Marine lubricants are vital for any ship, since its internal combustion invariable generated some wasted heat. This accumulation of heat in ship’s engine can damage its crucial parts, which may fail to operate at high temperatures. Lubricants with high boiling point help dissipate heat, thus prolonging the lifetime of engines. Lubricants also help in smooth operation of ships, despite which the market witnesses risk from conventional fluids used as lubricants used in marine ecosystems. Nevertheless, as marine environment regulations get stringer, the demand for high quality marine lubricants is expected to rise in the coming years.
Spurred by the aforementioned factors, the global marine lubricants market is expected to rise at a steady 3.48% CAGR in terms of revenue between 2014 and 2022. By volume, the market stood at 84.5 kilo tons in 2013 and is expected to reach 103.8 kilo tons by the end of 2022. If these figures hold true, the global marine lubricants market will exhibit a CAGR of 2.40% during the same time frame.
Rising Shipping Activities with Europe to Keep Demand for Marine Lubricants High in Turkey
In the global marine lubricants market until 2011, Europe with Turkey constituted the second-leading share. However, the shipping industry is gradually shifting toward Asia Pacific and the marine lubricants market is following the suit. Nevertheless, in Turkey the demand for marine lubricants is expected to remain on account of the rise in marine traffic across Turkish straits and the increasing domestic consumption. Furthermore, the Ministry of Environment in Turkey has implemented several regulations to tighten environmental protection and simultaneously ensure that shipping companies adhere to these norms.
On account of the increasing traffic in ports across Turkey, the marine authorizes are compelled to focus on implementing stringent regulations to curb emission of polluting substance. In addition, shipping companies voyaging to the country or passing across the Strait of Bosporus are required to follow the regulations enforced by marine protection organizations. These stringent regulations are expected to fuel the demand for high quality marine lubricants in Turkey. Also with the adoption of environmentally accepted lubricants, the demand for clean marine lubricants is rising. These factors are expected to support strong growth exhibited by the global marine lubricants market.
Stringent Environmental Laws Fuelling Demand for Bio-based Marine Lubricants in Turkey
In terms of product, mineral lubricants constituted nearly 83% of the demand reported in the Turkey marine lubricants market in 2013. Mineral lubricants are non-biodegradable, which means accidental spillage can pose threat to the local ecosystem. Also long-term disposal of marine lubricants can have adverse impact on the marine life. This has in turn fuelled the demand for bio-based marine lubricants, which and biodegradable in nature and therefore pose lesser threat to aquatic life and local ecosystem. The shipping industry in the EU is using biobased lubricants for a long time. As Turkish shipping operators look forward to increasing their interaction with Europe’s shipping channel, they are compelled to conform to their laws, which in turn has fuelled the use of biobased lubricants in the Turkey shipping industry. Spurred by these factors, the marine lubricants market in Turkey will exhibit strong growth during the forecast period.
Some of the leading companies operating in the Turkey marine lubricants market are Royal Dutch Shell, Total Lubricants (Lubmarine), Castrol, Chevron, BP Marine, and ExxonMobil. These companies are forging contractual agreements with local Turkish manufacturers to reinforce their distribution channels and widen their customer base.
Lubricants play a vital role in reducing friction between, and wear and tear of operating parts in different machines. Sometimes, movement of certain mechanical parts is possible only by the use of lubricants. This property to reduce friction is known as lubricity. A good lubricant is expected to possess different properties, namely high boiling point, high viscosity index, corrosion prevention ability, thermal stability, low freezing point and high resistivity to oxidation. Lubricants are known to increase operational life of mechanical parts, thereby providing higher efficiency output. Lubricants are employed for the smooth operation of mechanical parts and to remove residue deposited over them.
Basic raw materials utilized in manufacturing marine lubricants comprise mineral oils, synthetic oils or bio- based lubricants. Refinement of petroleum or crude oil leads to the production of mineral oil while synthetic oils are obtained from polyalphaolefins, which are hydrocarbon-based polyglycols. Group I plants are capable of producing heavier grade oils such as bright stock. Feedstock utilized in manufacturing marine lubricants consists of bright stock oil. Bright stock oils are used to formulate different types of industrial and marine lubricants. Bio-lubricants are based on biodegradable and renewable feedstock. They are manufactured using bio-based materials such as palm oil, castor oil and other vegetable- and animal-derived oils. Marine lubricants mainly comprise of 90% base oils and 10% additives.
This research study analyzes the marine lubricants market in Turkey in terms of volume and revenue. The market has been segmented on the basis of product and application. For the research, the base year is 2013, while the forecast is for the period 2014–2022. Market data for all segments has been provided for the period 2013–2022. The report provides a comprehensive competitive landscape and features companies engaged in the marine lubricants business in Turkey. This report includes the key market dynamics affecting the demand for marine lubricants in Turkey. The report also provides a detailed industry analysis of the marine lubricants market in Turkey with the help of Porter’s Five Forces model. The Porter’s Five Forces analysis aids in understanding the five major forces that affect the industry structure and profitability of the marine lubricants market in Turkey. The forces analyzed are the bargaining power of buyers, bargaining power of suppliers, threat of new entrants, threat of substitutes, and degree of competition.
The high-level analysis provides detailed insights into the business of marine lubricants in Turkey. Major drivers, restraints, and opportunities of the market were analyzed in detail and are illustrated in the report through graphs and tables. There are currently numerous drivers of the marine lubricants market in Turkey. One of the most prominent drivers is the rising demand for lubricants from shipping companies operating in the Turkish Straits.
Key application segments of marine lubricants were identified as engine oil, hydraulic oil, grease, and others (turbine oils, gear oils, compressor oils and heat transfer fluids). The marine lubricants market in Turkey was also analyzed by product type as mineral oil, synthetic, and bio-based marine lubricants. Key market participants in the marine lubricants business in Turkey include OMV Petrol Ofisi A.S., Prista Oil, and Lubrico. The report provides an overview of these companies, followed by their financial details, business strategies, and recent developments.
The report also includes Porters five forces model, value chain analysis of the market and market attractiveness analysis by product type. Some of the key companies that deal in mineral oil, synthetic and bio-based marine lubricants include Total Lubricants (Lubmarine), Royal Dutch Shell, Chevron, BP Marine, Castrol, and ExxonMobil. The report provides an overview of these companies followed by their financial revenue, business strategies and recent developments.
The research provides detailed analysis of companies dealing in marine lubricants, trend analysis and demand forecast by geography. Various levels of market segmentation for which estimate and forecast has been provided are 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)