Global marine lubricant market size
was 2,428.7 kilo tons in 2013. Growth of the global shipping industry owing to
increasing demand for cargo fleets and voyages is anticipated to drive market
growth. Collaboration of manufacturers with biotechnology companies and tax
incentives offered by numerous governments for development of eco-friendly
technologies are expected to open new opportunities for market growth over the
forecast period.
Product innovation coupled with
manufacturing bio-based substitutes is anticipated to bolster the demand for
major industry participants in the near future. Technological innovations have
helped in increasing shelf-life of mechanical components, which is anticipated
to boost marine lubricants market in the near future.
Global Marine Lubricants
Market Volume by Product, 2012 – 2014
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Marine Lubricant Market
According to ITS (International Trade Statistics), seaborne trade was the
most used mode of trade and accounted for over 90% of the overall global trade
in 2013.High purchasing power among consumers in emerging countries such as
Brazil, China, and India has led to rise in sea voyages over the past years.
Rising number of sea voyages has also been an important factor for the
expansion of the shipping industry and subsequently growth of the marine
lubricants market. The marine lubricant demand is expected to reach a value of
USD 10.94 billion by 2020, grow at a CAGR of 3.6% from 2014 to 2020.
Mineral oil accounted for 88% of the overall market demand in 2013. Easy
availability and low-cost of mineral oils coupled with increasing expenditure
for R&D are likely to be major driving factors for market growth in the
coming years. Mineral oil is expected to witness significant gains at a CAGR of
3.6% from 2014 to 2020.
Hydraulic oil is projected to grow at a CAGR of 3.4% from 2014 to 2020.
Increasing application of hydraulic shipping parts is anticipated to drive
demand over the projected period. Marine lubricant was widely used as engine
oil accounting for 46.3% of the overall volume in 2013. Increasing engine
efficiency and capacity is anticipated to drive the demand for engine oils in
the near future.
Europe was the leading market accounting for 46.2% of total market demand
in 2013. European marine lubricants market is driven by increasing investment
for marine lubricants along with growing seaborne trade. Asia Pacific is
anticipated to witness significant gains over the forecasted period. Growing
shipping industry along with favorable governmental support in terms of freight
tax relaxation and supportive emission standard, particularly in China and
India is expected to propel the marine lubricants market demand in the region.
Key market participants include BP Marine, ExxonMobil, Chevron, Total
Lubricants, Castrol, Sinopec Corporation, and Royal Dutch Shell. Being a
moderately consolidated market coupled with capital intensive nature, the entry
barrier for new players is very high. Some other companies operating in the
industry include GulfMarine, Mars Petrochem Pvt. Ltd., Industrial supplies, and
Pentagon Lubricants Private Limited. The market has witnessed a series of
mergers & acquisition and joint ventures over the past few years.
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