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.
 |
Global Marine Lubricants Market Volume by Product, 2012 - 2014 |
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.
Browse full
research report on Marine Lubricant Market: www.grandviewresearch.com/industry-analysis/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.
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives
Grand View Research has segmented the marine lubricants market on the
basis of product, application and region:
Global
Marine Lubricants Product Outlook (Volume, Kilo Tons; Revenue, USD Million,
2012 - 2020)
- Mineral
Marine Lubricants
- Synthetic
Marine Lubricants
- Bio-Based
Marine Lubricant
Global
Marine Lubricants Application Outlook (Volume, Kilo Tons; Revenue, USD Million,
2012 - 2020)
- Engine
Oil
- Hydraulic
Oil
- Greases
- Others
Global
Marine Lubricants Regional Outlook (Volume, Kilo Tons; Revenue, USD Million,
2012 - 2020)
- North
America
- Europe
- Asia
Pacific
- RoW
Access
Press Release By Grand View Research: www.grandviewresearch.com/industry-analysis/marine-lubricant-market
About Grand
View Research:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
No comments:
Post a Comment