Marine Lubricants Market - Global Industry Analysis 2024 | Research Report
Global Marine Lubricants Market: Snapshot
The
global market for marine lubricants is experiencing a significant rise
in its size and valuation, thanks to the increasing need to improve the
output efficiency of machine parts and their output efficiency. With the
increasing demand for group II and group III base oil, manufacturers
are prompted to produce more base oil, which is reflecting greatly on
this market.
On
the other hand, the inadequate supply of bright stock material has
propelled the discovery of alternatives, which are likely to hamper the
growth of this market in the near future. The shortage of supply is also
expected to limit this market over the next few years. In 2015, the
global marine lubricants market was worth US$2.32 bn. Expanding at a
CAGR of 4.17% from 2016 to 2024, the market’s opportunity is projected
to touch US$3.33 bn by the end of 2024.
This
195 page report gives readers a comprehensive overview of the Marine
Lubricants Market. Browse through 24 data tables and 78 figures to
unlock the hidden opportunities in this market.
Asia Pacific to Retain Supremacy over Global Marine Lubricants Market
Among
the regional markets for marine lubricants, Asia Pacific emerged as the
market leader in 2015, with a share of more than 51%. Thanks to the
vast requirement for marine lubricants in this region, the trend is
expected to remain so over the next few years. The presence of a large
pool of ports in Asia Pacific, primarily in China and the ASEAN
countries is another important factor behind the growth of the Asia
Pacific market for marine lubricants. Several economies, such as China,
Japan, India, Singapore, Indonesia, Philippines, and Australia, are
anticipated to contribute to the rising demand for marine lubricants
significantly in this region over the forthcoming years.
Europe
is another prominent regional market for marine lubricants. The U.K.,
Russia, and Germany are the key contributors to this market, among
which, the U.K. has acquired the leading position. The number of ships
using inland waterways is higher in Europe than in other regions due to
the presence of extensive inland waterways in countries, such as France,
Germany, Belgium, Netherlands, as well as in Russia. This, as a result,
is projected to boost the Europe market for marine lubricants in the
years to come.
Mineral Oil to Report High Demand
Based
on the type of product, the global market for marine lubricants is
segmented into mineral oil, synthetic oil, and bio-based oil. The demand
for mineral oil is much higher than the other two and the trend is
anticipated to continue in the years to come. Synthetic oil is also
gaining significant momentum across the world due to the cost benefits
it offers and is expected to surface as the most attractive segment in
the global market over the forthcoming years.
In
terms of the operation, the market is classified into inland and
offshore. The offshore segment has been leading the overall market due
to the widespread application of offshore waterways in transportation
and ocean fish farming. The scenario is expected to remain so over the
next few years, thanks to the increasing operations of naval fleets
across the world.
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@
ExxonMobil
Corp., Chevron Corp., Royal Dutch Shell Plc, Petroliam Nasional Berhad,
BP Plc, Gulf Oil Marine Ltd., FUCHS, Idemitsu Kosan Co. Ltd., JXTG
Nippon Oil & Energy Corp., QUEPET Lubricants, China Petrochemical
Corp., Total Group, and LUKOIL Marine Lubricants DMCC are some of the
prominent vendors of marine lubricants across the world.
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