Marine Lubricants Market - Industry Analysis, Share, Forecast 2022
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.
This
71 page report gives readers a comprehensive overview of the Marine
Lubricants Market .Browse through 4 data tables and 14 figures to unlock
the hidden opportunities in this market.
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.
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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.
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