Rise in marine lubricants market expected
TIN news: Transparency Market Research has published its new report concerning marine lubricants, which indicates that the market of lubricants is estimated to reach USD 3,336.12 Mn by 2024 (from USD 2,323.81 Mn in 2015), expanding at a CAGR of 4.17% between 2016 and 2024.
Marine lubricants have numerous uses in the shipping industry, as a result of which different types of engine oil, hydraulic oil, and grease are developed. Marine lubricants minimize the wear and tear between different machine parts and improve their output efficiency.
As TMR explains, depending on the use of base oil, there are three types of marine lubricants available, viz. mineral oil, synthetic oil, bio-based oil. Out of these three types, mineral oil-based marine lubricants significantly dominate the market, followed by synthetic oil-based marine lubricants.
Introduction of the aviation transportation mode has hampered the water transport mode. However, owing to the high cost of aviation transportation, water transport has regained its popularity. This is projected to drive the global market for marine lubricants during the forecast period.
Ships require marine lubricants for smooth functioning of machineries and components installed on them. Marine lubricants are effective in eliminating the harmful effects of friction. Sea transport is one of the leading carriers of freight, while water transport is one of the most inexpensive modes of transportation as compared to air and land, despite the fluctuation in exchange rates and currency adjustment factors. Thus, the growing water transport worldwide is expected to fuel the demand for marine lubricants in the next few years.
The increasing demand for Group II and Group III base oils is expected to engage manufacturers in the production of Group II and Group III base oils more than Group I base oils. Group I base oils are getting scarce as well as expensive and witnessing fluctuations in demand. This is likely to result in shutdown of Group I refineries. The inadequate supply of bright stock material has propelled the discovery of alternatives, which also are inadequate. Thus, shortage of supply is expected to hamper the marine lubricants market in the near future.
The global marine lubricants market has been segmented as follows:
– Marine Lubricants Market – Product Analysis
- Mineral oil
- Synthetic oil
- Bio-based oil
-Marine Lubricants Market – Application Analysis
- Engine oil
- Hydraulic oil
- Turbine oil
- Gear oil
- Heat Transfer Fluids (HTFs)
- Compressor oil
- Grease
- Others
– Marine Lubricants Market – Operation Type Analysis
- Inland
- Offshore
– Marine Lubricants Market – Regional Analysis
- North AmericaU.S.
- Canada
- Latin AmericaBrazil
- Mexico
- Rest of Latin America
- EuropeGermany
- France
- U.K.
- Spain
- Italy
- Rest of Europe
- Asia PacificChina
- Japan
- India
- ASEAN
- Rest of Asia Pacific
- Middle East & AfricaGCC
- South Africa
- Rest of Middle East & Africa
