Marine Lubricants Market is Expected to Reach USD 4.73 Billion 2022

According to a new market report published by Transparency Market Research “Marine Lubricants Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022,” global marine lubricant market demand was 2,321.1 kilo tons in 2013 and is expected to reach 2,902.3 kilo tons in 2022, growing at a CAGR of 2.52% from 2014 to 2022. In terms of revenue, the market is expected to grow at a CAGR of 3.63% from 2014 to 2022.

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Marine lubricants market reduce the friction between operating mechanical components, thereby increasing the output efficiency of machineries, engines and components installed on a ship. The growing shipping industry is expected to augment the growth of the marine lubricant market in the near future. To prevent lubricant spillage in water bodies, and regulatory pressure to increase product quality and ensure environment safety has resulted in increased demand for relatively safer synthetic and bio-based marine lubricants.

Key product segments analyzed and estimated in this study include mineral, synthetic and bio-based lubricants. Mineral lubricants dominated the product market, accounting for 87.19% of the overall demand volume in 2013. Marine lubricants are primarily categorized into seven different applications including engine oils, hydraulic oils, grease, turbine oils, gear oils, compressor oils and heat transfer fluids. Engine oils captured majority of the market and accounted for 46.42% of the overall marine lubricant market in 2013. Hydraulic oils and grease follows engine oils and are expected to grow with a CAGR of 2.10% and 2.09% from 2014 to 2022, respectively.

In terms of volume, Asia Pacific dominated the global market, accounting for 41.0% of the overall market in 2013, owing to high demand in emerging economies, especially China and South Korea, Japan and Singapore. Asia Pacific is followed by Europe, due to a favorable regulatory scenario and high consumer awareness levels in the region owing to high demand in emerging economies, especially China and South Korea, Japan and Singapore. Asia Pacific marine lubricant revenues are expected to grow at a CAGR of 4.13% from 2014 to 2022.

Some of the key companies that deal in mineral oil, synthetic and bio-based marine lubricants include Total Lubricants (Lubmarine), Royal Dutch Shell, Chevron, BP Marine, Castrol, and ExxonMobil.

This research analyzes and estimates the performance and demand of marine lubricants in the global scenario, providing detailed trend analysis of the market by geography and comprehensive analysis of companies that are dealing in marine lubricants. The report presents a thorough assessment of the strategies followed by different stakeholders by segmenting the marine lubricants market as below:

Global marine lubricant market, by product type
-Mineral oil marine lubricants
-Synthetic marine lubricants
-Bio-based marine lubricants

Global marine lubricant market, by application
-Engine oil marine lubricants
-Hydraulic oil marine lubricants
-Grease
-Others (turbine oils, gear oils, compressor oils and heat transfer fluids)

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Global marine lubricant market, by geography
-North America
-U.S.
-Canada
-Mexico
-Europe
-U.K.
-Turkey
-Germany
-Italy
-Spain
-Netherlands
-France
-Asia Pacific
-China
-Japan
-South Korea
-Singapore
-Rest of the World (RoW)

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This release was published on openPR.