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Marine Lubricants Market - Turkey Industry Analysis 2022
Marine Lubricants Market
Marine lubricants are segmented based on their applications in different machines, engines, etc wherein these lubricants play a vital role in reducing friction and increasing the output efficiency of the operating machines. The engine oil marine lubricants have a higher market share than hydraulic oil marine lubricants. The growing incidence of oil spillage has impacted aquatic life. Bio lubricants are non toxic, non-bio-accumulative and biodegradable in nature and hence are preferred to mineral oil marine lubricants.
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The global marine lubricants market until 2011 was dominated by Europe with Turkey constituting second highest market share. However, due to ongoing shift in market forces of the shipping industry towards Asia Pacific, the marine lubricant industry followed suit. Demand of marine lubricants in Turkey is expected to rise due to the growth in increased marine traffic across the Turkish straits and increased domestic consumption. The Ministry of Environment in Turkey has established several regulations for environmental protection and simultaneously ensures that shipping companies strictly comply with these regulations.
Basic raw materials utilized in manufacturing marine lubricants comprise mineral oils, synthetic oils or bio- based lubricants. Refinement of petroleum or crude oil leads to the production of mineral oil while synthetic oils are obtained from polyalphaolefins, which are hydrocarbon-based polyglycols. Group I plants are capable of producing heavier grade oils such as bright stock. Feedstock utilized in manufacturing marine lubricants consists of bright stock oil. Bright stock oils are used to formulate different types of industrial and marine lubricants. Bio-lubricants are based on biodegradable and renewable feedstock. They are manufactured using bio-based materials such as palm oil, castor oil and other vegetable- and animal-derived oils. Marine lubricants mainly comprise of 90% base oils and 10% additives.
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With increasing traffic in the ports of Turkey, the marine and port authorities in Turkey are focused towards enforcing strict norms to curb the emissions of polluting substances in Turkish waters. Shipping companies voyaging to Turkey or passing through the Strait of Bosporus have to comply with the regulations established by marine protection organizations. The marine environmental regulations are anticipated to further increase in the future, which would lead to increase in penalties. Regulations over usage of different marine lubricant grades and their leakages have been put forth by the respective marine protection organizations.
Additionally, several international regulatory agencies such as International Maritime Organization (IMO) and Det Norske Veritas (DNV) have formulated several legislations regarding the use of marine lubricants. These regulations are attracting shipping companies to invest substantially in Environmentally Accepted Lubricants (EALs). The market for these clean marine lubricants is gradually increasing. However, the adoption of EALs is limited due to factors such as the absence of international agreement and standard definitions, accompanied by the growing concern among equipment suppliers about environmentally-recognized lubricants. As a result, bio-based marine lubricants are likely to experience substantial rise in demand owing to the impending regulatory norms that are adopted by the Turkish regulatory frameworks.
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