Press release
Marine Lubricants Market share research by applications and regions for 2017-2024
Marine lubricants market size is set to be in excess of USD 13 billion by 2023, per a latest study by Global Market Insights, Inc.
Positive outlook towards shipbuilding industry coupled with increasing sea trade will stimulate global marine lubricants market size growth. A large volume of the global trade is carried out by seaways, making it the most important trade way on the planet. As per World Trade Organization seaborne freight accounted for 30% of world transport in 2015.
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Biodegradable lubricants will witness high demand owing to stable viscosity, enhanced safety measures and low emission rates. Favorable government schemes to encourage adoption of bio-based lubricants will positively boost the industry demand. Increasing per-capita income has led to a significant increase in leisurely sea activities like yachting and water sports, positively impacting the marine lubricants market demand.
Adoption of good quality lubricants will assist in the maintenance and upkeep of water vessels, thus increasing their shelf life.
Marine lubricants market share from water vessels is regulated by government authorities across the globe, to avoid any possible damage to marine flora and fauna. In the U.S., EPA has introduced Vessel General Permit (VGP) to regulate discharges incidental to normal workings of vessels. American Society for Testing and Materials (ASTM) has issued a list of environment friendly lubricants (EFLs) keeping in mind their bioaccumulation potential.
Low biodegradability and recyclability coupled with high toxicity may act as restrain marine lubricants market growth. Most additives used are derived from petrochemicals; and can pose a grave threat to aquatic life. Petrochemical based additives pose a serious threat of water pollution to the eco-system. Internationally permissible limit of engine oil additives can be up to 30% of the formulation as they are considered toxic to the marine life.
Browse key industry insights spread across 77 pages with 54 market data tables & 14 figures & charts from the report, “Marine Lubricants Market Size, By Product (Bio-Based, Synthetic, Mineral Oil), By Application (Grease, Hydraulic Oil, Engine Oil), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents, please click on the link below:
https://www.gminsights.com/industry-analysis/marine-lubricants-market
Free Trade Area will positively impact the shipbuilding industry, in turn complementing the business growth.
Global marine lubricants market size is expected to register growth at over 3% and exceed 3 million tonnes till 2023. Engine oil applications accounted for over 40% of the total demand. Enhanced engine capacity owing to use of lubricants will positively impact the industry outlook.
Europe marine lubricants market size, led by Germany and UK exhibited consumption over 1 million tons by 2015. Increasing offshore exploration and production will positively boost the industry growth. Synthetic lubricants in Europe will attain more than 5% and exceed USD 400 million till 2023.
Asia Pacific marine lubricants market size, dominated by South Korea, Japan and China will witness growth above 3% by 2023. Hydraulic oil application will be the highest gainer over USD 900 million till 2023. Growing petroleum product demand coupled with increasing number of ports may positively impact the business landscape.
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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
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