Marine Lubricants Market is Anticipated to Register 4.17% CAGR through 2016 - 2024
Transparency Market Research has estimated that the global marine lubricants market will reach US$3.3 bn by the end of 2024, from the valuation of US$2.3 bn in 2015. The market is expected to expand at a steady CAGR of 4.17% during the period 2016-2024.
Geographically, Asia Pacific held a dominant market share in 2015 owing to presence of a large pool of ports. Requirements for marine lubricants is expected to grow over the forecast period due to increase in marine activities in countries such as Australia, Philippines, Indonesia, Singapore, India, Japan, and China. Mineral oil, is a leading product type as per TMR. Its growth is expected to augment over the forecast period owing to its availability in both light and heavy grades depending on the requirement and usage. They are majorly used for machines such as stern tubes, turbines, and engines.
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Rising Global Reliance to Propel Market Growth
The global marine lubricants market is experiencing escalating rise in its valuation and size owing to the increasing need to improve the efficiency of machines used in marine operations. Considering the increasing demand for group II and group III base oils, manufacturers are encouraged to increase the production of base oil to capitalize on the emerging opportunities. This increasing production of base oil is anticipated to significantly influence the overall market. The presence of extensive inland waterways in Europe is expected to fuel the demand for effective marine lubricants. Furthermore, the increasing ocean fish farming and offshore waterways transportation is likely to bode well for the market. The increasing disposable income of consumers across the world and the rising reliance between the nations globally are impelling the marine shipments and marine transportation, which is expected to propel the global market.
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Shortage of Supply of Raw Materials Could Hamper Growth of Global Marine Lubricants Market
The inadequate supply of effective marine lubricants has propelled the discovery of alternatives, which are likely to limit the growth of the global marine lubricants market in the near future. This shortage of supply can have negative effect on the market. The lubricants with higher cooling effects are very expensive due to unavailability of raw materials. Manufacturers are trying to produce more cost-effective products by incorporating easily available raw materials. However, military and commercial operations worldwide are expected to assist the market growth. The complicated geopolitical situation between India and China at South China Sea has stimulated the naval activities at this region, thus providing lucrative opportunities to the marine lubricants market. Furthermore, advancements in naval operations in countries across North America are expected to benefit the market for marine lubricants. Globalization is increasing the number of marine shipping. This, coupled with the increasing activities in marine transportation, is anticipated to remain a key driver of this market for the next few years.
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